Category: Company News and Events

Onit is excited to announce that we ranked number 264 on the 2018 Deloitte Technology Fast 500,  a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Onit grew an astounding 327% percent during this ranking period. Onit’s CEO Eric M. Elfman attributes this remarkable revenue growth to the company’s never-ending quest for excellence, amazing employees, and a strong desire to help customers reach their goals of efficiency and productivity.

Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2014 to 2017. These companies are innovators who have converted their disruptive ideas into products, services and experiences that can captivate new customers and drive remarkable growth.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

See the complete Tech 500 ranking list.

We’re excited to announce our latest podcast! In this episode, customer success team members Tawnya Thorman and Stephanie Bullard discuss what their team is all about. Tawnya and Stephanie start by giving a little background about their previous work with different companies. They then share their thoughts about what the customer success team does, including creating value for customers, ensuring user adoption and other business needs, customer service, and making sure everything works as it should. They also quickly highlight their roles as advocates and consultants.

Tawnya and Stephanie go on to relate a few customer success stories, and also offer logical and practical reasons to embrace technology; especially for those who fear or don’t like change. As a parting word they explain their team’s pivotal role in helping to “free” customers to do the work they love, rather than the work they hate (which Onit’s automation takes care of).

Listen to this podcast.

We wanted to let you know about a new page we launched with some videos and podcasts highlighting our various product offerings. You’ll find informative thought leadership interviews with our CEO and co-founder Eric M. Elfman at various tradeshow and podcasts containing thought-provoking discussions with domain experts from our company. Some of the topics highlighted include our business process automation platform, Apptitude, the history of the enterprise legal management space (ELM) and how it has evolved in the last two decades and a discussion about the increase of contract management software usage in corporate legal departments. We’d like to invite you to take a look at our media page, and feel free to explore other sections in the website too!

Click here to go to our media page.

The Blickstein Group recently published their Law Department Operations Survey 10th Anniversary Report. According to the report, the percentage of time that LDO professionals spent on tasks hasn’t changed much between 2012 and 2017. Last year time spent on technology was 14%, process improvement was 12%, implementing integrations was 3% and vendor management was 6%. A key take away is that technology is becoming much more of a driving factor now. In 2014, 53% of survey respondents agreed that they had access to the right technology to do their jobs. Last year this number increased to 71%, which means something is working right.

Onit’s CEO Eric M. Elfman is passionate about building software for the legal industry and was honored to include a bylined article titled, “The Transformative Fabric of Law Department Operations: Technology is Foundational.”

An excerpt from this is below and the full article can be found here.

“Legal operations is all about optimizing the law department’s ability to help grow the company. This requires a higher level of operational excellence, as evidenced by the embracing and reliance on innovation, increasing demand for automation of repetitive tasks and a workflow-centric approach. Simply put, law department operations professionals turn to technology to create operational wins.

The need to drive efficiencies and contain costs are two key reasons that the legal operations function is growing so quickly. That growth is no longer only in the Fortune 500 companies; smaller companies are saddling up as well.

Many believe, and rightfully so, that legal operations will be responsible for some of
the biggest changes in the legal ecosystem. In fact, according to the Annual Law Department Operations Survey, 85 percent of LDO professionals believe that corporate law departments will be the primary driver of innovation and change in the legal sector. In fact, change is so prevalent in the minds of LDOs that 62 percent of them believe their jobs to be “primarily change management.

Technology will increasingly play a prominent role, as the only way for LDOs to fulfill their mission is by leveraging well-chosen technology solutions to automate processes, track legal spend and deliver key decision-ready information. Again according to the Survey, LDOs split their time on more than a dozen different tasks, leading with outside counsel management and technology (14 percent of their time each), law department administration (13 percent), process improvement (12 percent) and financial reporting (11 percent).”

The Buying Legal Council, the international trade organization for legal procurement, announced on Wednesday evening the winners of the 2018 Legal Procurement Awards at the North America Legal Procurement conference. Onit is excited about our joint win with Jaguar Land Rover, who is also an Onit client. The award citation reads as follows:

“Jaguar Land Rover North America’s technology ‘makeover’ enabled the legal department to spend less time on tasks associated with reviewing and processing invoices, save money on legal fees by better managing outside counsel billing practices and rates, create a one-stop shop for all matter information and updates, maintain a document repository for all executed contracts, resolutions, and important documents, and gain visibility into all areas of reporting for all types of litigation and outside counsel spend.”

The Buying Legal Council Legal Procurement Awards showcase the advances in legal procurement and legal procurement best practices. They honor those who are at the forefront of new developments and inspire others. The goal is to identify and acknowledge the best industry initiatives in five areas of legal procurement, including Innovation, Collaboration, Teamwork, Best Use of Technology and Process Improvement.

Legal procurement professionals from any industry and country can participate by submitting a detailed description of their project which includes the following – project goals,  strategy and implementation, results from the project, a discussion of the budget and the project’s return on investment. Submissions for the awards were entered in a blind peer-review. All decisions were made unanimous among the judges, all of them legal procurement professionals.

Read more about the awards.