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New Version of CT TyMetrix 360° Provides Superior
Alternative Fee Arrangement Management Capabilities
Hartford, CT CT TyMetrix, the premier provider of Web-based legal management solutions for corporate law departments and claims organizations, today announced the launch of its next generation of CT TyMetrix 360°. The 10.0 release provides users with superior vendor management functionality, including end-to-end support of alternative fee arrangements (AFAs) and timekeeper rate management.
The economic downturn has underscored the value of strategic spend management. In order to better predict and manage their legal spend, corporate law departments are looking increasingly beyond the billable hour. These alternatives to the billable hour, commonly known as AFAs, can better align law firm compensation to the corporation's interests. The latest release of CT TyMetrix 360° is the first comprehensive solution for AFA management that provides end-to-end support for the creation, administration, tracking and measuring of AFAs.
The AFA module is the result of in-depth research among the CT TyMyetrix user base. Included in the module are the commonly used and requested AFA templates, such as blended hourly rates, deal-based billings, fee caps, hourly rate discounts, hourly rate volume discounts, matter-based rates, task-based billing caps, and others. In addition to AFA management, Release 10.0 introduces an advanced timekeeper rate management, another integral part of vendor management. Highly configurable, the advanced rate management functionality gives users more control over how timekeeper rates are created and maintained.
"In today's economy, cost control is the top priority for most corporate legal departments. Moreover, law firms are looking for ways to be compensated for quality legal service. AFAs hold the promise of closely aligning the compensation of outside counsel to the quality of the results they deliver," said John Weber, general manager, CT TyMetrix. "CT TyMetrix 360° is the first comprehensive AFA management solution on the market—giving corporate law departments and their firms the ability to create, track and measure the success of AFAs. The combination of our improved rate management, AFAs, best-in-class budgeting, accruals, and true business intelligence tools enable today's law department leaders to develop, track and measure their spend management strategies."
Some additional new features included in CT TyMetrix 360° release 10.0:
- Law Firm Matter Analysis &Tracking: A new Web page extends the reach of law firm data, evaluation and performance commentary.
- Invoice Status Rollback: With a high degree of visibility and audit control, users can pull an invoice back into the review chain after it has been submitted to their Payment system, but not yet paid.
- Member Management: Improved management allows for member disablement with enhanced capabilities to view assignments to be reassigned.
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