SOURCE: TyMetrix

TyMetrix

April 05, 2011 08:57 ET

TyMetrix Data Solutions Provides the Industry's First Products and Services to Empower Legal and Claims Professionals to Make Smarter Data-Driven Decisions

Newly Launched Product Line Combines Experience, Information and Insights to Drive Better, Faster, Smarter Decisions Around the Business of Law

HARTFORD, CT--(Marketwire - April 5, 2011) - TyMetrix, the premier provider of Web-based legal performance management solutions for corporate law departments, law firms and claims organizations, today announced the launch of TyMetrix Data Solutions, the company's new product line dedicated to helping those professionals managing the business of law to make better data-driven decisions. Derived from the world's largest permission-based legal reference database, TyMetrix Data Solutions gives legal professionals unprecedented insights into their operations and access to industry-wide benchmarks and trends to achieve profound improvements in performance and profitability. TyMetrix is a part of Wolters Kluwer Corporate Legal Services. 

Last year's Real Rate Report, TyMetrix's in-depth analysis of legal billing rates and trends, resulted in overwhelming market demand for more data-backed solutions to help gain insight into legal operations. TyMetrix Data Solutions was created to answer the call. Through the current aggregation of nearly $8 billion in legal spend data, one million matters and performance data, TyMetrix Data Solutions provides interactive products that allow users to gain real-time insights and evaluations on legal costs, matters, performance and outcomes. It will also publish data-backed research studies and identify benchmarks and industry trends to provide an unprecedented perspective into price benchmarking, compensation, staffing and budgeting.

The first interactive data product from TyMetrix Data Solutions is the Intelligence-on-Demand Dashboard Application, which provides a consolidated view of legal data that lets users visualize and monitor key matters, track spend and analyze performance against goals and strategies. Its second offering, the 2011 Real Rate Report, will be released in late Q211.

TyMetrix Data Solutions' insights can help legal services professionals better understand their operations today, and use that knowledge to make smarter, data-guided decisions to improve those operations tomorrow. Legal departments and claims organizations get a clearer view into legal operations and costs, a better understanding of the law firms that provide the best value and gain insights to reduce costs, improve outcomes and benchmark their performance against the industry. Law firms have an unrivaled perspective into how they compare to competitors and a broad view of price benchmarking, compensation, staffing and budgeting. 

The TyMetrix Data Solutions legal reference database is continuously growing -- the amount of data has doubled in the last year alone -- enabling the product line to provide exceedingly in-depth, enlightened perspectives into clients' operations, even as their businesses grow and priorities change.

TyMetrix Data Solutions will be spearheaded by Craig N. Raeburn, Jr., who will act as managing director. Previously the vice president of product management at TyMetrix, Raeburn brings 20 years of experience designing and delivering innovative technology solutions for the unique needs of law departments, law firms and claims organizations. 

"TyMetrix Data Solutions is bringing meaning and value back to data," said Raeburn. "The state of the legal industry is changing and professionals need to better understand the intricacies of their operations, work more efficiently and prove their business value. TyMetrix Data Solutions leverages the world's largest warehouse of real-world industry data to create innovative, pioneering products and services. Clients have factual, data-backed proof to help them run their businesses more intelligently, cost-effectively and with an eye toward the future." 

To learn more about TyMetrix Data Solutions and TyMetrix T360°, the company's flagship legal spend management platform, visit www.cttymetrix.com

About TyMetrix
TyMetrix is the market leader in Web-based legal performance management solutions for corporate law departments, law firms 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. 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.

About Wolters Kluwer Corporate Legal Services
Wolters Kluwer Corporate Legal Services is a business of Wolters Kluwer, a market-leading global information services company with annual revenues (2010) of EUR 3.6 billion and approximately 19,000 people across Europe, North America, Asia Pacific and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Visit www.wolterskluwer.com.

Contact Information

  • Press Contacts
    Stacy Nobles
    Wolters Kluwer Corporate Legal Services
    212.590.9058
    Email Contact

    Ashleigh Egan
    Articulate Communications Inc.
    212.255.0080, ext. 12
    Email Contact