May 9, 2022
Thomson Reuters launches AI-powered Legal Tracker Advanced to drive spend management and operational efficiencies for corporate legal departments
New offering leverages AI analytics, partnership with The Counsel Management Group and Standards Advancement for the Legal Industry (SALI) Alliance to empower users with benchmarking data and industry insights
DALLAS, TX, May 9, 2022 — Thomson Reuters is introducing Legal Tracker Advanced to enable legal departments to strengthen their spend management, drive operational efficiencies, and improve workflow processes through AI analytics and industry benchmark data.
Controlling outside counsel spend is the top priority for corporate legal departments followed by the use of technology to simplify workflow and manual processes, according to the latest Thomson Reuters Institute Legal Department Operations Index. Thomson Reuters Legal Tracker Advanced brings AI analytics and in-context use of industry insights to Legal Tracker's already robust data, reports, and visualizations to further empower legal departments to strengthen spend management and operations.
With Legal Tracker Advanced, users leverage robust, anonymized benchmarking data to compare outside counsel spend across 1,600 legal departments to better evaluate law firm rates and spend categories. Additionally, dashboard analytics streamline the rate management process through automation and advanced logic parameters. Built in partnership with The Counsel Management Group, productizing their patented pricing tools and proven consulting methods, the result is a data-driven roadmap for how to negotiate better rates, fee terms, and budgets with outside counsel.
Legal Tracker's network of over 66,000 law firms, rich pricing data, and advanced analytics also allow legal departments to confidently achieve the goals of legal service delivery, knowing they are running an efficient operation.
Legal Tracker Advanced is further strengthened by the Standards Advancement for the Legal Industry (SALI) Alliance. The Thomson Reuters-SALI partnership has mapped the tags of SALI’s Legal Matter Standard Specification (LMSS) with Thomson Reuters corresponding data starting with Legal Tracker. Mapping to SALI's universal, industry-wide taxonomy/ontology reinforces Thomson Reuters commitment to being open, allowing law departments to easily connect and integrate solutions, dramatically increasing opportunities to innovate and develop new services.
“The office of the general counsel, like many professional services departments, is challenged with doing a lot more with a lot less, while struggling to attract and retain the next generation of talent who want more engaging, less administrative tasks,” said Sunil Pandita, president of the Corporates business segment at Thomson Reuters. “Leveraging the power of our partners and Thomson Reuters world-class content-driven technology, Legal Tracker Advanced is now an even more powerful way for legal departments to empower their teams to control costs and increase efficiency with data-backed information and recommendations on outside counsel spending, freeing up time for the department to focus on high-impact, business-critical work.”
Through an engineering collaboration with Microsoft, Legal Tracker Advanced is also backed with modern data storage and hosting that delivers enterprise-grade speed and security, surfacing the legal spend management best practices derived from over $160 billion of legal invoices.
“Legal Tracker is the number-one spend management tool on the market according to the Corporate Legal Operations Consortium,” said Kriti Sharma, chief product officer for LegalTech at Thomson Reuters. “With these enhancements, we’re giving legal professionals the tools and insights they need to work smarter and faster and be assured their data is secure and accurate. Legal Tracker is a cornerstone of the LegalTech vision for Thomson Reuters of creating an open, connected, and smart platform to empower legal professionals and their teams. Leveraging AI, machine learning, one universal language for matter mapping and cutting-edge partners, we have created something really special.”
The Legal Tracker Advanced launch capitalizes on Thomson Reuters ongoing investment in legal tech and innovations, including the recent acquisition of ThoughtTrace, a document understanding and contract analysis platform that brings additional technology and expertise in AI and analytics capabilities.
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