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Sky Analytics Database Now Includes Over 26,000 Profiles to Help In-House Lawyers Be More Efficient & Save MoneyLegal Benchmarking Data Warehouse Grows at Rapid Rate During First Six Months (July 18, 2012)
BOSTON, MA -- (Marketwire) -- 07/18/12 -- Sky Analytics, a leading provider of web-based legal analytics software, announced today that its legal benchmarking data warehouse has grown over 400% in the last six months. Developed to help legal departments improve the cost efficiency of the legal function, the Sky Analytics platform provides in-house counsel with a clear picture of outside legal spend and the unique ability to benchmark their own legal metrics against their peers to proactively manage matters and outside legal counsel.
By aggregating over 60,000 invoices from its growing client base, Sky Analytics has built extensive profiles of over 10,000 lawyers and timekeepers, 1,000 law firms and 16,000 matters across North America, revealing actual billed rates and real matter dynamics. Leading corporations are now leveraging this database to:
- Better negotiate value-based alternative fee arrangements with outside counsel.
- Identify abnormal billing rates amongst their employed firms to better negotiate competitive rates.
- Save money and manage current matters more effectively by identifying matters where cost and duration exceeded similar matters.
- Forecast and budget upcoming matters more accurately by benchmarking against similar past matters.
"We are very excited by how quickly this platform is growing," noted Doug Ventola, President of Sky Analytics. "As companies expand their usage across departments, they are seeing how quickly they can integrate this tool into their daily operations and make more informed decisions."
As the database has expanded, Sky Analytics has also seen a keen interest from procurement departments as a means of identifying cost-effective regional law firms with particular areas of expertise as an alternative to major metropolitan firms.
"We believe Sky Analytics is on the forefront of a transformation in the legal industry where instant transparency and spend benchmarking will be the new norm," says Chris Bullock, Chief Marketing Officer at Sky Analytics. "The legal department budget is often seen as a major cost center for many corporations and General Counsel must demonstrate greater efficiencies in their legal spend. Legal analytics will become a significant competitive advantage for those companies that are early adopters."
About: Sky Analytics is a web-based application that provides in-house legal departments with a set of unique tools to make informed decisions regarding their legal spend. Corporate legal departments utilize Sky Analytics to better manage matters and legal budgets through its easy to use, straightforward platform. Sky Analytics is the only legal spend management software that does not require a lengthy implementation or e-billing integration. Visit Sky Analytics online: http://www.skyanalytics.com and follow on Twitter https://twitter.com/LawSpendClarity.
Susan E. Jacobsen
Copyright @ Marketwire
Related Keywords: Sky Analytics, legal analytics, outside counsel, alternative fee, legal benchmarking, data warehouse, Marketwire,