CEO Corner: Why Being “Client-Centric” Means Seeking Out New Synergies
This week, we were happy to announce that Mitratech had made a new strategic acquisition. By adding AdvanceLaw to our portfolio, we’ve given it a completely new dimension.
More importantly? This opens up a completely new opportunity in digital transformation for many of our clients at in-house legal departments. Unlike our other more application-based offerings, AdvanceLaw is designed to provide a much-needed service to General Counsel, in the form of a marketplace allowing them to optimize their outside counsel network and help fix a “broken legal market.”
By being able to choose law firms on an objective, metrics-driven basis, GCs are able to maximize their outside counsel ROI and outcomes. This aligns perfectly with our current legal technology offerings: All of them are designed from the ground up to deliver oversight, efficiency, collaboration, and cost management, especially at the operational level.
With AdvanceLaw, legal leadership will now be able to make more informed strategic choices about their service provider “ecosystem” that will certainly impact operations and outcomes in positive ways.
You can read more about the particulars of AdvanceLaw here. A big part of what drew us to AdvanceLaw was the fact the company originated in needs-driven innovation; its founders saw a client pain point – the lack of a reliable means of vetting law firms based on actual suitability and performance – and created a breakthrough solution.
That focus on innovating around client need is part of the DNA of Mitratech, and it’s a trait we’ve looked for in every acquisition we’ve made over time.
As I’ve mentioned before, it’s important to bring together respective organizational cultures that mesh around what’s important. For us, that’s a focus on client success, and on continuous improvement and support from our side to make that happen.
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 AdvanceLaw, but especially now that we’ve added them? 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 and 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?