February 26, 2014
Thomson Reuters Launches Westlaw Analytics
EAGAN, Minn. – Thomson Reuters, the world’s leading provider of intelligent information for businesses and professionals, has introduced Westlaw® Analytics, a new service included in a WestlawNext subscription that allows law firms to monitor Westlaw usage by practitioner, client, practice area or time frame in order to become more efficient, flexible and responsive to client needs.
Four components – analytics, billing investigation, alerts and integration – allow firms to uncover trends, investigate specific user behavior, proactively monitor research, engage users in cost-recovery strategies and realize unique goals in efficiency, education and budgeting.
“It’s a competitive marketplace for our large law firm customers, who are receiving new demands from clients every day,” said Brian Knudsen, Thomson Reuters vice president, Large Law Firms. “Whether it’s a request for alternative pricing strategies or demands for more predictable billing, firms are finding that they need to make changes in the way they price, budget and manage for a matter. Westlaw Analytics allows customers to examine their current research practices, customize options, and monitor the budget predictability and educational efficiencies that result.”
The Analytics platform includes interactive graphs that can break down data by chargeable vs. non-chargeable or by in-plan vs. out-of-plan costs, as well as by user, practice area, client, location or product platform. The graphs display trends and deviations that can be further analyzed through tools like billing investigation, eventually integrating data from additional platforms. This granular research information minimizes confusion, helps defend and substantiate client bills, reduces time spent following up on billing queries and can ultimately help firms provide greater transparency to clients.
Westlaw Analytics also has alerts that notify an administrator or manager when usage for a researcher, client, location or practice area approaches or exceeds a preset level. This can result not only in better management of research budgets, but also in the alignment of research usage to client needs and in the identification of opportunities to train researchers.
To learn more about Westlaw Analytics, contact your law firm librarian relations manager or national account rep.
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to www.thomsonreuters.com.