SimpleLegal fuels strong growth in 2021 with customer focus and product innovation
Legal tech was abuzz this year with law firms and in-house counsel considering new ways to work in order to adapt to a new environment. We were no stranger to change ourselves: our family expanded with our parent company Onit acquiring both BusyLamp and SecureDocs. Across our legal tech portfolio, a shared history of $8.3 billion in processing legal invoices and more than 600 implementations worldwide occurred in 2021.
Of those 600 implementations, we’re happy to announce that 101 were new SimpleLegal corporate customers. With the launch of SimpleReview for AI-enabled invoice review and industry recognition from G2 as one of the best legal billing solutions in 2021 and 2022, these milestones and more drove a revenue increase as fast-growing corporate legal departments increasingly turn to our simple and effective legal operations management solution.
Additional 2021 milestones include:
- An increase of $1 billion in legal invoices processed compared to 2020, moving to $4.4 billion in 2021.
- A 97% customer retention rate and 95% gross revenue retention rate demonstrates customer satisfaction with our solution and the value delivered to them.
- Recognition as an industry leader from multiple awards programs, including being named a Top 25 Legal Vendor in the 2021 ONCON Icon Awards, a Leader in Legal Billing by G2 for fall 2021 and a technology innovator by Enterprise Viewpoint. Additionally, Shri Iyer, vice president of product and design, joined the list of the top 25 software executives of 2021.
- The launch of over 15 new features, which include enhanced budgeting, optical character recognition for its document management system and SimpleReview, AI technology that streamlines invoice review by analyzing, identifying, and highlighting billing errors. SimpleReview has been named a finalist in the 2022 Legalweek Leaders in Tech Law Awards in the category of Legal Operations. Results will be announced during the Legalweek conference in March.
- The addition of 32 new employees, up from 15 in 2020. This includes the appointment of Melanie Harris as vice president of customer success and professional services.
“These results validate our position in the marketplace as a modern and effective leader for legal operations management solutions,” said Mark Weidick, SimpleLegal’s general manager. “Corporate legal departments turn to SimpleLegal because our solutions and support enable their success – something we are fiercely committed to. We increased new customers by 40% in 2021 and 20% of our overall new customers selected us to replace legacy systems.”
2022 outlook – expanding products with contract management
With the addition of contract management, we will continue to push solutions for new and rapidly growing legal operations teams in 2022. On January 11, our parent company Onit announced the acquisition of SecureDocs, a global software company for contract management, virtual deal rooms, and electronic signatures, which will integrate with SimpleLegal. We will work together to create greater intelligence and efficiencies to address the pains associated with legacy contract management practices.
Looking backward while moving forward
2013 feels so close and so far away from when we were named by IDC as a Major Player in its MarketScape Reports for enterprise legal management and matter management. As a modern legal operations management solution provider that streamlines how corporate legal departments manage their matters, track and interpret spend, and collaborate with vendors and law firms, we will continue to drive innovation and make everything complicated about your legal operations simple.