Reporting & Analytics - Mitratech

Reporting & Analytics

Legal departments have something in common: they all collect and manage a tremendous amount of data. However, very few legal departments realize the full value of this data as an important asset. The challenges of how to manage data, interpret it, and how to apply the resulting analysis to make better decisions going forward takes considerable effort, especially when that data resides in disparate sources and silos.

The first step towards unlocking value is defining departmental objectives and defining the key metrics that will be monitored over time to measure improvement and success. By integrating legal functions, analysis of data and outcomes leads to continuously improved decision-making. Our Legal Management platforms grow with the organization to ensure the framework is there to create the single source of data needed for generating the insightful analysis that transforms legal into a strategic partner for the rest of the organization.

Reporting & Analytics

How our reporting & analytics solutions solved similar challenges for our clients

The reporting and analytics powered by our legal management solutions allow our clients to lower costs, improve performance, and make data driven decisions with:

  • Robust and easy-to-use out-of-the-box reports with many of the standard KPI’s that legal departments commonly track
  • Powerful search engines where users can define criteria and generate results across records, documents, and fields
  • Ad hoc report writers that give users the ability to analyze their business in new ways by taking advantage of the single source of data across legal operations provided by our platforms
  • Dashboards for executive consumption of essential at-a-glance information

A relatively new feature of comprehensive solutions, analytics is turning the once under-appreciated General Counsel into the company’s equivalent of rock stars by providing the ability to both track legal outcomes over time as well as predict future outcomes using historical data. To this point, in 2015, Mitratech awarded Netapp its annual Rockstar Award for their innovative use of powerful data and analytics across all legal practice areas. This allowed Netapp to realize significant cost savings that average 7-10% of annual legal spend and, even more importantly, to make decisions that lead to better legal outcomes.

Analytics can also provide the inputs needed to optimize the mix of outside counsel selected and improve sourcing decisions by:

  • Combining information on matter outcomes, qualitative feedback, and costs, allowing clients to proactively recommend firms and timekeepers to staff counsel. Read more about how Chevron optimized outside counsel selection in our Transforming Legal Whitepaper.
  • Providing the ability to see law firm time entries in near real time. Mitratech’s Viewabill allows the legal department to track, understand, and communicate with outside counsel before an invoice is ever submitted, resulting in 5-10% legal spend savings on tracked matters.