Suite of Thomson Reuters Elite Products Also Enjoy Improved and Consolidated Market Share
Aug 17, 2017
Thomson Reuters Elite, part of Thomson Reuters Legal, today announced latest figures that highlight its continued success across the global legal industry in 2017. 90% of Am Law 200 firms, 92% of Global 100 firms, and 62% of UK Top 100 firms now use at least one product in the Elite Enterprise Business Management Solution, continuing the trend for strong accelerated growth for Elite worldwide.
In total, 216 law firms have selected the market-leading 3E® financial and practice management system, thanks to the leading technological capability and improved functionality of the 3E platform. Overall, 137 organizations have gone live on 3E, with 13 new go-lives in the last six months alone. 29% of these live clients have transitioned from the Elite legacy Enterprise® solution, with 36 firms having transitioned in the last two years, underscoring the growing success of the migration to 3E. Global firms that have signed up to 3E include:
- Jingtian & Gongcheng, a leading Chinese law firm staffing more than 350 lawyers
- Enable Law, a standalone medical negligence practice from Top UK 100 law firm Foot Anstey LLP
- Morris, Nichols, Arsht & Tunnell LLP, a law firm that employs 100 lawyers in its office in Wilmington, Delaware
- Barlow Robbins, a UK-based law firm operating from three offices in Surrey
- Brabners LLP, a UK law firm employing more than 200 lawyers across its offices in Liverpool, Manchester, and Preston
In addition to the rapid growth of 3E, several other Elite solutions continue to gain significant ground in the marketplace, including xcelerate Budgeting and Forecasting, a solution strategically designed to help firms protect profits. Within the last year, xcelerate has signed up 38 firms pushing close to 200% growth compared to the previous 12 months and is on pace for another record year.
A number of other Elite products are also seeing forward momentum in 2017. MatterSphere®, the matter and document management component of the Elite Enterprise Business Management Solution is used by 161 firms globally. In addition, Business Development Premier, the business development and marketing solution, continues to experience growth. In total, 179 firms worldwide now use Elite business development products.
In addition, other Thomson Reuters offerings continue to enjoy immense success. eBillingHub®, the market-leading solution for preparing, submitting, tracking, and managing electronic invoices has also enjoyed steady growth. Since launching to market, eBillingHub has been implemented by 82% of Am Law 100 firms and has processed 15m e-bills. This outstanding success rate of the billing solution is directly attributable to the positive impact it has on these firms’ billing rejection rates, reducing the rate by 60%.
“Our enterprise business management solutions continue to enjoy a stellar 2017,” said Eric Ruud, managing director at Thomson Reuters Elite. “We continue to see truly amazing growth with a large number of firms selecting a suite of our products, an increase in processed bills, and a greater presence in global markets. As 2017 plays out, we can easily see this trend continuing, making for a very encouraging future.”
3E offers powerful core financial and practice management features and built-in application development capabilities, including multicurrency and multi-language support—all seamlessly integrated into one secure, high-performance system. Designed from the ground up on Microsoft® .NET®, 3E provides an integrated development environment that enables firms to become more agile in responding to client needs. A full suite of capabilities is delivered through a consistent web-based user experience that allows staff to easily track and manage activity on a multi-office, global scale. Visit 3E for more information.
xcelerate Budgeting and Forecasting is a web- and Microsoft Excel®-based solution for budgeting and forecasting of operating expenses, fee earner revenue, fee earner compensation, and capital expenditures. xcelerate is integrated into 3E and Enterprise and quickly plugs into human resources and payroll systems to push global assumptions from a firm-wide level down to the individual fee earners. Visit xcelerate for more information.
Business Development Premier combines ERM technology, marketing automation, and experience management to drive more successful marketing and business development initiatives. As an integral part of the Elite Enterprise Business Management Solution, Business Development Premier provides advanced functionality to help law firms and professional services organizations achieve significantly higher return on investment from their marketing and business development activities. For additional information, visit the Business Development Premier page.
MatterSphere is a robust client and matter management system that provides firms with a single, unified way to view and manage day-to-day activities. Built entirely within the familiar Microsoft Office environment, MatterSphere automates and standardizes manual processes with built-in workflows and allows lawyers to easily manage clients, matters, documents, and all associated details in a familiar interface. As part of the Thomson Reuters Elite family of innovative solutions for professional services firms, MatterSphere provides a strong enterprise-class solution with limitless functionality that helps firms unify the entire matter life cycle, from beginning to end. For more information, visit the Elite Client & Matter Management page.
eBillingHub delivers solutions to hundreds of clients, including more than 70% of the Am Law 200 firms, as well as medium and large firms in North America, Europe, and Asia Pacific. eBillingHub is a strong supporter of key industry standards as a member of the LEDES Oversight Committee and ILTA. eBillingHub, part of the Thomson Reuters family of innovative solutions for professional services firms, provides a comprehensive and collaborative approach for preparing, submitting, tracking, and managing electronic invoices. For more information, visit eBillingHub.
Elite is the leading global provider of an end-to-end enterprise business management solution, which allows law firms and professional services organizations to run all operational aspects of their firms, including business development, risk management, client and matter management, and financial management. For more information, visit Elite.