Aderant inks deal with LexisNexis for Redwood Analytics a BI software company
Legal software company Aderant inks deal with LexisNexis for business intelligence software company Redwood Analytics
Business intelligence capabilities rapidly growing in importance as law firms strive to increase profitability and meet client demands
Aderant, the world’s largest independent legal software company, today announced a deal with LexisNexis for Redwood Analytics, a business intelligence software company. Redwood Analytics pioneered the field of business intelligence analytics in the legal industry and supports more than 170 large law firm clients worldwide. The acquisition demonstrates Aderant’s commitment to investing in business intelligence and providing its clients best-in-class software and access to the industry’s leading subject matter experts.
Utilisation of business intelligence analytics has been a rapidly growing trend in the legal industry as firms grapple with the need to improve profitability and understand their business. ALM Legal Intelligence reports that as clients request alternative fee arrangements, law firms find, at a 2:1 ratio, that these new billing structures are less profitable. Firms equipped with business intelligence, analytics, and matter management tools are able to better manage profitability.
Chris Giglio, chief executive officer for Aderant, comments, “Aderant clients have realised tremendous profitability gains by implementing business intelligence analytics. Redwood Analytics enables us to build on that success and offer our clients a more robust and integrated case management, financial management, and analytics platform.” Giglio continued, “Redwood Analytics capabilities further our ability to help our clients manage, protect, and grow their firms.”
LexisNexis Business of Law Software Solutions division vice president and general manager Mike Lipps commented, “This deal underscores a renewed focus on our core offerings where we have a market leading position. It’s important to note that we remain committed to our portfolio of products and will continue to develop world-class software that helps our customers manage the business of law. Aderant is the perfect partner and we intend to make the transition as smooth and efficient as possible.”
Law firms have encountered an increasingly tough business climate. Many firms have found growth by embracing the changing client market and deploying business intelligence analytics to better understand firm performance at every level, creatively identify new pricing models, make smarter decisions about growth, and pursue the right initiatives to drive revenue growth and profitability. Redwood Analytics and Aderant have both been on the leading edge of this trend.
Mike Barry, executive vice president of product management and development for Aderant, states, “I look forward to integrating the Redwood Analytics technology into Aderant’s solution set, and I am more excited about the industry leading domain expertise Aderant gains from the Redwood staff joining our team.” Redwood Analytics staff will join and integrate with Aderant, and Redwood Analytics will continue operations in its current locations.
Aderant senior vice president of sales Chris Cartrett noted, “Our clients have a great need for BI tools to manage their firms. The addition of Redwood Analytics demonstrates, once again, the complete focus of our organisation to help our clients achieve their goals. I am thrilled to have the Redwood team joining us and look forward to what comes from the marriage of the top two BI tools, Redwood Analytics and Expert ClearView.”
The combination of Redwood Analytics along with Aderant’s existing Expert ClearView products makes Aderant the legal industry’s market share leader in business intelligence analytics. To download research reports and white papers on trends in the legal industry, the “Big Law” segment, and IT issues visit www.aderant.com.