Wakeup call for firms selecting a new PMS

Jess Carey Posted By Jess Carey
from Burlington Media

TR Elite just released some figures on how they continue to gain momentum on market share around the globe:

• 245 Users of 3E

• 150 in Live Operation

• 21 new sales in December 2018 

• 52 conversions from Enterprise in the last two years

• 40 firms to go live in 2018

Interesting numbers and congratulations to all at TRE! However, this should serve as a wakeup call to firms still on legacy systems or seeking a move to one with more functionality.   

Avoiding another Y2K

245 firms won in, at least, 10 years of 3e existence, with the take up being 9% in December, 22% in the last two years and I'd estimate the remainder at a steady stream of say 8 to 10% per annum. This goes to show that some firms are aware they need to secure their future platform and have already made the first steps. Sales are increasing, and dare I predict as we getting nearer to deadlines it will soon be a seller's market?

In my experienced view this wakeup call I'm making is to highlight that, quite simply, there will be a lack of experienced consultants available as we approach the Legal IT market's very own Y2K!

Here's my reasoning:

Let's conservatively estimate there are still 300+ Enterprise firms, never mind Envision and other systems on a legacy/sunset path and to that add another few hundred for those firms considering a change for other reasons in the next five years.

Elite's rapidly rising hit rate has  almost 40% (95) of current 3e firms in roll out and they forecast  only about half going live in 2018.  This serves to show that firms need understand and seriously consider the timeframe required to select and implement a new system.  There are only so many experienced people around to help. Use these statistics yourselves to predict sales and go lives in the coming years and make your own mind up. It won't be selecting the new system that's a pain; it will be finding one that can come with resources to hit a go live date.

Firm's need to be actively selecting a new system now and MORE IMORTANTLY securing the right resources from vendors and 3rd parties.  Firm's need to start preparing.  They need to begin training their own staff for their move to the next PMS in order to be less reliant on Vendors and 3rd parties.

That's where we can help!

Should anyone wish to register for the FREE briefing on selecting and implementing a new PMS I offer in conjunction with Andy Stokes and Alex Young please drop me an email:  dgallagher@itfinanceservices.co.uk

Read the full press release.

#VantageLondon2018 Update: I asked TR Elite about this and they reported that implementation go live dates are in sync with sales and boast a much higher number of implementations per annum back in the days of Enterprise. Unlike other vendors, TRE benefit from their partner ecosystem keeping those organisations informed of upcoming resource needs to service this increased demand. Finally, the advantages of 3E in the cloud, services around preparing Enterprise users for a move and a continually improving conversion and system configuration approach to deliverables should also reassure their clients on TRE's ability to take firms from Enterprise to the next generation (apologies to Gene Roddenberry!)

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