Visualized Benchmarking Data for Legal Departments from Thomson Reuters Tracker
Knowing how your legal department and outside counsel are performing compared with the competition can be invaluable information.
Corporate legal departments can more easily compare their performance to industry benchmarks and streamline frequently-used workflows with new automation tools in the latest update of Thomson Reuters Legal Tracker™ (formerly Serengeti Tracker™), the market-leading e-billing and matter management solution.
Tracker Benchmark Index data is now available in the Tracker Dashboard Charts, providing quick, easy access to the world’s largest source of aggregated comparative and benchmark data for measuring, in real-time, the performance of a legal department and its outside counsel. This gives users a new means of displaying and comparing the data and trends to assess the performance of the legal department against industry averages. Clients can quickly chart their own data against dozens of metrics and even filter down to evaluate spend for specific matter types and timekeeper rates.
New automated tools speed up common tasks such as matter creation, timekeeper review and self-help resources. Clients can dramatically speed up matter intake with Smart Matter Creation, a powerful yet easy-to-use feature that allows administrators to configure rules with the power to add, fill in or limit user-selectable fields within specific matter forms. Timekeeper Rate Review, a widely used best practice for standardizing and controlling law firm rate increases, is now more configurable with new approval routes and reviewer options, along with improvements to the overall timekeeper review user experience. And a redesigned Help tool makes it easier to find quick answers to common Tracker questions.
Law firms also benefit from the new version of Tracker, with a new Firm Matter