Tuesday, May 19, 2009

CT TyMetrix 360 releases vendor management and robust alternative fee arrangement (AFA) support

As regular readers of this blog are aware, CT TyMetrix has been hard at work developing and launching release 10.0 of CT TyMetrix 360, adding robust vendor management capabilities, including the industry's most comprehensive support of alternative fee arrangements (AFAs), to our integrated legal e-billing and matter management platform. From the press release:

"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."

See the CT TyMetrix site for the full announcement, or see previous discussion of alternative fee arrangements on the CT TyMetrix Legal Spend Management blog, or listen to the archived webinar we recently conducted on AFAs.

Friday, May 15, 2009

Webinar: Predictive Modeling in Litigation Management

For more than a decade, insurance companies have been leveraging technology to better manage their claims and the costs associated with litigation, including (by the early 90s) e-billing, which streamlined processes and automated enforcement of guidelines. This evolved (by the late 90s) into collaborative, web-based systems handling case management, and later into today's systems offering reporting tools to better understand law firm performance and other trends in litigation.

The missing piece has been advanced analytics to optimize this wealth of information into streamlined business processes and guided decision-making. Moving forward, predictive modeling will play a greater role in litigation management, promising significant improvements in process and total claim outcomes.

CT TyMetrix, in partnership with Deloitte and Claims/TechDecisions magazines, will present a webinar on this topic on June 16 at 2:00 p.m. ET. Our discussion of The Future of Predictive Modeling in Litigation Management will discuss the impact of system-aided guidance in matters including:

  • Selecting the most appropriate defense law firm based on case details
  • Providing guidance on resolution strategies given the carrier's and industry data
  • Early automated identification of case severity

To learn more about this webinar or to register, visit www.claimsmag.com/cttymetrix.