Mitratech: building a global technology partner for the legal profession - Hg

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About Mitratech

Mitratech is a leading global provider of Enterprise Legal Management (‘ELM’) software to corporate legal departments. The core product is Matter Management software which acts as the Enterprise Resource Planning (‘ERP’) software at the heart of in‑house legal teams, and an e-billing solution which provides e-invoicing capabilities between law departments and external counsel with automatic invoice review.

Mitratech serves a wide customer base of c. 1,000 corporate customers across the world, including 40% of the Fortune 500. Over 650 law firms are using the e-billing platform to transmit invoices to clients, including all the AmLaw 200 and 99% of the Global 100 Law Firms. The business is based in Austin, Texas with further offices in the US, England, Wales and Australia, employing c. 400 people.

Hg’s view of Legal Tech

The legal profession hasn’t typically been in the forefront of innovation but there’s a significant role for technology and software to play to help improve efficiencies as lawyers deliver their services. The recession of 2008 kick-started movement in this direction as cost savings necessitated bringing lawyers in-house and ways had to be found to help them efficiently and effectively manage their work.

Mitratech was sufficiently large, scaleable and with a proven track record of performance that it could be used as the basis for a platform for further investments. Legal departments are collegiate group and, if a solution works well in one place, it is often recommended across the industry and can scale quickly.

A growing need for efficiency

As in-house legal teams grow and mature across the corporate world, an industry standard product which lawyers can use across their appointments is the natural result.

With the support of an investor with expertise in the legal and compliance industry as well as experience in M&A and operations, Hg is confident Mitratech can become a leader in their marketplace.

Mitratech’s range of products take on the everyday burdens of a corporate legal department, reducing the time spent on repetitive tasks and reliance on outside resource. This reduces costs and frees up a department to work on more strategic and innovative work.

60%

reduction in the costs of non-compliance

6.7%

average savings on legal invoices

25%

saving in staff time managing, delivering and reporting policies

20x

faster processes with fewer errors

27k

hours saved per year by process automation

Becoming Proactive

One major way that an expert investor can benefit a company at this stage in its development is through enabling scale and growth through M&A and, in 2018, Hg supported the acquisition of ThinkSmart.

With the addition of the ThinkSmart Automation Platform (TAP), Mitratech’s TeamConnect platform can now bring people, processes, and information together like never before, by leveraging TAP’s easy-to-use workflow automation engine to extend TeamConnect’s reach across the entire enterprise.

The legal department can now become more than a reactive function, instead acting as proactive risk managers.

“By securely extending the virtues
of TeamConnect through
TAP, the legal
department becomes
a trusted advisor
and the center of
innovation
for the business.”
Jason Parkman
CEO, Mitratech

Expanding into the mid-market

Hg’s Portfolio Team is a source of deep operational know-how able to assist a growing company when it encounters challenges it hasn’t faced before.

With customers historically concentrated in the “Global 1000”, Mitratech recognised an opportunity to reach out into a potential Global 5000 and, with the help of clients, developed a solution for mid-sized legal departments: Team Connect Essentials, which launched in 2019.

Hg encouraged and supported the introduction of new products, bringing to bear its expertise in product development, customer success, systems, forecasting,sales ops and how to go to market and sell to these new smaller customers.

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