CT TyMetrix and The Corporate Executive Board to Release Industry's First True Analysis of Law Firm Billings Real Rate Report to Provide New Data and Insights for General Counsel to Make Better Decisions on Law Firm Spend
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.
SOURCE CT TyMetrix