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 in 2017.
89% of Am Law firms, 90% of Global 100 firms, and 60% 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, 208 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 10 new sign-ups in the last three months alone, with 24% transitioning from the Elite legacy Enterprise® solution. Global firms that have signed up to 3E include:
In addition to the rapid growth of 3E, several other Thomson Reuters Elite 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, the solution saw customer adoption rates more than double for the third year in a row, with over 400% increase in 3E and xcelerate bundled deals.
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 taken up by 75% 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 are also seeing forward momentum in 2017. MatterSphere®, the matter and document management component of the Elite Enterprise Business Management Solution has also surpassed $1.7 million of new sales in 2017 and is used by 171 firms globally. In addition, Business Development Premier, the business development and marketing solution, continues to experience growth. In total, 173 firms worldwide now use Elite Business Development products.
“Our enterprise business management solutions are already enjoying a stellar 2017,” said Elisabet Hardy, vice president of Product Management 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 unfolds, we can easily see this trend continuing, making for a very bright future.”
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.
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