Litera acquires talent management software, Micron Systems Inc.
CHICAGO–(BUSINESS WIRE)–Litera, a global leader in legal technology solutions, today announced the acquisition of Micron Systems Inc., a leading developer of talent management software for the legal and accounting professions. With this acquisition, Litera expands its set of solutions and reinforces its commitment to solving one of the most prevalent challenges in the legal market: talent engagement and retention.
Commenting on the agreement, Sheryl Hoskins, CEO of Litera, said, “The integration of Micron Systems into the Litera portfolio is an important step in strengthening our ability to meet our customers’ most pressing needs. The battle to attract and retain top talent is one of the biggest challenges facing businesses today, and Micron Systems simplifies the range of talent management tasks.
As employee attrition rates continue to rise, talent management is a priority for law firms. According to a recent report by the National Association for Law Placement (NALP) Foundation, attrition rates increased from 16% in 2020 to 26% in 2021, with the number of partners leaving firms after one year increasing from 6 % to 10% over the same period. . The NALP Foundation estimates that the average cost of losing a partner is between $200,000 and $500,000.
Exiting lawyers often cite a lack of quality work, clear career progression, and access to attractive practice areas as reasons for leaving. Other reasons include inconsistencies in how practice groups monitor and measure performance and disparate systems and processes that support career advancement and accreditation compliance, including learning management and followed by Continuing Legal Education (CLE) credits.
Micron Systems streamlines the talent management lifecycle of recruiting, ongoing training, performance review, and work distribution to simplify attracting, developing, and retaining top talent. Its products also align business leadership needs with HR processes. As part of the broad Litera solutions portfolio, Micron Systems will have new opportunities to simplify workflows, integrate data intelligently and deliver more value to customers.
David Wit, CEO and President of Micron Systems Inc., said, “This transaction is a victory for Micron Systems’ legal and accounting customers. By growing the products and the team, Litera will ensure that Micron Systems’ talent management software continues to help companies hire, train and retain top talent as efficiently as possible.
Litera has been at the forefront of legal technology for over 25 years. As the global leader in AI-based due diligence workflows, review and analysis, collaboration and data management solutions, Litera provides legal teams with streamlined technology to create, analyze and manage their documents, transactions, business and data. Litera’s solutions help law firms and corporate legal teams around the world work more efficiently, accurately and competitively. For more information about Litera, visit litera.com or follow the company on LinkedIn.
About Micron Systems Inc.
Micron Systems’ cloud-based talent management software suite is an enterprise-wide solution for administrators, lawyers, accountants, professionals and staff. Its unmatched features and world-class support are trusted by many companies, including those on the NLJ 500, Am Law 200, Accounting Today Top 100, and IPA 400. For more information about Micron Systems, visit micronsystems.com and follow the company on LinkedIn.