Over the past 2 months, Mitratech has acquired 2 companies in the Enterprise Legal Management (ELM) space: Bridgeway and CaseTrack. Both companies have tremendous client bases that have increased our client community from less than 250 to over 750 of the best legal departments in the world—including 7 of the Fortune 10, 52% of the Fortune 50, and almost 40% of the Fortune 500. In both cases, Bridgeway and CaseTrack offered products very similar to Mitratech’s suite of ELM products (including TeamConnect and Lawtrac) including matter management, spend management, e-Billing, and legal hold, and so we often get the question: “Why acquire products that are similar to what you already have?” The simple answer is because the acquisitions enhance our ability to engage legal departments to be the best-run function in the organization. How?
The path to meeting this mission is changing rapidly as the Office of the General Counsel becomes an increasingly strategic enterprise function in the face of complex legal, regulatory, and compliance challenges that materially impact organizations’ growth trajectory. This industry emerged almost 30 years ago in a time when the GC’s office was more tactically focused on simply managing legal matters and costs, and pioneering software vendors began to offer point solutions for these legal department challenges, including solutions for matter management, e-Billing, legal hold, contracts management, and so forth. Many legal departments began investing in these solutions, including ones from Mitratech, Bridgeway, Lawtrac, and CaseTrack—all of which now make up the Mitratech family.
“…many clients that invested in these solutions are looking to take their technology to the next level.”
Now, 30 years later, as the legal department’s role expands and grows, many clients that invested in these solutions are looking to take their technology to the next level. We realized that offered a tremendous opportunity, as a fast-growing company with a strong financial profile (and stronger with each acquisition), to lead the development of the next generation of legal department technology by launching powerful and flexible—yet easy to deploy, use, and upgrade—ELM solutions that are comprehensive and purpose-built for legal departments of every size and level of complexity. Our latest releases have been lauded for just those capabilities. Additionally, as this market changes, our standing as the largest privately-held ELM provider (and the only one of the largest providers focused solely on software and technology solutions) allows us to be more nimble, responsible, and flexible to our clients’ technology needs.
Through the feedback and input of our now 750-strong client base, we are building clear and straightforward paths to the best legal and contracts management products in the industry, ensuring that all clients have the right solution for the needs as they change and grow. Ultimately, clients benefit with a lower total cost of ownership, quicker time to value, best-in-class functionality, deep expertise of a larger support and services team, and expanded client networking opportunities to share best practices—all enhancing their ability to be the best-run function in the organization.