CEO Corner: Striving for a “One-Stop” Solution to Enterprise Legal Tech Needs
Mitratech has been a longtime supporter of CLOC and its mission, so it made perfect sense to announce a key new acquisition at CLOC Global Institute this week.
That mission, as CLOC has put it, is to “help legal operations professionals and other core corporate legal industry players (e.g., technology providers, law firms, ALSPs, law schools) optimize the legal service delivery models needed to support the needs of small, medium and large legal departments.”
Those delivery models, particularly in large, multiregional organizations, can become extremely extensive and complex. The tools to support the people and processes allowing legal departments to fulfill the needs of their organizations can, in turn, become extremely varied, and the legal stack assembled around them can become complex – perhaps needlessly so.
It’s our belief, supported by observation among some of our own global client community, that organizations with a greater maturity level in their embrace and understanding of legal technology will increasingly look for “one-stop” providers capable of delivering proven, well-integrated solutions that support legal operations from end to end. Enterprise-level solutions or solution suites, in other words, that knit together an entire legal ecosystem in controllable, efficient, and reliable ways.
ContractRoom is another addition to an end-to-end vision
Our acquisition of ContractRoom, a provider of advanced contract lifecycle management (CLM) software, is part of a very deliberate strategy on our part to become that single, dependable partner/provider for legal departments.
As I mentioned recently in this blog, that vision was very much a consideration for Ontario Teachers’ Pension Plan when they chose to invest in Mitratech. We’re uniting a focus on client success with a product acquisition and development roadmap that certainly aims for excellence in performance and support for each individual product.
But it also takes a holistic view of what the legal tech stack of the future should look like, how it can best address the needs and goals of everyone in an enterprise’s legal tech ecosystem, and how each product we offer can seamlessly integrate into that stack. Following through on that strategy through additions like ContractRoom is enabling us, unlike any other provider in the legal tech space, to deliver a truly end-to-end solutions suite for our clients.
It’s a challenge to execute that vision, but I’m totally confident in the ability of the Mitratech team to pull it off in a way that’ll be unique within the legal tech industry. That one-stop, single-source model will, we’re convinced, have huge appeal and value for the pioneering legal departments and legal operations teams who have been already pushing to make digital transformation a reality.
Building a better toolbox
If an organization like ours expects to keep growing, it needs to be continually improving and expanding what it’s able to deliver to clients. That entails searching for new synergies, sometimes in surprising new directions, that improve the legal transformation toolbox they’re able to unlock with Mitratech.
Even before ContractRoom, but especially now that we’ve added it? We’re able to honestly say we stand alone and above in terms of the variety of best-in-class solutions we offer GCs and in-house legal departments.
It’s why Ontario Teachers’ Pension Plan, when they surveyed the landscape of legal tech providers, decided to invest in Mitratech. They saw us as having the best array of solutions und a coherent philosophy and focus that would really help transform the legal industry, now and into the future.
Finally, to top it all off? AdvanceLaw is led by another Mike Williams. If that’s not synergy, what is?