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.
More than 188 law firms worldwide have now chosen the market-leading 3E financial and practice management system from Thomson Reuters Elite; eBillingHub continues trajectory upward
Dec. 21, 2016
Thomson Reuters Elite, part of Thomson Reuters Legal, today announced new figures that reveal increasing growth of the Elite Enterprise Business Management Solution across the global legal industry. A total of 188 law firms worldwide have now 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 market-leading services and support team.
Today’s new figures also show that $29.9 billion of revenue generated by the Global 100 is dependent on 3E. Furthermore, 36% of signed clients and 26% of live clients have transitioned to 3E from the Elite legacy Enterprise® solution, including a total of 33 firms in the last two years alone. Two-thirds of firms are already live and operating on 3E, and a further 34 firms are scheduled to go live within the next 12 months.
In just the past several weeks alone, a number of firms worldwide have signed up to 3E and other Elite offerings, including:
- Bryan Cave LLP, a leading global law firm, with 1,000 fee earners operating across 27 offices throughout North America, Europe, and Asia
- Mason Hayes & Curran, making the transition from Enterprise to 3E, is a full-service business law firm with 80 fee earners across offices in Dublin, New York, and London
- Kleinberg, Kaplan, Wolff & Cohen, P.C., a prominent New York firm with more than 60 fee earners
- Cranfill Sumner & Hartzog LLP, a Carolina-based law firm with offices located in Raleigh, Charlotte, and Wilmington
- Stearns Weaver Miller, a full-service law firm serving clients throughout Florida and nationwide, which also adopted Business Development Premier
- LK Shields, a leading Irish corporate and commercial law firm with more than 80 lawyers in its Dublin office
- Steptoe & Johnson PLLC, a leading energy law firm with more than 600 fee earners across offices throughout the US
- Montgomery McCracken, a full-service law firm with offices in Pennsylvania, New York, New Jersey, and Delaware
- Cole Schotz P.C., a New Jersey law firm with 175 attorneys providing legal services throughout the United States
The announcement coincides with the launch of the Thomson Reuters Elite new 3E Client Assurance Programs, designed specifically to meet today’s law firm business challenges, giving them the ability to show faster ROI, adhere to client demands, and deliver long-term profitability. By leveraging rapid deployment best practices developed by Elite through its experience of delivering more than 134 3E implementations, the 3E Client Assurance Programs offer law firms greater price predictability via extended warranty and other price protection options, as well as lower overall cost impact, thanks to new cost saving conversion options.
In addition to the rapid growth of 3E, several other Thomson Reuters solutions continue to gain significant ground in the marketplace, including eBillingHub®, the market-leading solution for preparing, submitting, tracking, and managing electronic invoices.
Since its launch in 2008, eBillingHub has helped global law firms process more than 15 million electronic bills, with a combined value over $562 billion. Firms using eBillingHub have also reported a vastly improved average payment speed of just 15 days, with collection realization rates rising 1.5% on average. This increase represents more than $1 million of additional revenue for the typical Am Law 100 firm, as well as a 60% reduction in rejections and a 218% increase in biller efficiency.
More widely, 63% of the Am Law 200 now uses an Elite financial management solution, and 88% of Am Law firms utilize at least one of the Elite products in its wider portfolio of enterprise business management solutions.
“Global uptake of our enterprise business management solutions, not least of our 3E platform, has been extraordinary,” said Elisabet Hardy, vice president of Product Management at Thomson Reuters Elite. “We’re delighted this period of growth is set to continue, with the number of eBillingHub customers increasing every month and a large number of firms scheduled to go live on 3E within the remainder of 2016 and into the new year. As we look ahead to 2017, we predict another year of increasing uptake. We greatly anticipate what the future holds.”
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.
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.