Andover, MA, June 12, 2013 (GLOBE NEWSWIRE) -- Sky Analytics, a leading provider of legal spend analytics for corporate law departments, today announced two new pricing models for utilizing Sky Analytics' services in addition to significant price reductions to its Standard Business Model effective July 1, 2013. Born out of extensive discussions with Sky's current clients as well as prospects and industry leaders, Sky Analytics' new pricing models provide clients greater budget flexibility, while creating new opportunities to collaborate with their outside counsel.
"Legal departments are under tremendous cost pressure, so we have worked to develop new pricing models that better suit their budgetary constraints. By offering three options for working with Sky Analytics, our industry leading analytics are now within reach for any company," said Ron Gruner, Chairman and CEO of Sky Analytics.
Realized Savings Program
Under the Realized Savings Program, Sky Analytics takes full responsibility for identifying potential legal spend savings and, with the client's collaboration, negotiating those savings with law firms and other legal service providers, as required.
The program consists of four steps: first, the client's historical and current legal spend data is uploaded to Sky Analytics; second, Sky Analytics generates a series of "Action Reports" highlighting areas for potential cost reduction. Based on these reports Sky prepares a formal proposal for achieving these savings. Third, the client and Sky collaborate on the best approach for achieving these savings; and fourth, Sky in conjunction with its client executes the savings plan.
"Sky Analytics' Realized Savings Program is an unbeatable, no risk plan for corporate legal departments looking to drive cost reduction in their legal spend while maintaining value," commented Mike Ayotte, Founder of Client First Legal Solutions and blogger at The Last Honest Lawyer.
Other than a nominal set-up fee the client pays nothing until actual savings are achieved, which would typically factor both historical and future spending. Sky's fees are then calculated as a percentage of the realized savings. A typical fee would be 15 percent of savings between $500,000 and $1,000,000.
Law Firm Partners Program
The Law Firm Partner's Program has been designed to give clients and their law firms collaborative access to Sky Analytics as a means for facilitating better matter and expense management. The program is based on the premise that when both client and attorney have access to the same legal metrics on spending, benchmarking and client satisfaction reporting, communications and productivity will improve.
In addition, the program is billed through the client's law firms, which simplifies budgeting and administration for many clients. A typical client with $25 million in outside legal spending and ten law firms would be expensed $300 per month per law firm. Many law firms will choose not to pass this minor expense on to their clients as they too are benefitting from the Sky Analytics platform.
Significant Fee Reductions to Standard Services Program
Sky Analytics original Standard Services Program has grown tremendously in the past year. This growth has generated economies of scale, which coupled with Sky's rapidly improving technology have resulted in significant cost reductions for the company. As a result, Sky Analytics is pleased to pass these savings on to their clients as a substantial fee reduction.
Under the new program a client spending $10 million annually would pay a monthly fee of $2,000 versus $4,000 under the original program, a fifty percent reduction. A client with $100 million in outside legal spending would now pay only $5,000 monthly versus over $15,000 with the original program, a 66 percent reduction.
Connie Brenton, Legal Operations Director at NetApp commented, "Sky Analytics has provided us with tremendous insight and analytical tools to help us better understand our legal spend and negotiate with our firms. This new pricing greatly enhances the value we receive from Sky on a daily basis."
About Sky Analytics
Sky Analytics provides corporate law departments with web-based tools and analytics to better manage outside legal spend. Sky Analytics' legal spend management solution is quick to implement and works with paper or PDF invoices or existing e-billing programs. Visit Sky Analytics online: http://www.skyanalytics.com / https://twitter.com/LawSpendClarity.
CONTACT: Chris Bullock 508-308-0440
Source: Sky Analytics