The Real Rate Report provides a look into actual rates charged, law firm staffing behavior, and matter phase costs
TyMetrix, the global leader in intelligent solutions to better manage the business of law, and Corporate Executive Board, a leading research and advisory services company today announced that they will once again partner to release the “Real Rate Report,” the legal industry's only benchmark report for law firm rates. The 2012 report, which uses actual legal invoice data, will analyze more than $15 billion in invoices from more than 10,000 law firms generated from 2009 through 2011. It offers an objective and quantifiable look at the real drivers of law firm rates to help general counsel find new ways to reduce their law firm spending, negotiate fees, and improve settlement strategies. TyMetrix is a part of Wolters Kluwer Corporate Legal Services.
“In today's uncertain economy, corporate legal departments are looking to reduce law firm spending, while law firms are adapting staffing and billing arrangements to remain competitive. The Real Rate Report gives general counsel the insights and information they need to optimize the efficiency of their legal departments, claim organizations, and law firms,” said John Weber, general manager, TyMetrix. “The expert analysis provided by CEB allows us to create a one-of-its-kind report that analyzes the vast amounts of data captured by e-billing and matter management systems and turn it into something actionable to help general counsel do business better.”
The Real Rate Report provides a look into actual rates charged, law firm staffing behavior, and matter phase costs. The 2010 report analyzed $4.1 billion in law firm billings to corporate clients, while the 2012 report has grown to include analysis of $15 billion in invoices. Currently scheduled for release in April of 2012, the Real Rate Report will include:
- Actual rates charged by law firms to corporate clients by geography, work and matter type, matter phase, timekeeper roles, including paralegal, associate and partner timekeeper practice areas and experience levels.
- Law firm staffing trends, including staffing profiles for different matter types, timekeeper billing patterns, and a breakdown of how billing has changed in the past five years.
- Portraits of typical corporate legal matters across law firms by type, length, and cost of specific matter phases, and timelines from service to billing.
- Benchmark data versus the 2010 report.
“This report provides powerful insight into actual legal cost information that can change the way corporate legal departments and law firms make pricing decisions,” said Brian Lee, managing director, CEB. “In developing this report we will leverage CEB's rich heritage of using data and analytics to drive corporate performance as was demonstrated by the value organizations received from the inaugural report. We are excited to continue this partnership and look forward to again offering robust and actionable insights into what legal departments are really spending on their law firms.”
For more information about pre-ordering the Real Rate Report, please visit http://www.tymetrix.com.
About Corporate Executive Board
By identifying and building on the proven best practices of the world's best companies, CEB helps senior executives and their teams drive corporate performance. CEB offers comprehensive data analysis, research and advisory services that align to executive leadership roles and key recurring decisions. CEB tools, insights, and analysis empower member companies to focus efforts, move quickly, and address emerging and enduring business challenges with confidence. CEB's client and member network includes 85 percent of the Fortune 500, 50 percent of the Dow Jones Asian Titans, and 70 percent of the FTSE 100. It spans more than 50 countries, 5,300 individual organizations, and 225,000 business professionals. For more information, visit www.executiveboard.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.