Thomson Reuters Elite, part of Thomson Reuters Legal, has 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 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:
• Blaney McMurtry LLP, a Toronto-based law firm staffing 125 lawyers
• Brabners LLP, a firm headquartered in the UK and staffing 200 lawyers across its offices in Liverpool, Manchester, and Preston
• Thomson Snell & Passmore, the world’s oldest law firm operating since 1570
• Mills & Reeve, a UK law firm with offices in Birmingham, Cambridge, Leeds, London, Manchester, and Norwich
• Charles Russell Speechlys, a law firm headquartered in London and with offices in the UK, Europe, and the Middle East
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®, a 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.”
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.
eBillingHub delivers solutions to hundreds of clients, including more than 75% 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.
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.
Elite is a 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.