Peer Monitor Introduces PUBLIC RATES For Court-Reported Law Market Rate Analysis
Provides an unprecedented scope of firm rate information
Washington, DC, Aug. 30, 2012 – Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today introduced PUBLIC RATES, a new dynamic billing rate website that helps law firms improve their rate strategies and competitive market analysis. PUBLIC RATES is produced by Peer Monitor®, the leading real-time business intelligence and performance benchmarking tool for law firms from the Hildebrandt Institute, part of Thomson Reuters.
PUBLIC RATES utilizes court-reported rate data from across a wide segment of the legal market, including thousands of publicly-reported rates from Westlaw Court ExpressTM Legal Billing Report. PUBLIC RATES gives users enhanced analysis and data manipulation capabilities for those records. Subscribers can perform dynamic queries that slice and analyze rates across user-selected combinations of various attributes, including timekeeper down to an individual-named timekeeper, case, jurisdiction, year of filing, firm, location, role and more. With just a few mouse clicks, users can access not only targeted record results but also quartile and median rates for searched data.
PUBLIC RATES offers deeper rate insight with query comparison that allows for firm-to-firm, case-to-case or even person-to-person rate examination.
“There is enormous pressure on law firms to stay competitive on rates in today’s client-driven market,” said Mark Medice, head of Peer Monitor. “Those with the most advanced rate information will be best situated to successfully deal with buyers who are increasingly cost-conscious when selecting counsel. PUBLIC RATES quickly draws insights from detailed public rate information and puts it at users’ fingertips in an accessible, comprehensive format. Insightful analysis of actual market data, rather than relying on guesswork, can play a key role in developing a competitive, yet fair and profitable rate strategy for law firms.”
PUBLIC RATES is available by subscription and accessed through the PUBLIC RATES website.
For more information about PUBLIC RATES analysis and law firm benchmarking, please visit https://peermonitor.thomsonreuters.com/ThomsonPeer/docs/PUBLICRATES.pdf and http://peermonitor.thomsonreuters.com.
The Hildebrandt Institute offers innovative programming, research and data that provide law firm leaders with business critical information, the latest trends, and cutting edge analysis of the most pressing issues and problems confronting the legal profession. Through legal leadership events and training programs offered in a variety of formats, in-depth research and analysis, and the dynamic legal benchmarking tool, Peer Monitor, Hildebrandt Institute kindles conversations about practical approaches for firms to achieve their strategic objectives and gives them the information they need to succeed. The Hildebrandt Institute is part of Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals.
For more information, visit http://hildebrandtblog.com/hildebrandt-institute/
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