Database Enables Corporate Legal Departments and Law Firms to Make Smarter Data-Based Decisions Across a Broad Range of Practice Areas and Matters
TyMetrix, the global leader in intelligent enterprise legal management solutions for managing the business of law, announced today that LegalVIEW®, the largest contributory warehouse for legal invoice data, reached the significant milestone of compiling more than $50 billion of legal spend data. LegalVIEW is part of TyMetrix Legal Analytics, a service that provides legal professionals insights into their own data and performance, as well as industry-wide benchmarks, historic trends and predictions.
The LegalVIEW warehouse compiles data from actual invoices, not surveys. After reaching $40 billion at the end of 2012, LegalVIEW contributors have increased by 14% and the data grew by 10% year over year. This surge in data increases the number of practice areas and matters available in the LegalVIEW warehouse, broadening how LegalVIEW can assist legal professionals in accurately setting budgets and benchmarking against industry standards.
"Data-based decision making is changing the way corporate legal departments and law firms approach critical decisions, such as hiring outside counsel and staffing matters. Making decisions based on fact-based data from LegalVIEW's warehouse can help legal departments reduce budgets and more accurately predict for the future, while the warehouse's industry data and insights can help law firms become more competitive in today's changing legal market," said Craig Raeburn, managing director, TyMetrix Legal Analytics.
The continued growth of LegalVIEW further establishes TyMetrix as the market leader in enterprise legal management with the largest, deepest, and most granular benchmarking dataset available in the industry with data from more than 19,000 timekeepers across the legal industry.
The granularity of the data insights are offered across multiple dimensions including: Industry; Practice Area; Matter Type/Sub-Type; Matter Phase; Task & Activity; Matter Duration; Staff Allocation; Timekeeper; Geography; Firm Size; Years of Experience; Hours; Rates; and Fees.
For more information on how TyMetrix Legal Analytics combines big data, critical expertise, and intuitive tools to deliver business intelligence and benchmarking solutions for corporate law departments, claims organizations and law firms, go to www.tymetrix.com/products/legal-analytics.
TyMetrix is a global market leader in delivering intelligent enterprise legal management, professional services, and legal analytics 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 spend and matter management, collaboration, performance metrics, and the expertise required to manage risk, reduce costs and gain the insight required to meet their strategic objectives. The brand's TyMetrix Legal Analytics service offering combines unparalleled analytical and legal domain expertise with LegalVIEW®, the world's largest permission based contributory data warehouse of legal performance data. Legal Analytics provides predictive and analytical models, benchmarking and insights to legal departments and all professionals involved in managing the business of law. TyMetrix is part of Wolters Kluwer. For more information, please visit www.tymetrix.com.
Wolters Kluwer had 2013 annual revenues of EUR 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. 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.