Legal Software supports alternative fee arrangements.
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Press Release Summary:
Providing vendor management, web-based CT TyMetrix 360 10.0 includes end-to-end support of alternative fee arrangements. AFA module includes AFA templates, such as blended hourly rates, deal-based billings, fee caps, hourly rate discounts, and task-based billing caps. With timekeeper rate management functionality, users can control how timekeeper rates are created and maintained. Additional features include law firm matter analysis and tracking and invoice status rollback.
Original Press Release:
New Version of CT TyMetrix 360 Provides Superior Alternative Fee Arrangement Management Capabilities
New Release Provides Robust Support of Alternative Fee Arrangements and Timekeeper Rate Management
HARTFORD, Conn., May 19 / -- CT TyMetrix, the premier provider of Web-based legal management solutions for corporate law departments and claims organizations, today announced the launch of its next generation of CT TyMetrix 360. The 10.0 release provides users with superior vendor management functionality, including end-to-end support of alternative fee arrangements (AFAs) and timekeeper rate management.
The economic downturn has underscored the value of strategic spend management. In order to better predict and manage their legal spend, corporate law departments are looking increasingly beyond the billable hour. These alternatives to the billable hour, commonly known as AFAs, can better align law firm compensation to the corporation's interests. The latest release of CT TyMetrix 360 is the first comprehensive solution for AFA management that provides end-to-end support for the creation, administration, tracking and measuring of AFAs.
The AFA module is the result of in-depth research among the CT TyMetrix user base. Included in the module are the commonly used and requested AFA templates, such as blended hourly rates, deal-based billings, fee caps, hourly rate discounts, hourly rate volume discounts, matter-based rates, task-based billing caps, and others. In addition to AFA management, Release 10.0 introduces an advanced timekeeper rate management, another integral part of vendor management. Highly configurable, the advanced rate management functionality gives users more control over how timekeeper rates are created and maintained.
"In today's economy, cost control is the top priority for most corporate legal departments. Moreover, law firms are looking for ways to be compensated for quality legal service. AFAs hold the promise of closely aligning the compensation of outside counsel to the quality of the results they deliver," said John Weber, general manager, CT TyMetrix. "CT TyMetrix 360 is the first comprehensive AFA management solution on the market ---giving corporate law departments and their firms the ability to create, track and measure the success of AFAs. The combination of our improved rate management, AFAs, best-in-class budgeting, accruals, and true business intelligence tools enable today's law department leaders to develop, track and measure their spend management strategies."
Some additional new features included in CT TyMetrix 360 release 10.0:
-- Law Firm Matter Analysis &Tracking: A new Web page extends the reach of law firm data, evaluation and performance commentary.
-- Invoice Status Rollback: With a high degree of visibility and audit control, users can pull an invoice back into the review chain after it has been submitted to their Payment system, but not yet paid.
-- Member Management: Improved management allows for member disablement with enhanced capabilities to view assignments to be reassigned.
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, www.cttymetrix.co.uk or cttymetrix.blogspot.com.
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 3.4 billion euros, 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.
CONTACT: Stacy Nobles, CT, a Wolters Kluwer business, +1-212-590-9058, stacy.nobles@wolterskluwer.com; or Jonathan Klein, Articulate Communications Inc., +1-212-255-0080, ext. 15, jklein@articulatepr.com
Web Site: www.cttymetrix.com/
