Legal Spend Management Software

Spend smarter: know what, with whom, and how much

Monitor every dollar, benchmark expenses, and boost your legal department’s performance. Use data-driven insights to maintain financial control and enhance cost efficiency with outside counsel.

Legal spend benchmarking

  • Industry peers’ comparison: Compare your legal spend against industry benchmarks to identify areas for cost-saving and efficiency improvements.
  • Outside counsel performance metrics: Evaluate the performance and cost-effectiveness of outside counsel by benchmarking against peers and market standards. 
  • Historical data analysis: Use historical spend data to benchmark current expenses, helping to forecast budgets and negotiate better rates or identify better suited outside counsel in an objective manner.

Timekeeper rate review
(Legal Tracker Advanced)

  • Benchmark and analyse: Use enhanced tools to benchmark legal spend against industry, historical, and activity data, and quickly analyse rate increases by timekeeper and firm.
  • Automate tasks: Implement data-driven rules to auto-accept, reject, or freeze rates, reducing manual steps.
  • Negotiate and communicate: Negotiate rate increases and communicate with outside counsel directly within the platform for streamlined management.


 

Talk to an expert

Benchmark rates, automate approvals and predict future costs with precision. Master your legal spend with the leading legal spend software today.


 

Automated legal rate management
(Legal Tracker Advanced)

  • Informed decision-making: Use advanced benchmarking to assess the impact of proposed rate increases, facilitating a clear assessment of their alignment with market trends and effect to overall legal spend.
  • Predictive legal analysis: Model and simulate rate increase scenarios to forecast future spend, considering trends like inflation, rate freezes, and volume discounts.
  • Cost savings: Identify YoY budget impacts and uncover savings opportunities across the legal portfolio to strengthen the bottom line.

What do our customers think?

Legal Tracker became the backbone of our entire management system for the legal department

Jeff Carr, Senior VP, GC, Retired, FMC Technologies

Frequently asked questions

What is legal spend management and why is it important to a corporate legal team?

Legal spend management involves tracking, analysing, and controlling the costs associated with legal services. It helps corporate legal departments maintain budgetary control, optimise resource allocation, and ensure that legal expenditures align with the company’s financial goals. Effective legal spend management enables better forecasting, cost savings, and more strategic decision-making regarding outside counsel and legal matters.
Why is benchmarking important in legal spend management?

Benchmarking allows corporate legal teams to compare their performance against industry standards or peers. By identifying areas where they are over or underperforming, legal teams can make data-driven adjustments to improve efficiency, reduce costs, and enhance overall legal operations.
What are the advantages of using predictive analytics?

Predictive analytics allows corporate legal teams to anticipate outcomes, such as the expected duration of a case, or likely cost drivers. By leveraging these insights, legal teams can proactively adjust strategies, allocate resources efficiently, and mitigate risks.
How does tracking timekeeper performance enhance legal spend management?

Tracking timekeeper performance through legal reporting allows corporate legal teams to assess the efficiency and effectiveness of outside counsel. By analysing billable hours, rates, and work quality, legal teams can identify top performers, negotiate better rates, and ensure that legal services are delivered cost-effectively.
What is the difference between Legal Tracker and Legal Tracker Advanced?

Legal Tracker is Thomson Reuters’ core legal e-billing and spend management solution. It is designed to help you streamline and manage your legal operations efficiently. For users with more complex needs, we offer Legal Tracker Advanced, an optional module that adds enhanced features such as customised reporting and analytics as well as additional workflow automation. Depending on the size of your legal department and the complexity of your legal spend management needs, you can choose Legal Tracker for standard management or opt for Legal Tracker Advanced for a more comprehensive solution. Feel free to contact us for a consultation to determine which option best suits your requirements.