HARTFORD, Conn., Jan. 25 /PRNewswire/ -- CT TyMetrix, part of CT, a Wolters Kluwer business, and the premier provider of Web-based legal management solutions for corporate law departments and claims organizations, today announced the key trends that will impact the legal industry in 2010. The lingering effects of the economic downturn, combined with the availability of transformational technology solutions, will have an immense impact on the operations and legal spend habits of corporate law departments and law firms this year. These changes help create new operational and budgetary efficiencies in 2010 and beyond.
The business side of the legal industry has reached a turning point. Technology has enabled corporate law departments to take more control over critical processes, but it is up to them to optimally utilize these tools in a way that is best suited to meet their unique needs. Corporate law departments have the power to more effectively analyze data and control legal spend using technology-enabled tools such as predictive modeling, business intelligence (BI) and alternative fee arrangements (AFAs). The convergence of various factors, including market globalization, changing regulatory landscapes and availability of specialized technology solutions, will enable the widespread adoption of these tools in 2010.
Specific trends that will help drive market growth this year include:
- The Rise of the Corporate Law Department: The down economy has shifted the balance of power from large law firms to corporate legal departments. In 2010, corporate law departments will assert more control over billing. There will be a heightened demand for "tools of empowerment" that provide them with the knowledge, transparency and real-time technology to take control.
- The Re-Tooling of Big Law: In addition to some big-time law firms failing in 2010, there will be increasing pressure to allow the incorporation of legal services within corporate entities. This is already happening in the U.K. with the Legal Services Act and the trend is likely to become prominent in the U.S. as well. This fundamental change in the structure of the legal service delivery industry will accelerate the adoption of new models that incorporate legal process outsourcing.
- Globalization of Corporate Law: Corporate law departments will start to leverage systems and knowledge across the world. In the past, the practice of law has been global, while the business side of it has not. This trend will be accelerated by the implementation of cloud computing within the legal community. The adoption of single standards for the transmission of electronic documents within European Union countries will also drive this trend.
- Acceptance of BI and Predictive Modeling: 2010 will be the year in which corporate legal departments truly tap into the wealth of data available to them. In addition to billions of dollars of legal invoice data and hundreds of thousands of matter management records, corporate law departments can now access the record systems of their entire enterprise.
- Unified Platform Management: Law departments and law firms will begin buying into next-generation management platforms that enable all of their key solutions to collaborate on a single platform, which will be global, open and highly intuitive.
- Adoption of New AFAs: Law departments will fully buy into AFAs as they come to realize there is no more effective way for them to predict and control outside counsel costs than devising and enforcing alternatives to the billable hour. The primary type of AFA will be flat fees and merit arrangements.
- Convergence 2.0: A more efficient method of convergence will come to prominence in 2010. Companies will increase the amount of work assigned to law firms who provide the highest quality work with billing models that are most closely aligned with corporate law departments' objectives.
"2010 will be a game-changing year for the legal industry with technology coming to the forefront and empowering corporate legal departments to maximize operational efficiencies and spend," said John C. Weber, general manager, CT TyMetrix. "CT TyMetrix will be a pivotal player in this process, providing customers with an evolving set of technology tools and market expertise to help accommodate their unique needs."
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, provides the tools to help legal and financial professionals manage risk on many levels. From managing corporate compliance to legal department performance, trademark protection to matter management and electronic data discovery to preparing cases for litigation, CT has the right solution to meet a host of needs. CT is based in New York. For more information, please visit www.ctlegalsolutions.com.
About Wolters Kluwer
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer had 2008 annual revenues of euro 3.4 billion, employs approximately 20,000 people worldwide, and maintains operations in over 35 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Visit www.wolterskluwer.com for information about our market positions, customers, brands and organization.
SOURCE CT TyMetrix