Sky Analytics Helps Corporate Legal Departments Get Handle on Legal Spend

The application enables inside counsel to analyze, benchmark, identify, and forecast with regard to the many aspects of legal expense management. These include the analysis of peer law firms, billing practices and future legal expenditures. As well, the application will allow high level management to get a better handle on what's happening right now, make trending more apparent and accessible, and to make more value added spending decisions.
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David, Esq., Founder and Chairman of Lumen Legal was quoted as saying in a recent press release at Sky Analytics' website: “The clarity delivered by Sky Analytics is unparalleled. We've moved clients onto the Sky Analytics platform and the response from General Counsel has been a blend of enthusiasm and surprise, even, regarding what is illuminated.”

Sky Analytics application enables the comparison of matters, law firms, and attorneys with clients in similar industries, geographies, and matters; as well, because of the application's powerful reporting engine, legal departments can now more easily perform sophisticated analysis with regard to multiple variables. The Sky Analytics application works in tandem with e-billing and matter management systems already in place, provides 24/7 online service with regard to reporting, and makes data easy to access and analyze.

Ron Gruner, Sky Analytics Founder and Chairman was quoted as saying: "Throughout much of my business career, I have been frustrated by the lack of transparency and, frankly, accountability common in legal billing. Legal matters are complex, but not so complex that clients should have difficulty understanding, predicting and managing their legal costs the same way they do in other parts of their business. Sky Analytics was formed to provide clients with tools to assure the same transparency and accountability in legal billing that my former company, Shareholder.com, did for shareholders."

Brendan Sheehan, an Adjunct Professor of Governance and Ethics at New York University and former Editorial Director at The National Association of Corporate Directors, is of the opinion that analyzing legal spending objectively has become a more urgent need at numerous public companies. One need only read the latest headlines of financial scandal, economic crisis, and the plethora of regulation and reform in the making, to know it's true.
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Sheehan was quoted as saying: “General Counsel are searching for the holy grail of making the legal team a profit center for the company. Independent analytics, transparency and sophisticated metrics such as those proved by Sky Analytics can go a long way towards achieving that goal.”