Data and Database Management Software
Expense Management Software targets legal departments.
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Press Release Summary:
Using Sky Analytics, General Counsel, CFOs, and corporate legal departments can analyze and act upon aspects of legal expense management, including benchmarking across peer's law firms in database; identifying excessive billing practices; and anticipating and forecasting future legal spend. Program delivers 100% objective financial reporting exclusively to corporate clients, assuring that reporting, benchmarking, and audit red flags are conflict-free from law firm revenue.
Original Press Release:
Sky Analytics Now Available to Provide General Counsel & Chief Financial Officers with Clarity & Transparency Into Outside Legal Spend
Powerful, State-of-the-Art Analysis Application to Help Legal Departments Quickly & Easily Identify Areas for Financial Oversight
BOSTON, -- Recognizing the daunting task General Counsel undertake in trying to control the millions of dollars of legal expenses billed to their companies each year, Sky Analytics, a company focused exclusively on expense management solutions for General Counsel, Chief Financial Officers and corporate legal departments, announced today the release of its flagship application. With Sky Analytics, inside counsel can better analyze and act upon many aspects of legal expense management, including benchmarking across peers' law firms in its proprietary database; identifying excessive billing practices; and anticipating and forecasting future legal spend. In addition, Sky Analytics helps General Counsel to understand current expenditures and high-level trending, as well as improve the value of their outside legal spend.
"The clarity delivered by Sky Analytics is unparalleled. We've moved clients onto the Sky Analytics platform and the response from General Counsel has been a blend of enthusiasm and surprise, even, regarding what is illuminated," said David Galbenski, Esq., Founder and Chairman of Lumen Legal.
Prior to Sky Analytics, legal departments did not have the ability to easily analyze expenses across multiple variables within a single, cohesive reporting engine. With Sky Analytics it is now possible to compare activity spend, law firms and attorneys against other clients in similar industries, geographies and matters.
"One client alone has over $100 million of expenses in the application," continued Galbenski. "We track their high-level spending trends, identify expense anomalies and then instantly delve into that exact matter or timekeeper for line-item evaluation. There's no doubt that Sky Analytics creates opportunities for meaningful expense reduction for a corporation."
In contrast to legal invoicing and matter management applications that also support services into law firms, Sky Analytics delivers unique and 100% objective financial reporting exclusively to its corporate clients. This analysis independence assures the reporting, benchmarking and possible audit "red flags" are conflict free from law firm revenue.
"Throughout much of my business career, I have been frustrated by the lack of transparency and, frankly, accountability common in legal billing," said Ron Gruner, Sky Analytics Founder and Chairman. "Legal matters are complex, but not so complex that clients should have difficulty understanding, predicting and managing their legal costs the same way they do in other parts of their business. Sky Analytics was formed to provide clients with tools to assure the same transparency and accountability in legal billing that my former company, Shareholder.com, did for shareholders."
Adjunct Professor of Governance and Ethics at New York University and former Editorial Director at The National Association of Corporate Directors, Brendan Sheehan, believes an objective look into legal spending is a growing need at many public companies. "An independent view into the vast legal expenses a corporation spends may be the next governance frontier as public companies struggle with tight legal budgets...and investors demand greater scrutiny into all levels of corporate expenditure," said Sheehan.
"General Counsel are searching for the holy grail of making the legal team a profit center for the company. Independent analytics, transparency and sophisticated metrics such as those proved by Sky Analytics can go a long way towards achieving that goal," Sheehan finished.
The Sky Analytics application works in unison with existing e-billing and matter management systems, converting all legal invoice formats (i.e. paper, PDF, Excel, LEDES) into easy-to-read, dynamic reports. The analysis of millions of dollars of expenses can typically be implemented in one week to quickly identify vague, inconsistent and excessive billing activities. Rather than presenting data in tedious tabular reports, Sky Analytics uses simple, easy to understand charts that deliver clarity and instant drill-down into the underlying data. As an online service, reporting is available anytime, anywhere.
To schedule an interactive demonstration or a one week trial implementation, contact learnmore@skyanalytics.com, call +1 617.830.2124, ext. 802 or complete the online request form at: www.skyanalytics.com/contactus.html.
About: Sky Analytics is a Business-to-Business SaaS application that provides General Counsel and senior management with complete clarity into their outside legal spend. Sky Analytics provides a clear picture of legal spend, along with the tools necessary to make efficient and timely decisions to obtain good results and save money. Sky Analytics delivers unique and 100% agnostic financial reporting for General Counsel, CFOs and senior management. Visit Sky Analytics online: www.skyanalytics.com and follow on Twitter twitter.com/LawSpendClarity (#SkyAnalytics).
Web Site: www.skyanalytics.com
