Mitratech’s recent survey of 168 legal departments indicated that the % of internal budgets that is allocated for legal technologies beyond traditional Enterprise Legal Management (ELM) solutions like Matter Management and Spend Management now comprises 62% of the total legal technology budget. These other solutions include IP Management, E-Discovery, Entity Management, Legal GRC, and Legal Hold solutions. The growth rate of these solutions is increasing faster than Matter Management and Spend Management. We are seeing the same trend within our client base as client demand continues to increase for Mitratech’s GRC, Entity Management, and Legal Hold solutions, especially as clients consolidate point solutions onto a single platform. We also see clients adapting our Matter Management solution for IP management, contracts management, and audit management.
This aligns with Gartner’s recent release of legal technology “hype cycles” last week. The traditional ELM market was categorized as “early mainstream”, which indicates a market where solutions are proven, adoption is relatively mature, and clients benefit from less reliance on customization and more out-of-the-box best practice methodologies. Legal GRC, on the other hand, is categorized as “emerging” – a place traditional ELM was several years ago – with high reliance on customization and less mature vendors and solutions. As legal departments continue to be asked to play a more strategic role as a key business partner in the overall enterprise, the ELM technology market will continue to broaden focus on serving these expanding needs. Mitratech is fortunate to have a proven ELM platform solution that is flexible, scalable, and configurable and offers both the depth of core ELM functionality and the breadth of emerging functionality to meet the needs of complex corporate legal organizations.