CT TyMetrix, a provider of web-based legal management solutions for corporate law departments and claim organizations, has updated its 360 software to offer superior alternative fee arrangement management capabilities.
The company said that the 360 release 10.0 will provide users with enhanced vendor management functionality, including end-to-end support of alternative fee arrangements (AFAs) and timekeeper rate management.
It cited the economic downturn as underscoring the value of strategic spend management, and that corporate law departments are looking increasingly beyond the billable hour. These alternatives to the billable hour, commonly known as AFAs, can better align law firm compensation to the corporation's interests. The company said that latest release of CT TyMetrix 360 provides end-to-end support for the creation, administration, tracking and measuring of AFAs.
According to a release, included in the update are commonly used and requested AFA templates, such as blended hourly rates, deal-based billings, fee caps, hourly rate discounts, hourly rate volume discounts, matter-based rates, task-based billing caps, and others. Release 10.0 also introduces an advanced timekeeper rate management that allows users to control how timekeeper rates are created and maintained, which the company said is another integral part of vendor management.
More information is available at www.cttymetrix.com.
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