The new tool, LawComparator, was launched last week. According to Crowd & Co, it provides in-house legal teams with detailed financial analytics, internal review and team rating tools to help them measure the performance of their external counsel.
Crowd & Co founder and CEO Jarred Hardman said LawComparator is a welcome alternative to the established way of managing external legal providers.
“We have long recognised the need for quality business intelligence to manage legal budgets more effectively and drive a better deal,” Mr Hardman said.
“The traditional method of billing can be costly and subjective, with limited or no data captured during the billing process and invoices reviewed on a ‘gut instinct’ basis.
“LawComparator provides the in-house team with the financial analysis they need to take control of their legal spend, coupled with qualitative data to help them make better-informed decisions.”
LawComparator also facilitates greater communication, allowing in-house teams to interact with law firms and independent consultants on the Crowd & Co marketplace.
Crowd & Co said the tool can be used to create a “feedback loop” with external legal providers, showing them how they perform in comparison with other legal providers engaged by the company.
The legal tech developer also launched the platform Crowd Paralegal last December, aiming to help law firms and in-house teams engage with law students.