Global News
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:
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.”
Thomson Reuters Elite offers an end-to-end enterprise business management solution that 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. Our next-generation technology connects people, tasks, workflows, and business processes and is tailored to help firms and organizations meet organizational requirements and strategic goals.
Copyright © 2023 Legal IT Professionals. All Rights Reserved.
We offer organizers of legal IT seminars, events and conferences a unique marketing and promotion opportunity. Legal IT Professionals has been selected official media partner for many events.
