LexisNexis® Legal & Professional, provider of a leading cloud-based enterprise legal management solution for corporate legal departments: LexisNexis® CounselLink®, has been named a leader in two IDC MarketScape reports – Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and Worldwide Enterprise Matter Management 2020 Vendor Assessment.
“Enterprise legal management is the cornerstone of the legal department and is increasingly becoming the most important application in the legal stack. End users require easy-to-use, integrated and collaborative software that manages matters and spend. LexisNexis’ customers clearly indicated that the CounselLink product does those things and more, allowing them to successfully navigate the digitally transformed world,” said Ryan O’Leary, senior analyst at IDC.
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The IDC MarketScape reports, which draw substantially on user and client feedback, provide quantitative and qualitative assessments of each vendor’s offerings in the marketplace. They also identify the factors expected to be the most influential to an organization’s future short-term and long-term success in the market. To be included in the IDC MarketScape study, vendors were required to have ELM software revenue of at least $30 million in CY19 and target primarily a corporate legal end user.
LexisNexis was recognized for CounselLink’s predictive analytics and “simple and intuitive” user interface. Additionally, the CounselLink FastTrack program, which allows law firms to get paid more quickly while helping law departments manage their legal budgets, was cited by the IDC MarketScape as a key competitive advantage. “A major differentiator for LexisNexis is its new FastTrack program that works with the financial services company LSQ to accelerate payments to law firms while allowing enterprises to hold onto their cash and pay LSQ later,” the ELM report noted.
Aaron Pierce, General Manager of CounselLink, said, “We are honored to be named a leader by the IDC MarketScape in both the enterprise legal spend management and the matter management categories. In today’s economic climate, organizations are increasingly focused on improving their management of internal resources and spend with outside vendors. Legal departments can be an indispensable partner in this, which is why we have continued to invest in building out CounselLink’s comprehensive work, financial and vendor management solutions – to help them more easily and effectively control costs, maximize productivity and make better decisions.”
IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment (doc #US45943920, July 2020) and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment (doc #US45943820, July 2020).
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