January 6, 2014

Thomson Reuters Peer Monitor Launches New Website

More flexible, customizable analytics for law firm competitive benchmarking

EAGAN, Minn. — Thomson Reuters, the world’s leading provider of intelligent information for businesses and professionals, today launched a new website for Peer Monitor, the leading real-time competitive benchmarking program for law firms. The new website (http://peermonitor.thomsonreuters.com) provides enhanced powerful, flexible and easy-to-use analytics that help law firms track industry trends, identify profit opportunities and support strategic decision-making.

Peer Monitor provides dynamic live benchmarking using real-time economic data that allows firms to compare themselves against chosen peer groups of firms. It combines powerful analytics with robust graphical capabilities that show results in highly intuitive visual formats that can provide new insights into firm operations and business development strategies. It details 75 in-depth metrics critical to firm profitability assessment including demand, rates, productivity and expenses. Statistics can be broken out by practices, offices, timekeeper levels down to individual timekeepers, and more.

Customizable views, more flexible queries, intuitive results

The new Peer Monitor website helps users more effectively analyze the competitive landscape. It offers faster performance and gives users greater flexibility and expanded options in selecting criteria for analysis, as well as a series of easy-to-analyze formats for displaying results.

Users now have three highly customizable, user-friendly modules with multiple options for selecting, analyzing and displaying data:

  • Peer Check
    Provides a comprehensive, detailed array of user-selectable options for quickly finding, analyzing and displaying the most useful data. Users can pinpoint the precise peer comparisons needed and compare their performance against pre-set peer groups or custom peer groups.

    Peer Check’s powerful analytical tools allow deep, detailed views of firm and peer group data. Users can filter comparisons by practice group, timekeeper, matter type, geography and more. For example, timekeepers can be filtered to partners, associates or contractors by years of experience. Matter types can be selected by hourly, contingency or both.

    Results can be viewed as spreadsheet pivot tables or in multiple graph formats. A number of options are available for comparing firm data against the selected peer groups. For example, users can compare year-over-year growth rates or show a firm’s variance in percentages from the peer group. Users also can select median or average (mean) results from peer groups.

    Queries can be saved for re-use and made available to all users within a firm, or only to a specific user.

  • Heat maps
    A new option that provides effective at-a-glance analysis, giving users broad visual overviews with easily identifiable “hot spots” where a firm is either outperforming or underperforming relative to peer groups. Easy-to-use filters provide greater detail on a number of performance metrics.
  • Dashboards
    Provide users with quick, easy access to useful graphs of key performance parameters. Users can adjust peer groups, practices and time frames to view instant easy-to-follow bar graphs on how their firm compares against selected peer groups for key performance measures, such as demand, rates and productivity.

“The legal market is more competitive than ever, and firms need the fastest, most accurate and up-to-date analysis and visuals to inform their decision-making,” said Mark Medice, senior director, Peer Monitor. “With the new website, Peer Monitor subscribers can quickly perform customized, detailed analysis of benchmarks that are as broad or deep as they need, with graphical cues to get to the heart of the story at a glance. Now more than ever, Peer Monitor provides the critical real-time information and analytics to help firms maintain their edge in today’s competitive market.”

For non-subscribers, the new Peer Monitor website provides the latest legal market news, as well as downloadable reports on the legal industry, including the quarterly Peer Monitor Economic Index Reports, and the recent “2014 Report of the State of the Legal Market” produced in conjunction with Georgetown Law Center.

For more information, visit peermonitor.thomsonreuters.com.

About Peer Monitor
Peer Monitor® from Thomson Reuters is a dynamic, live benchmarking program that provides anytime access to critical firm assessment information and allows you to compare your firm against selected peers, with details for practice performance.

Peer Monitor provides the most current information available, pulling directly from participating firms’ recent monthly financial statements, yet ensures your firm’s details remain strictly confidential. Participants receive an aggregate benchmark of peer firms’ data to compare against their own data, so they benefit from insights in industry trends while still protecting their individual privacy.

For more information, please visit us at peermonitor.thomsonreuters.com

Thomson Reuters

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. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com