TyMetrix, a provider of Web-based legal operations management solutions for corporate law departments and claims organizations, announced the general availability of RateDriver, its new mobile application for estimating law firm billing rates.
RateDriver is based on a statistical model from the recently published Real Rate Report, which identifies the top five statistical drivers of any lawyer's billing rates. The model takes into account factors like geography, practice area, firm size and years of experience to give a data-driven estimate of the average attorney billing rate of a U.S. lawyer fitting any particular profile. The app is now available in iPhone, iPad, Android, and BlackBerry formats.
With pressure on law firms to justify rates and legal departments to reduce legal spend without sacrificing quality or increasing risk, RateDriver helps answer questions like, "what should I charge for my services?" and "what should I be paying for outside legal counsel?"
Through an analysis of more than $4 billion in legal invoice data, RateDriver makes the complex task of estimating the cost of legal services as simple as a few clicks on a smartphone. Designed for anyone in the legal industry interested in legal fees, spend and pricing, the app provides reliable information to legal departments and law firms to make confident, effective decisions on legal resource spending.
"The three most important trends impacting the legal industry are the increased need for data to help make complex decisions, the demand for easy and immediate access to meaningful information and the ongoing dialogue regarding legal fees and the billable hour," says John Weber, general manager, TyMetrix.
"We created RateDriver in response to these trends, providing users with meaningful benchmarks, metrics and concepts about how to measure and quantify the value of legal services by leveraging the largest legal invoice dataset in the world. Data-driven analysis was an important focus for TyMetrix in 2010, and there is only more to come in 2011," he says.
Users can download a free 60-day trial of RateDriver or purchase the app for $4.99 at www.realratereport.com.
TyMetrix is a part of Wolters Kluwer Corporate Legal Services.