March 10, 2021
Thomson Reuters Builds on Momentum of Tech-Enhanced Workflows, Automation, the Cloud and Productivity Tools to Fuel Legal Industry’s New Ways of Working
Marketplace Proven Paths, new features for HighQ and 3E to enhance virtual work, collaboration, efficiency
MINNEAPOLIS-ST. PAUL, March 10, 2021 – The environment for how and where professionals work has changed significantly over the last year, with an increase in the adoption and acceptance of advanced technologies and new models for the delivery of legal services. Building on these new and better ways of working, Thomson Reuters is introducing significant enhancements across its stable of leading legal software products and services, including HighQ, 3E and Marketplace.
Company research underscores how longstanding law firm resistance to adopting cutting-edge technology is fast evaporating, according to Paul Fischer, interim president of the Legal Professionals business for Thomson Reuters. “Last year, as firms served clients virtually and managed their daily workflow away from their offices, we saw rapidly changing attitudes about cloud and digital workflow tools. Attorneys and legal professionals experienced the power of technology in the successful transition to working from home and in finding new ways to improve efficiency and reduce costs,” he said.
“The 2021 Report on the State of the Legal Market noted nearly 85% of law firms plan to increase their technology investment this year, emphasizing how attitudes have rapidly changed over the past year, and much of that change has focused on digital workflow tools and solutions using the cloud,” said Fischer.
Thomson Reuters HighQ
The latest version of Thomson Reuters HighQ brings more than 60 new customer-driven features to further enhance its workflow collaboration capabilities.
“Over the past year, our customers have relied on HighQ to improve their productivity and serve their clients at the highest level, all at a time of unparalleled disruption,” said Chris Kitchener, vice president, Product Management for Thomson Reuters HighQ. “Version 5.5 brings new features and tools to multiple use cases, with significant enhancements to the legal project management and contract lifecycle management capabilities. Additionally, much of the work done to this point has laid a strong foundation for what is yet to come for HighQ this year, anchored by significant upgrades and key product integrations.”
Users will be able to manage larger, more complex projects with varying levels of hierarchy and create task templates, or matter maps, that capture project knowledge to create repeatable project plans, saving significant time and resources, as well as automating time-consuming tasks. Multiple enhancements to contract lifecycle management have been added, and smart folders now dynamically display files in relevant locations based on their status or position in the contracting process. Additionally, new capabilities have been incorporated into the AI Hub, such as contract deviation reports that include processing status and average deviation.
A cloud-based productivity solution, HighQ delivers an intelligent process-automation and client-engagement solution that improves productivity, streamlines collaboration and accelerates the delivery of legal services for law firms. For legal departments, HighQ offers the tools needed to service legal demand, optimize team efficiency, manage and mitigate risk, and improve engagement with legal vendors.
Thomson Reuters Marketplace
Thomson Reuters Marketplace is the new open environment that lets users find and test solutions that extend the functionality of many of their existing products. Launched in beta late in 2020, Marketplace now offers more than 120 solutions, adding about 20 per month, across 18 categories integrating with different Thomson Reuters products for legal and tax professionals.
Unique to Marketplace for the legal industry, innovative law firms are joining the ranks of legal tech providers offering their products and workflows, such as customized solution templates for HighQ. Global law firm Greenberg Traurig, LLP is one of the first to participate with Recurve Solutions LLC, a subsidiary that produces legal support services.
“Greenberg Traurig has long been about delivering excellence, value and innovative solutions to our clients. Our Recurve range of products uniquely supplement and support traditional legal services, and were always meant to serve the broader legal industry and its clients, not only one law firm. By listing Recurve's products and services on Thomson Reuters Marketplace, a much wider range of users will be exposed to and ultimately benefit from these tailored resources,” said Greenberg Traurig Executive Chairman Richard A. Rosenbaum. “Using the solution template capabilities within HighQ, we were able to build on our broad substantive expertise by turning time-consuming processes into automated, repeatable solutions that others can now use to save time and resources.”
Proven Paths, a new capability within Marketplace, helps users identify vetted applications and solutions that seamlessly integrate with Thomson Reuters products and technology to extend their capabilities. Proven Paths guide users through an approach that filters applications and solutions designed to work together, delivering cost savings by reducing research, analysis and maintenance.
Thomson Reuters 3E
With cloud adoption accelerating, the Thomson Reuters 3E 3.0 release features multiple enhancements and significant architectural changes to meet the evolving technological needs of law firms and support their profitability and growth. The enhancements deliver expanded flexibility to boost firm productivity, simplify configuration, streamline time management, and enable a seamless migration path to the cloud.
3E Cloud helps firms realize cost savings through decreased investment in hardware, software and maintenance. The cloud-based version also facilitates quick access to the latest 3E features and enhancements, while using industry-leading data protection.
The latest release introduces a modular cloud architecture to help firms modernize at their desired pace, and APIs that link 3E to Thomson Reuters and third-party applications to help ensure that firms stay connected with the tools they need. Several new cloud-based modules are available, including Time and Templates, with more modules being released throughout 2021 such as Data Insights, Budgeting and Forecasting, Paperless Proforma, and Advanced Financial Reporting.
Additional updates include floating timers on the desktop, so users can start, stop, and manage time throughout the day without interrupting their work. Users also benefit from extensive enhancements to tools for managing billing, finance, intake and conflicts, as well as greater eBillingHub integration that enables submitting invoices with their attachments directly from 3E to eBillingHub, accelerating the work-to-cash process.
“We anticipate further cloud adoption and acceleration in the digitization of how legal work gets done,” Fischer said. “Through our content-driven technology, we are continuing to innovate and deliver products and new features, focusing on customer input to really move the dial on connectedness and productivity, so legal professionals can make the most of their new skills and implement technologies that create a competitive advantage.”
Thomson Reuters is a leading provider of business information services. Our products include highly specialized information-enabled software and tools for legal, tax, accounting and compliance professionals combined with the world’s most global news service – Reuters. For more information on Thomson Reuters, visit tr.com and for the latest world news, reuters.com.