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CT TyMetrix, on the other hand, sparked interest in the Real Rate Report by releasing some startling findings. For example, billing data from partners, associates and paralegals showed that 78 percent of these timekeepers bill different hourly rates to different clients for similar work. The largest rate difference was a partner who billed between $350 and $1,000 an hour, depending on the client.
All experts agree that analyzing spend involves a variety of metrics and that billing rates are only one factor. As Scott Giordano, director of product marketing at e-billing service provider Mitratech points out, comparing rates alone can be rather useless information. "Rate, volume of work and time all need to be compared to results," he says.
Peck adds that many companies do not take the time to "drill down" or analyze their own data, which is possible with sophisticated e-billing and matter management systems. The analytics can identify matters, resources or processes most driving results. For example, how would a company's settlement strategy change if its law department knows how long and how expensive a type of matter tends to be?