LexisNexis® Legal & Professional, a leading provider of content and technology solutions, announced today that its LexisNexis
® business has been positioned by Gartner, Inc. in the “Leaders” quadrant of the
Magic Quadrant for Enterprise Legal Management
(ELM) published October 23,2013.
“Today's corporate legal department faces significant challenges and requires a new level of sophistication in managing its operations. Regulatory compliance risks continue to grow, budgets continue to shrink and board members are demanding better legal information,” wrote John A. Wheeler, research director at Gartner, Inc. in the report. “As a result, many companies view corporate legal as the next frontier of corporate efficiency and risk management.”
The CounselLink business estimates the overall ELM market is valued at approximately $500 million and is growing in excess of 10 percent every year. The company categorizes ELM into three distinct segments serving corporate legal departments including matter management, legal spend management and legal hold.
“We believe this first-ever Magic Quadrant for the ELM market is representative of both the rapid growth in the industry and the market potential,” said
, vice president and managing director at the CounselLink business. “We of course are thrilled that our CounselLink business is positioned as a leader for our ability to execute and the completeness of vision.”
The CounselLink business, which also provides process, analytical and benchmarking consulting services, delivers its branded solution as software-as-a-service or via a SaaS model. Recently, it announced the re-packaging of its products and services along tier-levels which, like the Magic Quadrant report, is another indication of the industry’s maturation and the range of needs among attorneys practicing in-house.
Gartner’s published methodology
, “Magic Quadrants provide a graphical competitive positioning of four types of technology providers, where market growth is high and provider differentiation is distinct. Leaders execute well against their current vision and are well positioned for tomorrow.”
“As the ELM software market enters a new phase of maturity and begins to climb the Slope of Enlightenment on the Gartner Hype Cycle, the leaders are characterized by several different capabilities. Customers are looking to leaders in this market to provide a solid base of functionality across the five main ELM use cases that can be implemented with relative ease,” added Wheeler in the same report. “Leaders are also noted for their ability to innovate and meet the future needs of corporate legal departments across a range of industries and geographies.”