CT TyMetrix Adds Budgeting, Forecasting Functionality

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.

"Legal and claims departments frequently are required to estimate annual outside counsel legal spending, manage and report on risk and exposure, and demonstrate fiscal discipline to the larger corporate organization," notes John Weber, CT TyMetrix general manager. "Establishing reliable internal and external budgets directly impacts operational performance, credibility, and reserve setting. The budgeting and forecasting tools in TyMetrix 360? were designed in direct response to the business needs surrounding the fiscal demands corporations increasingly place on law department management."