HARTFORD, Conn., May 24 /PRNewswire/ -- CT TyMetrix, part
of CT, a Wolters Kluwer business,
and the premier provider of Web-based legal operations management
solutions for corporate law departments and claims organizations,
has partnered with the Legal and Compliance practice at The
Corporate Executive Board (Nasdaq: EXBD) to provide the "Real Rate
Report," the industry's first analysis of more than $4 billion in law firm billings to corporate
clients. The report, which includes analysis of billing from
more than 4,000 law firms, 50,000 individual billers and 18.9
million invoice items from 2007 to 2009, will provide savings
strategies that allow general counsel to make better decisions and
optimize departmental spend.
"The Real Rate Report's groundbreaking analysis will arm general
counsel with new ways to reduce their law firm spending, negotiate
fees and improve settlement strategies," said Steven Williams, managing director, The
Corporate Executive Board's legal and compliance practice.
The Real Rate Report provides a look into actual rates charged,
law firm staffing behavior and matter phase costs. While the
full report is expected in September, some initial findings
include:
- Law firms charging different hourly rates to different
clients for similar work: Based on analysis of billing
for 3,448 partners, associates and paralegals with multiple
clients, the report found that 78 percent of these timekeepers bill
different hourly rates to different clients for similar work – the
largest rate differences range from $350 to
$1,000 an hour.
- Median partner rate significantly lower than reported:
In 2009, law firm partners charged up to $1,590 per hour for work with major corporate
customers. However, when the total hours billed at each rate
are considered, the report found that the year's median partner
rate was $340 per hour – meaning the
rates billed by partners were much lower than the typical "rack"
rates reported by commissioned surveys.
"E-Billing and matter management systems have captured a massive
amount of empirical data – it's what corporate legal departments,
claim organizations and law firms chose to do with that data that
makes the difference between managing spend and optimizing the
performance of your legal department," said John Weber, general manager, CT TyMetrix.
"Now is the time to harness that valuable information to make
better, smarter business decisions. CT TyMetrix has been the
innovator in this business since we pioneered legal e-Billing in
the 1990s. The Real Rate Report marks the beginning of the
next generation of innovative products and solutions focused on
delivering rich, data-driven, actionable knowledge combined with
the industry expertise we're known for."
Major topics covered in the Real Rate Report include:
- Actual rates charged by law firms to major 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 behavior, including staffing ratios,
timekeeper billing patterns, red flags to watch for and a breakdown
of how billing behavior has changed in the past three years.
- Portraits of typical corporate legal matters across law
firms by type, length and cost of specific matter phases, timelines
from service to billing and strategies to save by using regional or
smaller law firms.
About The Corporate Executive Board Company
The Corporate Executive Board drives faster, more effective
decision-making among the world's leading executives and business
professionals. As the premier, network-based knowledge
resource, it provides them with the authoritative and timely
guidance needed to excel in their roles, take decisive action and
improve company performance. Powered by an executive network
that spans over 50 countries and represents more than 85% of the
world's Fortune 500 companies, The Corporate Executive Board offers
the unique research insights along with an integrated suite of
exclusive tools and resources that enable the world's most
successful organizations to deliver superior business outcomes.
For more information, visit www.exbd.com.
About CT TyMetrix
CT TyMetrix, part of CT, is the market leader in Web-based legal
management solutions for corporate law departments and claims
organizations. It provides clients with quality legal
management software – including e-billing, matter management and
performance metrics – and the expertise required to reduce costs,
improve results and gain the insight required to meet their
strategic objectives. CT TyMetrix is based in Hartford, Conn., with business operations in
Chicago and London. For more information, please
visit www.cttymetrix.com or www.cttymetrix.co.uk.
CT, a Wolters Kluwer business, delivers the people, products and
processes to drive transparency, ensure accountability and provide
organized, accurate and actionable information for legal, financial
and insurance professionals. CT's products and services – and
CT Corporation, CT Corsearch, CT Lien Solutions, CT Summation and
CT TyMetrix – empower organizations to make better business
decisions and be more efficient in today's highly transparent
business environment.
About Wolters Kluwer
Wolters Kluwer is a market-leading global information services
company. Professionals in the areas of legal, business, tax,
accounting, finance, audit, risk, compliance, and healthcare rely
on Wolters Kluwer's leading,
information-enabled tools and solutions to manage their business
efficiently, deliver results to their clients, and succeed in an
ever more dynamic world.
Wolters Kluwer has 2009 annual
revenues of euro 3.4 billion
($4.8 billion/3.0 billion pounds Sterling), employs
approximately 19,300 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.
Visit our website, YouTube or follow @Wolters_Kluwer on Twitter
for more information about our customers, market positions, brands,
and organization.
SOURCE CT TyMetrix