200 law firms worldwide have now chosen the market-leading 3E financial and practice management system from Thomson Reuters Elite; more firms are choosing multiple offerings to meet technology demands
Jan. 24, 2017
Thomson Reuters Elite, part of Thomson Reuters Legal, today announced latest figures that highlight the continued success of the Elite Enterprise Business Management Solution across the global legal industry. A large number of law firms worldwide have now selected several solutions from the Elite Enterprise Business Management Solution, representing strong acceleration in growth for Elite worldwide.
More widely, 88% of Am Law firms utilize at least one of the Elite products in its wider portfolio of enterprise business management solutions. In addition, 88% of Global 100 firms use at least one Elite Enterprise Business Management Solution, with 60% of UK Top 100 firms also doing so.
In total, 200 law firms have selected the market-leading 3E® financial and practice management system, thanks to the cutting-edge technological capability and improved functionality of the 3E platform as well as the quality and reliability of the Elite expert services and support team. By the end of 2016, 134 organizations had gone live on 3E, with 65% of these clients transitioning from the Elite legacy Enterprise® solution in the last 2 years, and 20 firms signing on in Q4 alone.
Elite also has grown its EMEA customer base by 18%, with the Asia-Pac region rising 8%. In addition, a number of firms worldwide have signed up for a host of Elite offerings throughout 2016, including:
- Uría Menendez, a Madrid-based law firm with 600 lawyers across 17 offices worldwide, selected 3E, Workspace, and eBillingHub®
- LeClair Ryan, an entrepreneurial law firm providing business counsel and client representation in corporate law and high-stakes litigation, chose 3E, Design Gallery™, and 3E Financial Reporting
- Cranfill Sumner & Hartzog LLP, one of the largest law firms in North Carolina, chose both 3E and MatterSphere®
- McMillan Williams Solicitors, UK-based solicitors firm adopted both 3E and MatterSphere across its 20 offices
- McCague Borlack LLP, a Canadian litigation firm operating 125 fee earners and who is also a member of the Canadian Litigation Counsel, signed to 3E
In addition to the rapid growth of 3E, several other Thomson Reuters solutions continue to gain significant ground in the marketplace, including xcelerate Budgeting and Forecasting, a solution strategically designed to help firms protect profits. Over the course of a year, this offering, which provides firms with real-time insights into their revenue and expense budgets, forecasts, and other key targets, saw a 118% increase in overall new customer adoption, as well as a 250% increase in new customer adoption for Q4 2015 vs. Q4 2016.
On top of the robust growth enjoyed by xcelerate, eBillingHub®, the market-leading solution for preparing, submitting, tracking, and managing electronic invoices, has also enjoyed immense success. Since launching to market in 2008, eBillingHub has been adopted by 72.5% of Am Law 200 firms. This outstanding success rate of the billing solution is directly attributable to the positive impact it has on these firms’ write-offs, reducing the rate by 50%.
A number of other Elite products saw strong momentum in 2016. In Q4, Business Development Premier, the leading end-to-end solution for every stage in the marketing life cycle, added yet more global names to its roster of clients. In total, 45 firms worldwide use Business Development Premier, highlighting its robust place in the market. In addition, MatterSphere, the matter and document management component of the Elite Enterprise Business Management Solution is used by 174 firms globally.
“Our enterprise business management solutions saw a stellar year in 2016,” said Eric Ruud, managing director of Thomson Reuters Elite. “We continue to see truly amazing growth with a large number of firms selecting a suite of our products and a greater presence in global markets. As 2017 unfolds, we can easily see this trend continuing, making for a very bright future.”
Thomson Reuters Elite is the leading global provider of end-to-end enterprise business management solutions that allow 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.com.
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 Elite 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.