SOURCE: Wolters Kluwer TyMetrix

Wolters Kluwer TyMetrix

May 21, 2014 08:30 ET

Legal Departments Gain Competitive Advantage Through Strategic Use of Data Analytics

Innovative Approaches to Legal Management Increase Productivity and Provide Business Growth Opportunities for Legal Departments

HARTFORD, CT--(Marketwired - May 21, 2014) - As corporate legal departments emphasize cost-cutting and process optimization, these departments are looking towards effectively leveraging internal data to manage legal activities. Many companies have an abundance of data, but need help in using it more strategically to generate business intelligence and harness data analytics including benchmarking law firm rates and setting standards for achieving and measuring success. 

In response to this industry need for managing legal data more effectively, Wolters Kluwer TyMetrix, the global leader in intelligent solutions for managing the business of law, released Cutting Through the Maze, a practical guide available for download that offers the essential processes and conceptual structures required for excellent legal department management.

"With over 30 years of experience as a practicing attorney, I've seen first-hand the amount of time and resources that are wasted due to a lack of strategy surrounding an organization's legal management model," said Bill Sowinski, Director of Decision Support Services at TyMetrix and author of Cutting Through the Maze. "Building a logical, easy-to-articulate legal department management strategy is essential to succeeding in today's competitive landscape, and the most important element to this strategy is having access to well-structured data."

In order to establish a sound legal management strategy while leveraging data, general counsel should implement the four concepts below:

1. Organize and prioritize management elements by using a strategic legal management model.

2. Appreciate that matter management and e-billing data integrated with a reporting tool generate business intelligence that can be easily and effectively used.

3. Maximize the power of business intelligence by understanding the types and purposes of the various metrics that support excellent management.

4. Create a strategic roadmap to drive implementation and facilitate communication with business partners.

For more information on these concepts, download a copy of TyMetrix's Cutting Through the Maze or listen to the webinar here.

About TyMetrix
Wolters Kluwer 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 Corporate Legal Services. For more information, please visit www.tymetrix.com.

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