HARTFORD, CONN., Feb. 15, 2012 — The bottom line matters in business — and in the legal business, an increased focus on its importance is changing the industry. Today, corporations expect legal departments to operate with an eye toward cost-efficiency, while law firms are searching for new ways to deliver value and maintain their profitability. There is now a solution available to help legal professionals use “big data” to drive efficiency and profitability. TyMetrix, the global leader in intelligent solutions to better manage the business of law and a part of Wolters Kluwer Corporate Legal Services (CLS), has unveiled a new business called TyMetrix Legal Analytics.
TyMetrix Legal Analytics aggregates tens of billions of dollars in global legal spend and performance data in LegalVIEW™, the world’s largest permission-based contributory data warehouse of legal performance data. Combining these data with unparalleled analytical and legal domain expertise, TyMetrix provides benchmarks, models and insights to law firms, legal departments, and all professionals involved in managing the business of law.
“Other industries like healthcare and engineering are already using big data to inform business decisions – an approach that is equally viable for the legal industry,” said Dr. Silvia Hodges, principal, The Law Firm As A Business. “It’s all part of a systemic change in the business of law. The buyers and sellers of legal services need greater control over the bottom line and an understanding of what drives it. The only way to get that is by creating an information advantage through data mining and analysis.”
Data Mining and Analysis Drives an Information Advantage
When mined and leveraged, a company’s data can drive intelligence that can improve performance throughout the organization.
For Corporate Law Departments, Legal Analytics provides:
- Better, more actionable intelligence to aid in rate negotiation and outside counsel relationship management
- Industry insights into matter costs, durations, staffing profiles, and other data to help budget and design successful AFAs
- The framework for managing key matters, tracking spend and analyzing performance against plans
- The tools needed to predict expenses and resource requirements
For Law Firms, Legal Analytics provides:
- Insights into what law departments are willing to pay, before negotiating rates
- Clear understanding of a firm’s competitive positioning with regard to rates and better insight into what is driving expenses and profitability
- A framework to position a firm’s value from the competition
- The tools needed to make informed decisions regarding rate structure and service delivery model in a rapidly changing environment
The Time is Right
Companies generate more data than ever before and the capacity to store it continues to increase, which means more internal and external data is available for analysis. It’s what you do with this data and how you leverage it that creates opportunities and can ultimately change the landscape of a business, according to Richard Flynn, group president and CEO of Wolters Kluwer Corporate Legal Services.
“Big Data has evolved as a critical element of a company’s competitive position. For us, ‘Big Data’ is about combing the vast amounts of information we process in our core businesses to find insights that can provide valuable new services to our customers. TyMetrix Legal Analytics is just one example of how the CLS ‘Big Data’ agenda is re-imagining our business portfolio,” said Flynn. “We are providing customers with unprecedented insight into the economics of legal services and giving them the ability to optimize their legal spend. We are responding to a long-standing customer need.”
For more information about Legal Analytics products offerings, visit www.tymetrix.com.
TyMetrix is the global market leader in delivering 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.
Wolters Kluwer Corporate Legal Services is a business of Wolters Kluwer, a market-leading global information services company. Wolters Kluwer has 2010 annual revenues of €3.6 billion ($4.7 billion), employs approximately 19,000 people worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Visit www.wolterskluwer.com.