Introducing WestlawNext Matter Benchmark Reports!

October 20, 2011

Matter Benchmark Reports 1What is it?

A dynamic analytics engine that provides actionable information to help you run your firm efficiently.

It enhances or replaces current practices such as print surveys and informal networks for understanding rates and market conditions.

Matter Benchmark Reports uses actual law firm timekeeper billing invoices for analysis and trending.

Far superior to print surveys or an informal network with peers (or no information or system at all), Matter Benchmark Reports is a dynamic engine with 456 million data points (from 15,000 law firm offices in 180 metro areas) that provide the up-to-date, actionable information you need.

Matter Benchmark Reports leverages the data from Serengeti® Law, the developer of the No. 1-rated e-billing and matter management system and the largest connected network of firms and clients.

Using WestlawNext’s interface, this data is compiled in colorful charts and graphs.

Matter Benchmark Reports 2The reports are set out in the following sections:

  • Law Firm Billing Report – Matter overview by law firm size and location of billing office.
  • Corporate Representation Report – Matter overview by company size and industry
  • Timekeeper Billing Rates Report – Rates by timekeeper type and law firm size
  • Total Invoice Approval Report – Average invoice (fees and expense) breakdowns and total amounts billed by firm size

And the reports have the following filters:

  • Matter type and area of law
  • Jurisdiction for litigation matters
  • Company size and industry
  • Firm size and location
  • Date

Okay, but what does this all mean to me and my law firm?


Estimating Costs

  • Estimate what it will cost to represent a client in a new matter
  • Give quick responses to client questions about cost estimates

Evaluating Performance

  • Compare matter costs with peer firms and industry benchmarks
  • Understand how specific practice areas or offices compare to similarly situated firms

TimekeeperBillingRates

Billing

  • Present concrete information about prevailing rates when reviewing bills with clients
  • Be better prepared to address potential client questions

Identifying Opportunities for New Business

  • Determine geographic areas and practice areas best suited for growth
  • Identify how best to allocate limited resources

Developing Flat Fees/Blended Rates

  • Apply guidelines to develop responses to requests for flat fee proposals and other alternative fee arrangements

LawFirmBillingDetailed Budgeting

  • Leverage additional data points when preparing budgets for clients
  • Understand how budgets may need to change as circumstances change

Matter Review/Year-End Review

  • View similar matters at conclusion or all matters at year-end

 

To order or for more information, contact your West Representative at 1-800-220-9378.