CT TyMetrix, which offers Web-based management solutions forclaims departments, corporate law departments, and law firms, hasadded budgeting and forecasting features to its TyMetrix 360?integrated e-billing and matter management platform. Theseenhancements enable companies to better estimate and track outsidecounsel expenses as well as generate cost projections forindividual matters and law firms. The solution also helps claimsdepartments to monitor and control case costs.

The budgeting feature allows companies to view budgets acrosstheir entire organization at both the matter level and law firmlevel. It supplies users with preconfigured templates based ontheir unique departmental structure, which can be used to createbudgets for individual matters and law firms. Once created,financial information can be sorted by line item, fee and expense,task code, or phase. Since a complete history of every budget isstored, companies can compare previous budgets.

CT TyMetrix also has added forecasting functionality. Thefeature enables insurance claims departments to create forecastsfor organizational units, law firms, and vendors, providing asimple way to track the spending of a claims office.

"Legal and claims departments frequently are required toestimate annual outside counsel legal spending, manage and reporton risk and exposure, and demonstrate fiscal discipline to thelarger corporate organization," notes John Weber, CT TyMetrixgeneral manager. "Establishing reliable internal and externalbudgets directly impacts operational performance, credibility, andreserve setting. The budgeting and forecasting tools in TyMetrix360? were designed in direct response to the business needssurrounding the fiscal demands corporations increasingly place onlaw department management."