As lawyers face greater pressure from clients to keep their rates and costs down, any bit of information about what the competition is up to is valuable. A new legal metrics program from TyMetrix hopes to make it easier for law firms and legal departments to determine pricing and performance benchmarks by telling them what others have done in the past. In a Tuesday, Sept. 24 press release TyMetrix unveiled MatterAnalyzer, a web-based tool that helps users make more informed decisions about rates, costs, and staffing of legal matters.

After users input variables into the system, MatterAnalyzer provides information about competitive rates and recommends a budget and cost structure. In order to come up with the right metrics, MatterAnalyzer relies on LegalView(R), the company’s database of information taken from previous billing invoices for legal services. Users can use LegalView(R) to compare their firm’s or company’s pricing and performance to what other firms have done in the past.  LegalView(R) has taken information from $45 billion in invoices, including 17,000 law firms and vendors, as well as 286,000 timekeepers, amounting to over 398 million hours of legal services, the company says.

“Tools such as MatterAnalyzer can help deliver insight for law firms to truly understand the current marketplace environment. This is critical for firms that want to analyze their pricing and determine how competitive they are in the market,” said Chris Emerson, director of the practice economics group at Bryan Cave, in the press release.

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