TRE solutions continue to gain momentum and market share around the globe
Thomson Reuters Elite, part of the Legal business of Thomson Reuters, today announced its continued growth across the global legal industry in 2017. This momentum is underscored by the current numbers for 3E®, with a total of 245 law firms having selected its market-leading financial management system.
In December alone, a record 21 firms signed up for 3E, including four Am Law 100 firms. In the last five years, 71% of Global 100 firms who bought a new system have selected 3E, while in the past two years, 54 firms have chosen to stay with Elite by transitioning from Enterprise® to 3E.
A total of 150 organizations have now gone live on 3E, with 18 new go-lives in the last six months alone, nine of which were implemented with the help of the Blueprint Accelerator Pack that streamlines implementations. In the next 12 months, more than 40 firms are projected to go live on the 3E platform.
Taken together, 90% of Am Law 200 firms, 93% of Global 100 firms, and 62% of UK Top 100 firms now use at least one product in the 3E Enterprise Business Management Solution.
As well as the rapid growth of 3E, several other Elite solutions continue to gain significant ground in the marketplace. xcelerate budgeting and forecasting, a solution strategically designed to help firms protect profits, is rapidly establishing market leader status and is a key first step for many clients making the transition from Enterprise to 3E. Aside from continued growth in North America, xcelerate has seen a large uptick in sales across the Asia-Pacific and EMEA regions, including a 200% increase in EMEA.
3E MatterSphere®, the matter and document management component of the 3E Enterprise Business Management Solution, added 29 new clients in 2017 and is now used by 195 firms globally. 3E Business Development (formerly Business Development Premier), part of the 3E Enterprise Business Management Solution, also reached new heights and is now utilized by 71 clients around the world.
In addition, other Thomson Reuters solutions also showed significant growth. eBillingHub®—the market-leading solution for preparing, submitting, tracking, and managing electronic invoices—has been implemented by 83% of Am Law 100 firms and has now processed more than 20 million e-bills, with $630bn invoiced.
“2017 proved to be an outstanding year in terms of market momentum for our enterprise business management solutions,” said Eric Ruud, managing director at Thomson Reuters Elite. “3E continues to be the trusted solution of choice for leading firms around the globe, including growing numbers which are choosing to remain with Elite and transition from the legacy Enterprise platform. That fact, coupled with solid growth for other Elite and Thomson Reuters solutions, portends a promising and exciting year ahead.”