Still busy, busy, busy times over at Thomson Reuters Elite where global practice Reed Smith LLP has decided to transition to ELITE 3E for its next-generation business process platform. The firm has invested in 3E along with Thomson Reuters Engage, the industry’s first engagement planning and management (EPM) solution, as part of a long-term strategy to help optimize firm performance.
The firm says 3E met its requirements for a robust, secure, and single database system with good automated control systems. The built-in workflow is expected to improve processes such as pricing, pro forma processing, distributed billing, and new business intake. Additionally, 3E will significantly enhance the firm’s tracking and reporting on alternative fee arrangements (AFAs), which is increasingly becoming a critical factor with client engagements.
According to the firm’s CFO David Duckhouse, “When evaluating our long-term technology strategy, we determined we needed a system that was secure yet flexible, had a high level of analytical capability and could communicate more effectively with our lawyers and clients via dashboards and other means. And naturally, a return on our investment was important.
“In short, we wanted a tank that could outrun a Ferrari,” he continued. “We know we won’t be able to build it overnight, but we are looking forward to working with Elite to make 3E a significant contributor to our future and to our client relationships for many years to come.”