Insights to better manage outside legal spend
Consilio’s Sky Analytics is a legal-spend analytics and benchmarking tool that aggregates all of your company’s outside legal spend into an easy-to-understand platform. It presents unique views into your data revealing new savings opportunities and helping increase value received from outside counsel. Whether you’ve moved to alternative fee arrangements or remain with the billable hour, the tool gives in-house counsel the necessary data to make more informed decisions on managing matters and spending.
The Sky Analytics tool, powered by Consilio, is built on a platform that takes into consideration the sensitive nature of corporate legal invoices, so our clients can have confidence that their confidential data will remain confidential. In fact, our systems have passed the most sophisticated penetration tests and have been approved by some of the world’s largest financial corporations and governmental bodies.
Forecast matter costs more accurately
If budgeting for upcoming matters or value-based billing arrangements is a real challenge, then Consilio’s Sky Analytics is your solution. The user-friendly interface allows you to instantly draw upon your past matters or access the tool’s deep matter database to accurately gauge pricing metrics.
Negotiate rates with confidence
The proprietary “Comp Rate” algorithm arms your law department with the most sophisticated rate benchmarking intelligence on the market. By comparing thousands of billed rates against key market dynamics, such as practice area expertise, the Sky Analytics tool offers law departments valuable insight into fair market rates based on actual billing data – not just surveyed rates.
Compare firms and attorneys
Most law departments manage outside counsel based solely on qualitative factors, such as industry expertise and past relationships. While these factors should play an important role in managing outside counsel, quantitative data can complement these qualitative factors and play a trusted advisory role in ensuring proper rates, staffing and billing practices.