CT TyMetrix Adds Powerful Budgeting and Forecasting Functionality to TyMetrix 360°

Share Article

New Tools Enable Companies to Better Estimate and Track Outside Counsel Legal Fees and Expenses Ensuring Complete Legal Cost Control

CT TyMetrix (http://www.cttymetrix.com), the market leader in Web-based management solutions for corporate law departments, claim organizations and law firms, today announced the addition of powerful budgeting and forecasting features to its TyMetrix 360° integrated e-billing and matter management platform. These new enhancements enable companies to better estimate and track outside counsel expenses as well as generate cost projections for individual matters and law firms. More importantly, it allows the corporate legal and claims departments to monitor and control case costs.

TyMetrix 360°’s new budgeting feature gives companies the ability to clearly view budgets across their entire organization at both the matter level and law firm level. It provides users with pre-configured templates based on their unique departmental structure, which can be used to create budgets for individual matters and law firms. Once created, financial information can be sorted by line item, fee and expense, task code or phase. Since a complete history of every budget is stored, companies can quickly compare previous budgets to each other or against current budgets.

“Creating and managing budgets is essential for complete litigation management,” said Kurt Swanke, senior product manager at CT TyMetrix. “Many management factors are reliant upon efficient budgeting, including the selection of appropriate counsel, use of effective plans of action, and expense control disciplines. By capturing and using historical electronic invoice data in the CT TyMetrix system, in-house counsel can create better and more thorough litigation budgets. Only CT TyMetrix can provide this type of financial scrutiny for important case information.”

CT TyMetrix also added enhanced forecasting functionality. The feature enables corporate law and insurance claims departments to create forecasts for organizational units, law firms and vendors that provide a simple way to track the total spend of a business unit or claim office.

“Legal and claims departments are frequently required to estimate annual outside counsel legal spend, manage and report on risk and exposure, and demonstrate fiscal discipline to the larger corporate organization,” said John Weber, CT TyMetrix general manager. “Establishing reliable internal and external budgets directly impacts operational performance, credibility and reserve setting. The budgeting and forecasting tools in TyMetrix 360° were designed in direct response to the business needs surrounding the fiscal demands corporations increasingly place on law department management.”

Both of the new TyMetrix 360° features give users the tools to create top-line estimates and component part bottom-line estimates. To keep users on track, powerful enforcement mechanisms have been added that trigger alerts when actual spending exceeds estimated spending.

About CT TyMetrix

CT TyMetrix, a part of Wolters Kluwer Corporate & Financial Services, is the market leading brand of Web-based management solutions for corporate law departments and claims organizations. CT TyMetrix operations are headquartered in Hartford, Connecticut, with a satellite office in Chicago and staff across the country. CT TyMetrix solutions provide claims and corporate legal departments with web-based systems for electronic invoicing, performance management metrics, matter management, budgeting and forecasting, document management, and collaborative knowledge management. CT TyMetrix is a CT Corporation company.

About CT Corporation

CT Corporation, a Wolters Kluwer business, pioneered the corporate legal services industry more than 100 years ago. Today, CT Corporation is leading the industry in developing a powerful suite of integrated workflow tools and services to help corporate legal departments and law firms realize meaningful efficiencies and increased effectiveness. These solutions are corporate governance, including corporate records management and SEC compliance; corporate compliance, such as business entity and UCC compliance filings; statutory representation; and litigation management, including matter management, e-billing and e-discovery. CT Corporation is based in New York City. For more information on CT Corporation, please visit http://www.CTAdvantage.com.

About Wolters Kluwer

Wolters Kluwer is a leading multinational publisher and information services company. The company's core markets are spread across the health, corporate services, finance, tax, accounting, law, regulatory and education sectors. Wolters Kluwer has annual revenues (2004) of €3.3 billion, employs approximately 18,400 people worldwide and maintains operations across Europe, North America and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its depositary receipts of shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Kurt Swanke
Visit website