What's New
The Matter Suite Template, Spend Suite Template and Vendor Suite Template (Beta) have been enhanced with more features based on customer requests and will be released to all ELM customers on April 20th, 2024.
- 'Invoice Received Date' is now available as a part of the 'Metric Calculation Date' dropdown
- 'Invoice Received Date' is now available as a part of the 'Metric Calculation Date' dropdown
- 'Invoice Received Date' is now available as a part of the 'Metric Calculation Date' dropdown
- Vendor Metrics Grid can be expanded at Vendor/Matter level to see key metrics, staff-class utilization based on Hours worked for Partner, Associate, Paralegal and Of Counsel as well as average staff-class rates based on the selected Rate Type. This grid can be exported by clicking on 'Export Grid' at the top-right.
- Rate Trend Analysis through a line-chart visualization by updating the Chart Type to Line Chart. This visualization shows the rate trend over the last 5 years at the vendor/staff classification level. Rate Type can be updated using the Select Metric dropdown. Users can hover over on tooltips to view additional details and to navigate to the Matters by Timekeeper grid.
- Matters by Timekeeper Grid enables to view key metrics such as Avg Billed Rate, Avg Effective Rate, Avg Approved Rate, Spend and Hours at the rolled-up Timekeeper level and at an expanded Timekeeper/Matter level.
- Vendor Comparison dashboard enables comparing vendors based on different metrics such as Spend, Hours and Avg Rates for staff-classifications based on the selected Rate Type. The Overall Metric column shows the Avg Rates for each of the staff-classifications based on filters applied, such as particular Vendors or Area of Law. The Avg Rate for each of the Vendor can be compared with the Avg displayed in the Overall Metric to understand if the Vendor Rate is Good/Fair/Poor as compared to the Overall Metric Avg Rate. Vendor Rate is categorized as 'Good' if it is 5% or more below the Avg of comparative vendors. Vendor Rate is categorized as 'Fair' if it is 5% above or below the Avg of comparative vendors. Vendor Rate is categorized as 'Poor' if it is 5% or more above the Avg of comparative vendors. This enables leveraging the Vendor Comparison dashboard to evaluate whether the Vendor Rates align with standards of fairness and adequacy within similar Vendors.
- The Beta version of the Vendor Suite Template does not support fiscal year configuration and row-level security. These features will be added in the production ready version of the template. We are committed to delivering the production ready version of the Best Practice - Vendor Suite Template in our Fall 24 Release.