Thomson West and The Citigroup Private Bank Law Firm Group Announce Alliance to Provide Advanced Competitive Intelligence to Law Firms
West PeerMonitor and Citigroup’s Law Watch Advisory Platform Team Up for Better Benchmarking and Business Decision Making
NEW YORK and EAGAN, Minn., 04/17/2006, The Citigroup Private Bank Law Firm Group and Thomson West, a business within The Thomson Corporation (NYSE: TOC; TSX: TOC), today announced an alliance to help law firms better understand their financial performance, both in an industry-wide context and in comparison with law firm peers. The alliance will provide firms with opportunities to use West PeerMonitor, Thomson West’s powerful new law firm financial performance benchmarking service, as well as enhanced data and analysis from The Citigroup Private Bank Law Firm Group’s Law Watch suite of industry and firm advisory services.
West PeerMonitor enables law firm executives to benchmark their business performance against a designated group of peer law firms across a range of pricing, profit and expense categories. PeerMonitor reveals current trends every month at the firm, practice group, office location or timekeeper levels in categories such as a firm’s competitiveness, profitability and productivity. All the while, West PeerMonitor protects law firms and their data with multiple layers of state-of-the-art security and encryption.
The use of West PeerMonitor will help automate the gathering of data for The Citigroup Private Bank Law Firm Group’s Annual Survey of Law Firm Financial Statements, a compilation of financial and other data that yields insights into firm, peer and industry trends. Citigroup then works with the firms to help them identify and implement strategies to better compete with peer firms, improve profitability and position themselves to attract and retain top talent. Currently, more than 90 percent of the AmLaw 100 firms participate in the annual survey. The West PeerMonitor platform will enable the streamlined capture of data for The Citigroup Private Bank Law Firm Group’s Quarterly Flash reports as well.
“In today’s environment, understanding the key performance indicators measured against peer firms is essential for remaining competitive,” said Charles Woodhouse, executive director of Gibson, Dunn & Crutcher LLP. “The combination of West PeerMonitor and The Citigroup Private Bank Law Firm Group’s advisory capabilities means even more timely, accurate and detailed insights, enhancing our ability to understand critical trends. Having information available in real time provides the critical edge to anticipate and implement change in a proactive manner.”
Better Data, Analysis Yields More Informed Business Decisions
“We are impressed with the commitment of Thomson to the West PeerMonitor product and the thought and care put into its design and functionality,” said Dan DiPietro, managing director & client head of The Citigroup Private Bank Law Firm Group. “We view this partnership as a step forward in our continued effort to ensure that our Law Watch advisory services are viewed as the gold standard by the clients we serve in the legal industry. We expect our future Peer Reviews and Quarterly Flash reports to be more timely, broader and deeper in scope and more impactful.”
“West and The Citigroup Private Bank Law Firm Group have a long history of helping law firms to improve their business performance,” said Tony Abena, senior vice president, Commercial Law Firm segment at Thomson West. “West PeerMonitor data will enhance Citigroup’s widely respected law firm analytics, and large law firms will have an excellent opportunity to experience West PeerMonitor’s customized benchmarking capabilities through trial use of the service. The combination can help senior partners, practice group leaders, executive directors and CFOs better manage their firms for maximum productivity and profitability.”
About Thomson West
Headquartered in Eagan, Minn., Thomson West is the foremost provider of integrated information solutions to the U.S. legal market. Thomson West is a business within The Thomson Corporation (NYSE: TOC; TSX: TOC) and was formed when West Publishing and Thomson Legal Publishing merged in June 1996. For more information, please visit the Thomson West Web site at west.thomson.com.
The Thomson Corporation
The Thomson Corporation (www.thomson.com ), with 2005 revenues of $8.70 billion, is a global leader in providing integrated information solutions to business and professional customers. Thomson provides value-added information, software tools and applications to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate e-learning and assessment, scientific research and healthcare. With operational headquarters in Stamford, Conn., Thomson has approximately 40,000 employees and provides services in approximately 130 countries. The Corporation’s common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
Citigroup, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at www.citigroup.com.
The Citigroup Private Bank
The Citigroup Private Bank, one of the largest private banking businesses in the world, provides personalized wealth management services for clients through 126 offices in 90 cities in 37 countries. The Citigroup Private Bank offers unmatched global reach, coupled with a full range of portfolio management and investment advisory services, an array of structured lending and banking services, as well as expertise from the Global Corporate and Investment Bank. Citigroup Private Bankers act as financial architects, designing and coordinating insightful solutions for individual client needs, with an emphasis on personalized, confidential service. The Citigroup Private Bank provides services and products through various Citigroup affiliates. Not all services and products are available at all locations.
- Contact Information
- Maria Rosati
- Media Contact
- The Citigroup Private Bank Law Firm Group
- Contact via E-mail
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.