Bright Future anticipated for eDiscovery industry according to The Cowen Group’s Q1 Critical Trends Survey Results

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With legal hours and matters up more than 40 percent year over year, big increases in legal technology spending is expected to follow

Legal technology budgets that have been frozen the past 12-18 months are now thawing

Spending for eDiscovery technology is expected to significantly increase in the next six months, according to analysis of collected responses from senior litigation support and eDiscovery Managers and Directors at 78 major law firms and 47 major corporations.

“Dollars are opening up again,” said David Cowen, Founder and Principal of Cowen Intelligence, a unit of The Cowen Group. “Legal technology budgets that have been frozen the past 12-18 months are now thawing.”

As the financial costs and burdens of eDiscovery continue to rise, law firms and corporations are pursuing new methods to perform defensible reviews of electronic data for litigation. The Cowen Group’s Q1 Critical Trends Survey collected information in a number of areas and revealed three key findings when recipients were asked “Which tools are you considering acquiring”:

1.       37% of law firms and 19% of corporations are considering acquiring Clearwell System’s eDiscovery Solution in the next 6 months;
2.       35% of law firms and 13% of corporations are considering acquiring kCura’s Relativity platform in the next 6 months;
3.       Recommind’s Axcelerate, Autonomy, and Digital Reef received double digit ratings from law firms.

    “The next 3, 6, and 9 months will be very good for everyone with a card to play in the eDiscovery industry,” said Cowen. “Ironically, a silver lining of the recession is that it forced discipline among all parties to become more fully engaged in the eDiscovery process. Law firms and corporations alike have learned that there is no magic bullet or killer application that will solve all problems.”

Cowen noted that because of the downturn in the industry in 2009, most corporations and law firms used the time to better learn about eDiscovery technologies and solutions. “They sat through lots of demos and learned a lot about technology capabilities. So they are asking better and more informed questions than they did previously and this ultimately helps all parties in the process because it ensures accountability,” Cowen noted.

Full results can be found on David Cowen’s Blog, a leading source of professional guidance and inside market knowledge for the eDiscovery industry.

About The Cowen Group

The Cowen Group is committed to serving the eDiscovery and legal technology community and fostering its growth by providing greater industry transparency to key issues. It accomplishes this through its access to its extensive network of professionals and executives and the sharing of information through its three key channels: talent placement, market intelligence and executive events.

The Cowen Group was founded in 2004 and immediately gained recognition as an internationally leading eDiscovery talent placement firm. It is considered the premier executive search firm for the legal technology departments of 25 Fortune 500 corporations and 75 AmLaw 200 law firms.

In 2009, the company launched Cowen Intelligence, a specialized unit focused on gathering, analyzing and sharing key industry and market trends and information. To date Cowen Intelligence has published Annual Salary Survey’s for the Litigation Support and eDiscovery community since 2005, Quarterly Critical eDiscovery Trends Snapshots since Q2 2009, and multiple topic-specific reports.

The company also launched Cowen Executive Events in 2009. This unit is focused on producing premier industry events that provide eDiscovery industry professionals unprecedented networking and information sharing opportunities in key markets throughout the United States. To date the executive events have included more than 900 professionals representing in-house legal departments, law firms and the legal technology vendor community.
 
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