Peer Monitor

Monitor the market and your firm's performance with this dynamic benchmarking tool for law firm management.

Highlights

  • Key performance metrics analysis
  • Real-time, detailed economic data
  • Tailored peer group selection
  • Industry & firm insights

Intended for

  • Chief Financial Officer
  • Competitive Intelligence Professional
  • Financial Reporting Executive

Description

Peer Monitor® is a dynamic benchmarking program that provides access to real-time economic data from selected firms and allows you to compare your firm against chosen peers, with details for practice performance.  Get in-depth analysis on metrics critical to firm assessment, such as: demand, rates, productivity, and expenses, broken out by practice groups, offices, and individual timekeepers. Peer Monitor tracks industry trends, reveals profit opportunities, and supports strategic decision-making to help you maintain your firm’s edge in today’s competitive market.

To learn more, visit the Thomson Reuters Peer Monitor website.

Features

  • Broad coverage of all major financial measures, including: collected rates; realization; revenue; profitability; accounts receivables; direct expenses; and overhead expenses, reported directly by participating firms.
  • Filters to slice data by practice groups, offices, and individual timekeepers. Create your own peer groups and set up “discovery” from criteria like rate levels, firm size, and key practices.
  • Data is updated regularly to be current through last month's entered financials with over 3 years of historical data
  • Website with 24/7/365 access allows for unlimited firm users, office locations, and Peer Groups. User profiles can be tailored for specific roles in the firm.
  • Client reporting covers high-leval legal industry trends, as well as key performance metrics such as KPIs, productivity, average daily demand, rate progression, realization, and demand by practice.
  • Custom Reporting covers requests for specific monthly, quarterly or biannual reports required by the firm. Peer Monitor Consultants become an extension of your firm's analytics team.
  • Monthly online webinars cover the latest legal industry update and an ever-changing range of issues such as expense deceleration, the balance of demand & capacity, and collection realization trends to name a few

Benefits

  • Get critical data you can trust.
  • Drive profits with decisions based on insightful peer comparison and granularity on performance indicators.
  • Access the most timely economic analysis available in the market.
  • Ensures optimum data availability and usage of data and analytics.
  • Stay aware of the latest legal trends developing in the market
  • Provide answers custom designed to answer the questions among your highest levels of firm management
  • Explore new legal issues that may effect your firm

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Fact Sheets