Another year at ILTACON is in the books and this was a big one. It was great to see that ILTA’s annual meeting has returned to its roots and brought more focus back to core IT roles. This resulted in a record turnout — ILTACON announced that it expected about 1,850 member registrations, up from 1,715 last year, with 800 of those spots filled by first-time attendees. Add to that about 1,700 business partner registrations and we had a full house.
Of course, it wouldn’t have been ILTACON without an in-depth discussion on artificial intelligence and other perennial favorites, but we were particularly interested in three themes that emerged over the course of the week: the benefits of vendor consolidation, the changes coming to transaction management and the desire to simplify and streamline legal technology.
Vendors have been combining and consolidating their products and services for years but recently the pace seems to have picked up. Several companies announced new partnerships in the months leading up to ILTACON. Our acquisition by Litera Microsystems and their subsequent acquisition of Doxly were big news, and for good reason. Combining these companies simplifies the ownership of document drafting technology which firms need – enabling them to get best-of-breed products from a single, integrated supplier. Other companies are making similar moves towards creating full software platforms that provide wraparound solutions for entire workflows.
But is consolidation working for customers? Litera Microsystems conducted some attendee surveys and according to our preliminary results, firms are consolidating vendors for three reasons: to simplify their lawyers’ workflows, streamline troubleshooting & customer service and reduce overall costs. These have been our driving motivations and we’re glad to hear that customers are seeing the benefits.
Transaction management has been ripe for a change for some time. Even in the age of accelerating technology, the process of completing transactions has remained slow, expensive, and error prone as lawyers get bogged down in email records and physical paper trails. As the document drafting life cycle becomes streamlined and simplified, users have been able to take their perfect contracts into transactions—and promptly encounter a whole new batch of pain points around everything from signing documents to sending final copies to all the participants. It’s clear to see that transaction management is ready for an evolution.
With the addition of Workshare and Doxly to the Litera Microsystems stable, we can’t wait to see how document drafting and transaction management tools will combine to provide a seamless, pain-free way to execute agreements.
Whilst at ILTACON, what really stood out in conversations at the booths and casual chats walking between events (or taking the superb Litera Microsystems sponsored golf carts) was the importance of simplifying. Simplifying what? Everything from workflows, product support, technology updates, vendor relationships and, of course, to the work itself, from generating flawless documents to managing transactions effortlessly.
Simplifying is still our central mission. Our goal is to make the work you do every day better, more efficient and more enjoyable.
From first draft to final delivery, we can now offer you products and services that will make your work—and your life—simpler and easier than ever, so you can spend more time on what really matters. If you didn’t catch up with us at ILTACON, or would like more information about the acquisition by Litera Microsystems, then contact us today for a demo or a conversation.