USA/Canada News
Sky Analytics, a leading provider of legal spend management software for corporate law departments, announced today rapid growth of both its client base and legal invoice database in 2013. The company added 2,146 law firms and 29,522 attorney and timekeeper profiles to its database, a 245 percent and 259 percent increase respectively.
The Sky Analytics database now includes over $3.1 billion, which is a 542 percent increase from the prior year.
Corporate legal departments utilize Sky Analytics to better manage outside legal spend. Increasingly law department are analyzing law firm invoice data to reduce costs by shifting work to firms that exhibit the best staffing practices, billing practices, and matter performance. Leading legal departments are also using Sky Analytics to make more informed decisions on rate requests, more accurately price matters and to identify the firms for upcoming matters.
“The past year was a critical turning point for Sky Analytics. Increasing cost pressures have lead legal departments to seek ways to analyze their legal spend like never before,” said Doug Ventola, president of Sky Analytics. “Sky Analytics is positioned with the most detailed database that is packaged in an exceedingly user-friendly interface. The key is making analytics easy to understand and act upon.”
Sky Analytics’ growth was driven by key client acquisitions, including some of the world’s largest financial, technology and healthcare companies which are now contributing to the Sky Analytics’ database. Clients have cited Sky Analytics’ user-friendly interface, high touch customer support and rapid product development as key selection criteria that complement the company’s powerful database.
Sky Analytics’’ database allows corporate legal departments to benchmark attorney hourly rates, staffing, billing practices and many more useful metrics against a growing pool of law firm invoice data from other legal departments. The database now includes benchmarking data from 96 percent of all Am Law 200 law firms.
The company’s rate benchmarking is unique in that it is comprised solely of corporate legal department invoices and data from an internal research team. Other benchmarking databases rely on survey results from law firms, which often do not reflect actual rates being charged to corporate legal departments.
Sky Analytics offers many benchmarking metrics beyond hourly rates. Corporate legal departments can benchmark dozens of metrics across staffing and billing practices, as well as matter pricing and efficiencies, from a pool of over 100,000 matters. Many of these additional metrics are driven by extensive research by Sky Analytics that offer new ways of measuring performance and value.
Additionally, Sky Analytics released a host of product upgrades in 2013 including a community driven attorney satisfaction rating system and an automatic cost saving report suite. The company was also recognized for its supporting role in NetApp’s recognition as an ACC Value Champion in 2013.
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