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ILTA 2014: LexisNexis Software Company Update


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Did you know? The litigation software tools and business of law software tools have been combined into a single software division headquartered in our new Software Center of Excellence in Raleigh, NC. These slides were part of the presentation by the top LexisNexis software executive, Michael Lipps, at ILTA 2014. In it he maps what LexisNexis sees as top 5 technology trends in the legal community against a number of product updates in the software portfolio.

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ILTA 2014: LexisNexis Software Company Update

  1. 1. Finding the Competitive Edge Legal Technology Opportunities to Optimize Your Practice Mike Lipps Managing Director LexisNexis Business & Litigation Software Solutions
  2. 2. Presenter Michael Lipps Managing Director LexisNexis Business & Litigation Software Solutions •Heads up newly formed LexisNexis Raleigh Technology Center. •Provides workflow and technology solutions that support litigation management, client development, matter and practice management, and legal analytics. •Member of the LexisNexis Executive Management Committee. Prior to joining LexisNexis, Mr. Lipps was with Intuit Inc. for over 14 years, where he held a number of software product management & marketing leadership roles, including Director/General Manager, QuickBooks Financial Software.
  3. 3. Objectives for Today Share our perspectives on current legal & technology trends Need that New are Tools changing to Maximize how Revenue legal work gets done. Overview how LexisNexis software & technology is evolving Demand to help for Big you Data take Decision advantage Making Tools of those trends. Answer any questions you might have.
  4. 4. And Give Some Glass! Answer any questions you might have.
  5. 5. Who We Are Today Business and Litigation Software Solutions
  6. 6. Who We Are Today LexisNexis Business & Litigation Software Solutions provides innovative business management and litigation solutions for legal professionals Business of Law Litigation Law Firm Practice Management Enterprise Legal Management Legal-Specific CRM Electronic Discovery Case Analysis Trial Presentation Data Hosting and Managed Technology Services Help firms gain increased control of e-discovery with flexible, integrated solutions for early data assessment, processing, review and seamless chain of custody. Help professionals at law firms and legal departments manage the business element of their practice or departments with innovative solutions.
  7. 7. Technology Trends
  8. 8. Trends Increasing Corporate Counsel Focus on Legal Cost Management Emergence of Cloud and Mobile Solutions Need New Tools to Maximize Revenue Demand for Big Data Decision Making Tools Increased Demand for End-to-End Solutions
  9. 9. Trends Increasing Corporate Counsel Focus on Legal Cost Management 71% In-House Counsel under significant pressure to reduce legal costs, especially external spend 38% Plan to make changes to department spending habits in 2014 24% Of Law Firms describe rate pressure from Corporate Counsel as pervasive
  10. 10. TCroeunndsselLink LexisNexis CounselLink is a scalable cloud solution that provides e-billing and matter management functionality. It helps corporate legal departments: 7-10% External Counsel Savings + 8-10% Internal Spend Savings
  11. 11. Legal Spend Management Analytics and benchmarking enable legal departments to: •Control costs •Make budgeting/forecasting more predictable
  12. 12. Trends Emergence of Cloud and Mobile Solutions 91% Lawyers are using smart phones for law-related tasks outside the office 72% 70% Of firms are currently using, implementing Legal professionals believe law firms overall are more likely to consider the cloud in 2014 or have cloud solutions on their IT roadmap
  14. 14. Work Anywhere LexisNexis Firm Manager ® is mobile practice management for the independent attorney. Our Vision Deliver customer-driven legal software that is faster and more intuitive to help attorneys more easily manage their practice and their business.
  15. 15. LexisNexis Firm Manager
  16. 16. Hosted Litigation Solutions LAW PreDiscovery and Concordance Evolution can now be hosted in LexisNexis’ secure MTS data centers globally or offered in an on-premise private cloud (VBlock), with as much or little service as you need….a cost-effective way to handle large-scale e-discovery projects. Our Vision Enable our firms to diversify their e-discovery applications and accelerate the time to deployment of a cloud-based system.
  17. 17. VCE On-Premise Cloud Bundled with LexisNexis eDiscovery Software 4X FASTER TIME TO DEPLOYMENT RESULTS OF SEPTEMBER 2013 IDC RESEARCH STUDY 5X FASTER TIME FOR NEW SERVICES 25 days down to 5 days 50% REDUCTION OF ANNUAL DATA CENTER COSTS 160 days down to 40 79% less staff effort 96% REDUCTION IN DOWN TIME Pre-integrated, pre-tested and pre-validated eDiscovery system accelerates time to deployment and increases ability to respond to data demands
  18. 18. Trends Need New Tools to Maximize Revenue Emergence of Cloud and Mobile Solutions Firm leaders say growing firm revenue is a top 3 priority for their firm 66% 35% 2.4% Large law firms are 35% of large law firms’ revenues declining Amount of total revenue that firms are spending on marketing/business development
  19. 19. Business Development LexisNexis InterAction® is transforming how law firms operate as a business. Our Focus: We are working on technology solutions to make the lives of business development & marketing leaders, practice leaders, partners or attorneys easier…and better.
  20. 20. LexisNexis® InterAction® Enhanced Relationship Scoring • Now tracking emails & your meetings • Easier Deployment Automating Data Capture and Quality… …one contact at a time • Passive data management
  21. 21. LexisNexis® InterAction® New tools for the Business Development Manager CCOOMMIINNGG SSOOOONN
  22. 22. Trends Demand for Big Data Decision Making Tools Law firms indicate that big data tools will lead to more strategic use of data. 16% IT People agree that Big Data tools can lead to more informed, data-driven decisions 85% 2.5TB 1/3 companies involved in e-discovery now average 2.5 Terabytes+ of data per legal matter
  23. 23. E-Discovery LexisNexis E-Discovery Approach to Big Data Our Focus: Provide the control and flexibility our clients need to successfully manage any type of case, with trusted best of breed tools and services that save clients’ money and maximize resources. Our Approach: Deliver scalable, integrated & accessible solutions, aligned to the EDRM, assisting with all aspects of document processing, review, production, analysis and presentation. This leading technology helps clients save money while reducing risk through seamless chain of custody.
  24. 24. Source: LexisNexis CDI Survey commissioned by Litigation Solutions in 2013 6 Growth of Data Requires Scale
  25. 25. Unprecedented Insight What’s new in LexisNexis® Early Data Analyzer? • Analytics: Benefit from email threading and near-duplicate detection, as well as a data-import graph showing trends and gaps. • Performance: Take advantage of faster export speed and a clock for viewing time remaining for analysis, optical character recognition (OCR), indexing and exporting. • Ease of use: Tabs on the optional web-enabled interface now enable you to conduct statistical sampling and drill down into each document to view email threads, near duplicates, metadata, etc.
  26. 26. Handle Cases of Any Size What’s new in Concordance Evolution 3.0? Built-in reviewer activity reporting Gain deep visibility into your team’s workflow. Improved exporting Export a subset of native documents based on a tag (hybrid production) and take advantage of additional new exporting enhancements. Better importing Improved text import for load files allow you to simply point to a folder location and import the text. Full-loop synchronization of images, fields and tags Save significant time—you no longer need to export and run a separate file sync from Concordance Evolution when you update your LAW PreDiscovery® database. Unicode™ support Today’s global lawsuits involve multilingual communication. Simply click a checkbox for foreign character language support. Microsoft® Windows® 7 and Internet Explorer® 10 and 11 support now available
  27. 27. Concordance® Evolution – LAW PrReedDuciesdc thoev useerr wyo™rkf loInw tbye 5g srteapstion
  28. 28. Big Data In Legal Departments *CounselLink Benchmarking Database
  29. 29. Driving Decision Making In Legal Departments CounselLink Insight is an advanced tool for looking deeply into your costs – and for benchmarking those costs against comprehensive rate and fee data gathered nationwide. *CounselLink Benchmarking Database Sample metrics, include: • Legal rates • Hours billed • Matter costs • Matter staffing • Matter duration • Alternative fee usage • Efficiency
  30. 30. Trends Increased Demand for End-to-End Solutions Prefer an integrated solution vs. separate products for different workflow stages 79% Vendors in Gartner’s leader category reported an acquisition in the past 2 years 4/9
  31. 31. Enterprise Business Management LexisOne® is a new legal enterprise business management solution that exceeds traditional practice management offerings. Our Vision Helps firm proactively manage costs, improve control, make informed decisions and optimize resources to deliver greater value to clients. What does it mean for the US market? We are here to talk with firm technologists about what this could mean for firms in the US and what they need.
  32. 32. LexisOne® Powered by Microsoft Dynamics AX 2012
  33. 33. How are we making all of this happen? Good Question!
  34. 34. Our Investment In Technology • LexisNexis Raleigh Technology Center Opened May 2014 on North Carolina State’s Centennial Campus • All N.A. Software Business now together under one leader • Creating best practices, pooling the best talent • Strong partnership with leading technology & analytics university • Won best workplace culture in NCTA awards • Following through on the 2013 Software Users’ Bill of Rights
  35. 35. Questions? Mike Lipps Managing Director LexisNexis Business & Litigation Software Solutions
  36. 36. To learn more, visit us at Booth 412 and talk to a legal software expert. Mike Lipps Managing Director LexisNexis Business & Litigation Software Solutions
  37. 37. And… Now for the Prize Drawing….