Watch Live

Tweet TWEET

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.  
Press Contacts 
Nicole Young
Wolters Kluwer Corporate Legal Services
212.590.9311
n.young@wolterskluwer.com  
Danielle Lundquist
Peppercomm
212.931.6157
dlundquist@peppercomm.com  
Jennifer Frost Hennagir
Huron Consulting Group
312.880.3260
jfrost-hennagir@huronconsultinggroup.com