LexisNexis CounselLink: Gartner Report Predicts Spike in Law Dept. Tech Spending
Raleigh, NC (PRWEB) March 08, 2016 -- LexisNexis® Legal & Professional, a leading provider of content and technology solutions, is making available a complimentary copy of a new report from Gartner, Inc. – Market Guide for Enterprise Legal Management Solutions. The LexisNexis CounselLink platform is mentioned in the report – as a representative vendor – in which “Gartner predicts that the adoption of purpose-built ELM solutions will grow and accelerate. By 2020, the current 20% adoption rate could move up to 50%,” according to the report.
“As a leading ELM solution provider we’ve very pleased to be named in the most recent Gartner report,” said Justin Silverman, vice president for the LexisNexis CounselLink business. “CounselLink is an easy-to-use integrated matter management, e-billing, legal hold and analytics solution that benefits corporate legal departments by controlling legal spend, reducing risk while increasing compliance, and improving productivity and efficiency.”
“As in-house counsel take on more work from outside counsel, the corporate legal department is becoming a small law firm, as opposed to what was once a very small group that contracted work to outside counsel,” wrote Jie Zhang and Jeffrey Wheatman, research directors at Gartner, Inc. in the report. “Investment in ELM technologies can optimize the GC's day-to-day operational efficiency by automating and streamlining tasks and processes. It can also enable legal departments to keep pace with the enterprise's digital business.”
The research report defines ELM as a “growing category of corporate governance, risk and compliance (GRC) software solutions focused on supporting legal and compliance departments, corporate secretaries, boards of directors, and senior management through better documentation, spending management, information availability and collaboration.”
Trends from Other Market Research Reports
Other legal market research studies from around the legal community also indicate a need for greater efficiency. These other reports generally find conclusions along these three evolving market conditions:
- Increasing Regulatory Pressure & Complexity: According the 2016 Association of Corporate Counsel (ACC) Chief Legal Officers Study, one-in-three, GCs said their legal department has been targeted by a regulator in the last two years. As regulatory and compliance rules become more complex, technology adoption becomes increasingly important for manage the widening scope of responsibilities amid continuous budget pressures.
- Legal departments need to “do more with less.” In spite of these added responsibilities, 50% of legal departments report budgets have been reduced or flat since 2010, according to Altman Weil 2014 Annual Chief Legal Officer Survey.
- Data breaches and associated risks on the rise: ACC survey data also found one-third of in-house counsel say their company or former company had experienced a data breach. Legal departments typically handle sensitive data and deals with high-stake issues (such as M&A, litigation or investigation). Because of this highly sensitive information, higher expectations are being put on legal departments to protect this data. As a result, law departments are turning to technology to better manage this risk and meet these new expectations.
The CounselLink team is making a complimentary copy of the report available for download with registration here: http://counsellink.lexisnexis.com/LP=826.
Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About LexisNexis Legal & Professional
LexisNexis Legal & Professional is a leading global provider of content and technology solutions that enable professionals in legal, corporate, tax, government, academic and non-profit organizations to make informed decisions and achieve better business outcomes. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. Today, LexisNexis Legal & Professional harnesses leading-edge technology and world-class content to help professionals work in faster, easier and more effective ways. Through close collaboration with its customers, the company ensures organizations can leverage its solutions to reduce risk, improve productivity, increase profitability and grow their business. LexisNexis Legal & Professional, which serves customers in more than 175 countries with 10,000 employees worldwide, is part of RELX Group plc, a world-leading provider of information solutions for professional customers across industries.
LexisNexis Software Solutions provides law firms and legal departments of all sizes with world class business of law and litigation software tools. Our innovative software and mobile solutions include competitive solutions for eDiscovery, case analysis and presentation, enterprise legal management (ELM), customer relationship management (CRM) and practice management.
Frank Strong, LexisNexis Software Division, http://businessoflawblog.com/about-us/, +1 (202) 352-5920, [email protected]
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