Peer Monitor Launches RATES PLUS Law Market Rate Analysis
Provides an unprecedented scope of firm rate information
Washington, DC, – Peer Monitor®, the leading real-time business intelligence and performance benchmarking tool for law firms, today announced the introduction of RATES PLUS, a powerful extension of Peer Monitor rate analysis that helps law firms improve their rate strategies and competitive market analysis. Peer Monitor is provided by the Hildebrandt Institute, part of Thomson Reuters.
RATES PLUS utilizes data from across a wide segment of the legal market, and gives users enhanced Peer Monitor rate information from over 1,500 law firms globally. Subscribers can perform dynamic queries that slice and analyze rates across user-selected combinations of various attributes, including time periods, matter types, practice areas, timekeeper levels, client industries and more. Users can create targeted peer groups based on firms, practices and client industries, and rates can be analyzed on a billed vs. collected rates basis.
RATES PLUS also provides custom-tailored analysis for in-depth market intelligence.
RATES PLUS is available by subscription and accessed through the Peer Monitor website (http://peermonitor.thomsonreuters.com).
“RATES PLUS helps law firms offer competitive rates to clients while ensuring a profitable and successful rate strategy for the firm,” said Mark Medice, Head of Peer Monitor. “It places detailed real-time rate information and analysis at users’ fingertips so they can set their rates based on actual market data rather than guesswork.”
“There is enormous pressure on law firms to stay competitive in this client-driven market,” continued Medice. “Those with the most advanced rate information will be the best situated to deal with buyers who are more often making cost-based decisions.”
Peer Monitor is a dynamic, live benchmarking program that provides critical data against selected groups of peer firms. From the Peer Monitor web dashboard, subscribers have visibility to key metrics such as rates, demand, productivity and expenses, segmented by practice groups, offices, timekeepers and more. For more information about Peer Monitor and its benchmarking capabilities, as well as RATES PLUS analysis, please visit http://peermonitor.thomsonreuters.com.
About the Hildebrandt Institute
The Hildebrandt Institute provides law firm leaders with business critical information and cutting edge analysis of the most pressing issues and problems confronting the profession. Through conferences and training programs offered in a variety of formats, the Institute focuses on practical approaches to help participants better manage in the trenches and guide their firms to achieve their strategic objectives.
The Institute faculty is a mix of industry-leading consultants, law firm leaders, pragmatic practitioners, and academic thought leaders. Every program is focused on proven and practical approaches, in many cases offering participants the opportunity to work in small group, interactive settings.
Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world’s most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 55,000 people and operates in over 100 countries. For more information, go to http://thomsonreuters.com.
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