Innovative Law Firms and Legal Tech Providers Drive Growth of Thomson Reuters Marketplace
Innovative law firms and legal tech providers offering their products and workflows, such as customized solution templates for HighQ, are driving the expansion of Thomson Reuters Marketplace. An open environment that lets users find and test solutions that extend the functionality of many of their existing products, Marketplace is among the Thomson Reuters solutions enabling the digital transformation in how legal services are delivered.
The growth of Marketplace reflects recent trends in the legal industry, such as the increase in the adoption and acceptance of advanced technologies and new models for the delivery of legal services. Thomson Reuters is building on this momentum by delivering more ways for legal professionals to enhance their virtual work, collaboration efforts and efficiencies.
As Brian Zubert, director of Ecosystem Development for Thomson Reuters, recently explained to Legal Evolution: “2020 magnified the operating constraints and competing for technical priorities. We launched the Thomson Reuters Marketplace to reduce the challenges of discovery and narrow the field to solutions that are known to work well with existing technology investments the firm or organization has already made.”
He added, “Meeting the needs of firms, legal departments, technology companies, vendors, and more, requires a team effort. Most solution providers are doing everything they can to meet security and procurement requirements; many companies, including Thomson Reuters, are publishing more APIs as well as defining and adopting open standards like LEDES and SALI; and law firms and corporate legal departments are prioritizing integration and interoperability. At the end of the day, all this heavy lifting technical work is all in pursuit of a joint ambition: getting legal work done simply, efficiently, and accurately.”
Marketplace offers more than 135 solutions and is adding about 20 per month across 18 categories integrating with different Thomson Reuters products for legal and tax professionals. As Artificial Lawyer recently noted, global law firm Greenberg Traurig, LLP is one of the first to participate in Marketplace 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.”
In addition, a new capability within Marketplace – Proven Paths – helps users identify vetted applications and solutions that seamlessly integrate with Thomson Reuters products and technology to extend their capabilities. Watch this video to see Proven Paths in action.