TyMetrix and Huron Legal Publish Report on Sourcing Strategies
TyMetrix and Huron Legal Publish Report on Sourcing Strategies for Corporate Law Departments
Quantitative Study Explores Matter Strategies, Costs and Sourcing Practices
HARTFORD, CT and CHICAGO, IL -- (Marketwire) -- 01/17/13 -- TyMetrix, the global leader in intelligent solutions for managing the business of law, and Huron Legal, a leading provider of advisory and business services to enhance operational and organizational effectiveness at law departments and law firms, announced the release of the IMPACT(R) Analysis Series: Sourcing Practices report. The Sourcing Practices report is a comprehensive analysis of corporate law department sourcing of legal services to law firms. The second report in a four-part analysis series complements the previously released IMPACT Analysis Series: Staffing Allocation report, which analyzed law firm staffing models and trends.
IMPACT Analysis Series: Sourcing Practices provides insight into how corporate law departments are choosing to source legal matters, in terms of the number and mix of firms used. The categories of study include an analysis by practice area, industry, corporate revenue range, and outside counsel spend.
All information used for the IMPACT Analysis Series is drawn from the TyMetrix Legal Analytics LegalVIEW(R) data warehouse, which contains more than $40 billion in legal spend data, 380 million hours of legal services, 17,000 law firms and vendors, and 275,000 timekeepers' data from a growing set of contributing corporations, law firms, and industry resources. Huron Legal analyzed the data using expertise developed from working with law departments and law firms to pull trends and key findings designed to help clients improve operational effectiveness.
Some of the key findings in the IMPACT Analysis Series: Sourcing Practices include the following:
-- Corporations allocated 80% of their outside counsel spend to a relatively small number of firms, as compared to the whole -- Annual revenue of a corporation had a direct correlation to the number of firms sourced for legal services work -- Outside counsel spend corresponded to the number of firms sourced -- Overall, firms with between 100 and 500 attorneys received the greatest share of outside counsel spend
"This report -- and the series as a whole -- offers a unique combination of data and partnering that is crucial to the corporate legal community, as it relates to legal spend on sourcing," said Julie Peck, general manager, TyMetrix. "Using TyMetrix LegalVIEW data warehouse allows Huron Legal to analyze an aggregate of data that includes billions of legal dollars spanning from 2007-2011 to identify insights and trends nationwide that can help corporate law departments formulate or update their sourcing strategies."
"The 2012 IMPACT Analysis Series combines the granularity and volume of data in TyMetrix's LegalVIEW warehouse with the strength of Huron Legal's IMPACT methodology, tools and experience," said Joy Saphla, managing director, Huron Legal. "The reports resulting from this collaboration contain impactful, data-driven cost control benchmarks that can help law departments and law firms improve their operational effectiveness and efficiencies in a systematic way."
The first report in the series, Staffing Allocation, analyzed law firm staffing models and trends, also based on actual billing records drawn from the TyMetrix Legal Analytics LegalVIEW data warehouse. The IMPACT Analysis Series reports are available for purchase online at http://wvw.tymetrix.com/products/legal-analytics/2/legalview/.
About TyMetrix 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 Legal Analytics, a complementary business to TyMetrix's core software offerings, combines unparalleled analytical and legal domain expertise with LegalVIEW(TM) -- the world's largest permission based contributory data warehouse of legal performance data -- to provide 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 Corporate Legal Services. 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 Service is a part of Wolters Kluwer, a market-leading global information services company. Wolters Kluwer had 2011 annual revenues of EUR 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. Visit the Wolters Kluwer website for more information.
About Huron Legal Huron Legal provides advisory and business services to assist law departments and law firms to enhance organizational effectiveness and reduce legal spend. Huron Legal advises on and implements strategy, organizational design and development, outside counsel management, operational efficiency, and discovery solutions, and provides services relating to the management of matters, contracts, documents, records, digital evidence and e-discovery. Huron Legal is not a law firm; it does not offer, and is not authorized to provide, legal advice or counseling in any jurisdiction. Learn more at www.huronconsultinggroup.com/legal or follow us on Twitter: @HuronLegal.
About Huron Consulting Group Huron Consulting Group helps clients in diverse industries improve performance, comply with complex regulations, reduce costs, recover from distress, leverage technology, and stimulate growth. The Company teams with its clients to deliver sustainable and measurable results. Huron provides services to a wide variety of both financially sound and distressed organizations, including healthcare organizations, Fortune 500 companies, leading academic institutions, medium-sized businesses, and the law firms that represent these various organizations. Learn more at www.huronconsultinggroup.com.
Nicole Young Wolters Kluwer Corporate Legal Services 212.590.9311 firstname.lastname@example.org
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Jennifer Frost Hennagir Huron Consulting Group 312.880.3260 firstname.lastname@example.org