NetDocuments, secure cloud-based content services platform for law firms, corporate legal teams, and compliance departments, today announced unprecedented growth in 2020. In Q1-Q3 2020, more than 300 solo and small firm practitioners, corporate law departments, and other legal entities have chosen the NetDocuments platform with an additional 300 existing customers expanding their cloud service. This growth represents NetDocuments ‘new deal’ records for Q2 and Q3, both in the midst of the pandemic. Within NetDocuments’ Small-Medium Law segment, Annual Recurring Revenue (ARR) growth was 40% year-over-year in both Q2 and Q3. To date, 54% of new customers switched to NetDocuments from existing, competitive systems.
Key challenges NetDocuments addresses for new customers include remote working technology; firm growth; transitioning from internal file shares to sophisticated document management (DMS); seeking more process efficiency by leveraging technology, especially during a pandemic; a heightened focus on document security and enhancing the WFH user experience and user adoption. And, while cost is an important consideration in solving for these challenges, more law firms are looking beyond price and realizing both immediate and long-term benefits afforded by a true cloud application like NetDocuments.
NetDocuments products match the evolving work habits of modern professionals and are comprised into five solutions designed to support customer-inspired work and increase productivity. They include ORGANIZE, PROTECT, PLAN, DELIVER and LEARN.
According to Mike West, Vice President, Small/Medium Legal Market Sales, an increasing number of smaller and medium law firms are seeing the value of leveraging native, multi-tenancy cloud solutions to address process inefficiencies. “Our solution definitely helps firms reduce duplication efforts, saves time managing emails, and accelerates meaningful searching. Now more than ever, law firms are looking for increased productivity and process improvement which NetDocuments helps them address not only via features/functions but also how the cloud platform is built.”
A noteworthy trend is the move away from internal file shares and no ‘formal’ DMS to platforms like NetDocuments. “I think COVID has actually played a decent role in the reasoning behind why so many customers are switching from no DMS,” commented Brett Burney, Principal of Burney Consultants, a legal technology consulting company. “Law firms are realizing, especially with remote work realities, that they need ways to collaborate, share and store documents securely and confidently in a central location and NetDocuments is a huge help in that sense.”
West added: “With NetDocuments being a true-cloud solution, our customers can rely on the same cadence and rate of software development and innovation, regardless of where they are working and how they are accessing NetDocuments.”
Future-proofing in the cloud
The pandemic has forced law firms, law departments, and all legal professionals to reconsider the viability of the cloud and embrace cloud technologies. As evidenced in the International Legal Technology Association (ILTA)’s 2020 Technology Survey, 37% of all respondents are using a cloud-based DMS. Also, when asked about their ‘cloud philosophy’, 35% indicated adopting the cloud with every upgrade while another 21% indicated they are ‘mostly in the cloud’. This 56% cloud-first response is critical trend in terms of cloud acceptance.
New and existing NetDocuments customers alike are realizing the major advantage of moving to a true, single instance, cloud solution which does not require migrating or upgrading from older software versions… something that can translate to an IT nightmare, especially in the midst of a WFH pandemic.
A key benefit of inheritance that comes with a cloud-based platform like NetDocuments is automatic updates. As the platform improves through continual releases of updates, bug fixes, etc.; so, does your firm’s instance of the software – immediately.
Earlier this year, NetDocuments launched a customer satisfaction survey focused on identifying customers’ use of NetDocuments as a critical remote technology and as part of firms’ remote working strategy. Of customers surveyed, 95% indicated using NetDocuments as part of their remote technology and 88% said they were up and running on NetDocuments within 24 hours and 100 % were up and running within 5 days. In terms of productivity while transitioning to a Work From Home (WFH) reality, 92% maintained the same level of productivity, and 8% increased productivity, with no productivity loss.
For more information about how small and medium law firms can inspire their best work through the NetDocuments cloud platform, while increasing process efficiency and collaboration, click here.