Corporate legal and claims departments are under increased pressure to reduce legal spend, which has caused them to look to technology to enable more efficient, effective, and transparent management of legal service provider resources.  The TyMetrix® 360° Timekeeper Rate Management module allows clients to approve and track rates by timekeeper role for all legal service providers.  The module supports consistent enforcement of timekeeper rates and provides an added layer of governance to ensure that rates meet agreed upon billing guidelines.

Key features of the TyMetrix 360° Timekeeper Rate Management Module include:

  • Rate approval  and routing features that allow clients to review and approve timekeeper rates that are entered by legal service providers;  this includes the ability to select multiple proposed rates and approve or reject them simultaneously and route proposed rates from law firms to additional client members for review, which saves time and streamlines workflow
  • Customizable alerts that notify users of new, updated, or expiring rates, as well as rate rejections and approvals, which offer a convenient way to keep on top of items that may require action and ensure tight rate control and enforcement
  • An auto-approve feature that allows any newly-submitted timekeeper rate to be auto-approved as long as it meets pre-established rate cap criteria for the timekeeper role and firm, which streamlines rate management activities
  • A company rate administration feature that enables clients to set a cap rate for each timekeeper role and firm; the system automatically rejects or flags any invoice submission that exceeds a corresponding cap rate, which enables tight enforcement of billing guidelines
  • The ability for a client to search and view its full network list of timekeeper rates and rate histories, which offers clients a convenient spot to track past rate changes and to help them to anticipate future potential rate changes

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