Large firms can now explore usage trends to identify cost-recovery, efficiency and training strategies
Thomson Reuters has introduced Westlaw® Analytics, a new service included in a WestlawNext subscription that allows law firms to monitor Westlaw usage by practitioner, client, practice area or time frame in order to become more efficient, flexible and responsive to client needs.
Four components – analytics, billing investigation, alerts and integration – allow firms to uncover trends, investigate specific user behavior, proactively monitor research, engage users in cost-recovery strategies and realize unique goals in efficiency, education and budgeting.
The Analytics platform includes interactive graphs that can break down data by chargeable vs. non-chargeable or by in-plan vs. out-of-plan costs, as well as by user, practice area, client, location or product platform. The graphs display trends and deviations that can be further analyzed through tools like billing investigation, eventually integrating data from additional platforms. This granular research information minimizes confusion, helps defend and substantiate client bills, reduces time spent following up on billing queries and can ultimately help firms provide greater transparency to clients.
Westlaw Analytics also has alerts that notify an administrator or manager when usage for a researcher, client, location or practice area approaches or exceeds a preset level. This can result not only in better management of research budgets, but also in the alignment of research usage to client needs and in the identification of opportunities to train researchers.
Source: Thomson Reuters