March 21, 2017
More Effective Market Analysis for Legal Departments With Visualized Benchmarking Data From Thomson Reuters Legal Tracker
Eagan, Minn. – 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.
Streamlining legal department workflows has always been at the heart of Tracker, and this theme continues with new tools to 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 Data Upload function, eliminating the need to manually enter firm-specific information by hand.
“Tracker is known as a powerful tool for helping legal departments determine – and communicate – the value they bring to their greater organization,” said Dan Bodnar, director of Legal Tracker Product Management, Thomson Reuters. “With our latest developments for helping users better visualize benchmark data and be even more productive by modernizing key aspects of the user experience, we’re following through on that commitment.”
Thomson Reuters Legal Tracker is the top-ranked and most widely used legal matter management, e-billing and analytics system among corporations and law firms. Recently it was named the #1 e-billing and matter management system by both HBR and Corporate Counsel magazine. Designed to give corporate law departments a clear view of their entire legal landscape, Tracker helps law departments implement tighter cost controls, reduce spend, and drive efficient collaboration – both internally and with outside counsel. And, because it is offered as a SaaS system, Tracker does this all without the need to purchase and maintain software, saving organizations IT staff time and money. Legal Tracker holds the largest collection of e-billing, matter management, and live-rate analytics information, with detailed data on lawyer performance that includes costs, staffing, duration, predictive accuracy, and evaluations by clients. For more information, please visit www.legaltracker.com.
Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, visit www.thomsonreuters.com.
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