TyMetrix Legal Analytics Invites Data Contributions from Entire Legal Community
HARTFORD, CONN., Feb. 28, 2012 —TyMetrix, the global leader in intelligent solutions to manage the business of law, announced today that LegalVIEW, the world’s largest permission-based, contributory warehouse for legal business data, has grown from $4 billion to $23 billion in global legal spend data. LegalVIEW is part of a new business calledTyMetrix Legal Analytics, the only solution available that gives legal professionals insights into their own data and performance, as well as industry-wide benchmarks, historic trends and predictions.
TyMetrix, a part of Wolters Kluwer Corporate Legal Services, has spent the last ten years gathering tens of billions of dollars in legal spend and performance data from legal organizations around the world. By providing an accurate view of rates, spend and outcomes at every point in the legal supply chain, TyMetrix Legal Analytics gives law firms, corporate legal departments, vendors and claims organizations the competitive advantage to improve efficiency and profitability.
“When mined and leveraged, data can be an organization’s greatest asset,” said John Weber, vice president and general manager of TyMetrix. “Michael Lewis’ book ‘Moneyball’ provides a great example -- by analyzing performance data, hidden insights were uncovered that helped alter long-held beliefs about what actually drives performance by Major League Baseball players. Similarly, we’re providing the data-driven insights that help lawyers and legal business professionals completely re-imagine the business of law.”
Contributions to LegalVIEW have been made by TyMetrix clients and non-clients alike, all of whom see the value in the insights gained from the TyMetrix Legal Analytics suite of products. To continue to grow and improve this industry resource, TyMetrix is inviting corporations, legal departments, vendors and claims organizations to join the growing community through participation in the TyMetrix Legal Analytics data contributor program.
In the last year, the LegalVIEW data warehouse has grown 575% as an increasing number of corporate legal departments and law firms from around the world agree to contribute their data. Currently, LegalVIEW has captured:
- More than $23 billion in legal spend
- More than 238 million hours of legal services
- Nearly 70 million activities
- More than 11,000 law firms and vendors
- More than 188,000 individual billers/time keepers
“Corporate legal departments and law firms currently rely on internal data to manage legal spend,” said Craig Raeburn, Jr., managing director, TyMetrix Legal Analytics. “By using the benchmark data on actual legal costs from TyMetrix Legal Analytics, both law departments and law firms are able to predict costs and develop win-win pricing models with confidence. This information advantage has driven savings and profitability to the bottom lines of our clients.”
TyMetrix has been the market leaders in legal spend solutions since 1997. With TyMetrix Legal Analytics, TyMetrix is now harnessing the power of that same data to provide legal professionals the information advantage they need to stay competitive in an evolving environment. To learn more about TyMetrix Legal Analytics, please visitwww.tymetrix.com.
TyMetrix is the global market leader in intelligent solutions that empower corporate legal departments, law firms, and claims organizations to manage the business of law.
It provides clients with quality legal management software, services and solutions, including e-billing, matter management and performance metrics, and the expertise required to manage risk, reduce costs and gain the insight required to meet their strategic objectives. TyMetrix is part of Wolters Kluwer Corporate Legal Services, the professional’s first choice for legal compliance services and performance management solutions for nearly 120 years. For more information, please visit www.tymetrix.com.
About Wolters Kluwer Corporate Legal Services
Wolters Kluwer Corporate Legal Services is the leader in legal process and business performance management. It delivers the people, products and processes to drive transparency, ensure accountability and provide organized, accurate and actionable information for legal, financial and insurance professionals. CLS’s business brands — CT Corporation, NRAI, BizFilings, Corsearch, CT Lien Solutions and TyMetrix — empower organizations to make better business decisions and be more efficient in today’s highly transparent business environment.
About Wolters Kluwer
Wolters Kluwer is a market-leading global information services company. Professionals in the areas of legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare rely on Wolters Kluwer’s leading information-enabled tools and software solutions to manage their business efficiently, deliver results to their clients, and succeed in an ever more dynamic world.
Wolters Kluwer had 2011 annual revenues of €3.4 billion, employs approximately 19,000 people worldwide, and maintains operations across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
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