Budgets & Forecasts

CT TyMetrix 360° budgeting and forecasting tools are geared toward managing the dollars companies spend on legal fees and expenses related to the retention of outside counsel. These tools give you tighter control of your legal spend by going far beyond simple budget tracking. Only CT TyMetrix 360° combines features for estimating spend at macro and micro levels with enforcement tools that monitor adherence from the top down and bottom up.

The tools provide mechanisms to create top-line estimates (forecasts) and component part bottom-line estimates (budgets for individual matters and law firms). Powerful enforcement mechanisms trigger alerts when estimates to actual are in peril. By using these features in various combinations, you control how tightly you want to manage legal spend.

Budgets

The budgeting module allows you to create budgets for matters and law firms and other vendors working on matters.

• Budget Templates
  Gauge and track total spend with flexible and easily configured templates. Numerous configurations are supported including: single line, fee and expense, task code or phase.
• Budget Periods
  Designate the desired budget time frame: life of matter, fiscal calendar, etc.
• Budget History
  A complete version history of every budget is stored. Quickly compare previous budgets to each other or against the current budget. Budget differences are highlighted with the date, time and author of the budgets.
• Budget Types
  Multiple budgets can be set for a matter and will roll-up to a single top-line level. If you implement a top line budget, the system will automatically suggest an allocation to keep the subordinate budgets from exceeding the limit.
• Budget Enforcement
  Automatic enforcement of budget integrity including: budget-to-actual displays, alerts during invoice review, and pre-approval requirements if proposed budget exceeds forecasted amount.
• Reporting
  View budgets in detail at the matter level or aggregated budget-to-actual amounts across matters in the reporting module.

Forecasting

The forecasting module extends control over your legal spend. Forecasts sit at the top of the legal spend management hierarchy, above budgets. Forecasts allow you to estimate at a level more global than the budget: by law firm, line of business and even by department. When combined with budgeting you can easily monitor spend to ensure that top line estimates are not exceeded.

• Company Forecasts
  Forecasts can be created for organizational units, law firms and vendors. Forecasts are not matter specific and thus provide a simple method of tracking total spend by a business unit or claim office. Law firm forecasts can provide an effective method of tracking alternative fee arrangements (A.F.A.).
• Work Area Forecasts
  Forecasts can be created for practice areas, lines of business, and geographic regions.
• Forecast Periods
  Designate the desired forecast time frame: calendar year, fiscal year, semi-annual, quarterly, monthly, etc.
• Forecast Enforcement
  Regulate and control your forecasts with via one of the following enforcement mechanisms:
  • Top down - budgets can not be changed to exceed forecasted amount.
  • Bottom up with approval - budgets can not be changed without prior approval from the forecast creator.
  • Bottom up with notification – when a budget exceeds the forecast the creator is notified.
• Forecast Reporting
  View forecasts in detail at the work area or company level.