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Litera sees raft of senior departures as it eyes $250m in revenue

Corrected on 31 March to say that Litera is headquartered in Chicago. The original piece said North Carolina.

Litera has seen a raft of senior departures over the past few months, as the Chicago-headquartered company eyes a target revenue of a quarter of billion dollars.

While the circumstances behind the departures are varied and one senior leader is understood to be leaving largely for personal reasons, around seven others are leaving or have left since May last year. 

Separately, as Legal IT Insider already flagged towards the end of 2019, Litera is due to make a number of Workshare engineers redundant due to duplication with existing roles, having acquired the document comparison rival in that year. It put the engineers on notice of the redundancy over a year ago.

The senior departures come as Litera, which is backed by private equity company Hg, continues to scale up: two years ago, its revenue was $40m, and it is now around $100m. Litera has been on the acquisition path since Hg (then Hg Capital) in 2019 invested $42m to acquire Litera Microsystems from K1.

Since then, it has acquired Workshare; Bestpractix; and Foundation Software Group, in a bid to deliver on its platformisation strategy.

Speaking to Legal IT Insider, one law firm leader and Litera client who is aware of the departures said the internal flux isn’t cause for concern, commenting: “They are growing really quickly and it’s not surprising that there are departures, it’s probably to be expected.”

Litera’s CEO Avaneesh Marwaha told Legal IT Insider: “Litera continues to achieve growth in our global business and as a company continues to scale it tends to experience transitions for a variety of reasons. We are committed to our people and customers in that journey.”