CT TyMetrix, which offers Web-based management solutions for claims departments, corporate law departments, and law firms, has added budgeting and forecasting features to its TyMetrix 360? integrated e-billing and matter management platform. These enhancements enable companies to better estimate and track outside counsel expenses as well as generate cost projections for individual matters and law firms. The solution also helps claims departments to monitor and control case costs.

The budgeting feature allows companies to view budgets across their entire organization at both the matter level and law firm level. It supplies users with preconfigured templates based on their unique departmental structure, which can be used to create budgets 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 is stored, companies can compare previous budgets.

CT TyMetrix also has added forecasting functionality. The feature enables insurance claims departments to create forecasts for organizational units, law firms, and vendors, providing a simple way to track the spending of a claims office.