LegalTech Meets Law Firms’ Need for Digital-First Invoice, Data Solutions

Continuing to expand its range of legal technology solutions, Litera announced in a Tuesday (Jan. 18) press release that it has agreed to acquire Prosperoware, a provider of software solutions that help teams collaborate more efficiently and securely.

This follows on the heels of Litera’s Jan. 11 announcement that it had acquired Lynch Marks, a developer of the PS/Ship product suite of specialized tools that streamline shipping, tracking and invoice processing workflows. Prior to that, Litera completed eight acquisitions in 2021.

“We’ve been really focused in on how we continue to build out our platforms, solve more problems for the legal industry and the broader corporate market,” Haley Altman, global head of Corporate Development at Litera, told PYMNTS.

Reducing Risks Related to Privacy, Cybersecurity

With the Prosperoware acquisition, Litera is adds among other things CAM, a Software-as-a-Service (SaaS) privacy and security solution.

This is especially important when people are working remotely and using cloud technologies to communicate and collaborate, Altman said. CAM enables firms to control who can access information related to a specific project, for example.

“It enables us to integrate our technology quicker into our bigger stack but then to deploy it with all of our customers in a much more seamless way — and we do so not just with our technology, but we also enable the firms to connect other technology that they have into the same kind of user provisioning pane,” Altman said.

Looking at the Whole System of the Law Firm

Litera started out in document drafting, developing solutions that help law firms take legal agreements from first draft to final delivery faster. From there, the firm added workflow technology to help law firms manage transactions and litigation.

Expanding again, Litera looked at the back office of law firms and began acquiring firms offering tools in that area, beginning with the first of the acquisitions announced in 2021.

“If you want to win clients, retain clients, increase your profitability and recoverability of amounts that you’re invoicing to them, how do you take a broader look at the whole system of the firm itself and how all of these different components and the data around it really start to come together?” Altman said.

Solving Problems and Delivering Insights

As legal teams move away from paper-driven processes, breaking down silos and supporting global customers, there’s a need to create new workflows and enable people to collaborate in new ways. Following the acquisition of Prosperoware, Litera will have close to 1,000 employees in nine countries.

“We think the most recent acquisition allows us to take all of our workflow tools and bring them into the place where people are actively doing the work, so that we can really improve what they’re doing,” Altman said.