CARY, N.C.--(EON: Enhanced Online News)--LexisNexis® Legal & Professional, a leading provider of content and technology solutions, announced today that its LexisNexis CounselLink® business has been positioned by Gartner, Inc. in the “Leaders” quadrant of the Magic Quadrant for Enterprise Legal Management (ELM) published October 23,2013.
“Today's corporate legal department faces significant challenges and requires a new level of sophistication in managing its operations. Regulatory compliance risks continue to grow, budgets continue to shrink and board members are demanding better legal information”
“Today's corporate legal department faces significant challenges and requires a new level of sophistication in managing its operations. Regulatory compliance risks continue to grow, budgets continue to shrink and board members are demanding better legal information,” wrote John A. Wheeler, research director at Gartner, Inc. in the report. “As a result, many companies view corporate legal as the next frontier of corporate efficiency and risk management.”
The CounselLink business estimates the overall ELM market is valued at approximately $500 million and is growing in excess of 10 percent every year. The company categorizes ELM into three distinct segments serving corporate legal departments including matter management, legal spend management and legal hold.
“We believe this first-ever Magic Quadrant for the ELM market is representative of both the rapid growth in the industry and the market potential,” said Jonah Paransky, vice president and managing director at the CounselLink business. “We of course are thrilled that our CounselLink business is positioned as a leader for our ability to execute and the completeness of vision.”
The CounselLink business, which also provides process, analytical and benchmarking consulting services, delivers its branded solution as software-as-a-service or via a SaaS model. Recently, it announced the re-packaging of its products and services along tier-levels which, like the Magic Quadrant report, is another indication of the industry’s maturation and the range of needs among attorneys practicing in-house.
According to Gartner’s published methodology, “Magic Quadrants provide a graphical competitive positioning of four types of technology providers, where market growth is high and provider differentiation is distinct. Leaders execute well against their current vision and are well positioned for tomorrow.”
“As the ELM software market enters a new phase of maturity and begins to climb the Slope of Enlightenment on the Gartner Hype Cycle, the leaders are characterized by several different capabilities. Customers are looking to leaders in this market to provide a solid base of functionality across the five main ELM use cases that can be implemented with relative ease,” added Wheeler in the same report. “Leaders are also noted for their ability to innovate and meet the future needs of corporate legal departments across a range of industries and geographies.”
For more information please visit: www.lexisnexis.com/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. 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. Part of Reed Elsevier Inc., LexisNexis Legal & Professional serves customers in more than 100 countries with 10,000 employees worldwide.
LexisNexis helps professionals at law firms and legal departments of all sizes manage the business element of their practice or department with innovative software and mobile solutions for customer relationship management, competitive intelligence gathering and assessment, time and billing management, matter management, client analysis, legal holds and more.