Information technology in the Legal industry has matured greatly over the past 20 years –to the point where it is hard to imagine the practice of law without the benefits of technology.
As globalization and deregulation have redefined business as a whole, the legal industry has kept pace by adapting in nearly every aspect of its business. Today, both corporate law departments and law firms manage complexity across a broad range of legal issues, meeting the needs of their clients to manage risk and maximize business value. In no small part, legal technology has been a critical component of managing this change.
The Challenge of the Legal Technology Market
The technology market for the Legal industry is as complex as the business it supports. Both consumers and vendors struggle to understand the market dynamics that drive technology in the Legal industry.
For vendors, the market can be especially challenging. The Legal technology solutions market is highly fragmented. It may be more accurately described as a collection of market niches, defined by the various legal practice specialties and unique legal work processes. Understanding critical issues, positioning their solutions, and communicating differentiated value propositions, can be difficult for vendors where there is a relative lack of maturity and a dearth of reliable market information. Most vendors are forced to build their own market intelligence and messaging without the benefit of independent contributors, or outlets able to produce objective and credible market information.
Customers are likewise challenged to understand the market for Legal technology solutions. Unlike other technology areas where there is generally an abundance of market information, legal technology consumers are often forced to construct their own market views. Too often consumer understanding is based on dated experiences, second hand information and vendor created collateral. Consumers lack a reliable, intelligent source of insight to important Legal technology trends and solutions.
These challenges result in a suboptimal market, where both consumers and providers miss the opportunity to gain the greatest value possible in selecting and delivering technology solutions. Our view is that the lack of accurate, reliable and readily accessible market information negatively impacts the collective interests of consumers and providers.
The Role of Hyperion
Hyperion Research was founded to bring greater clarity and insight to the Legal technology market. Our mission is to serve the collective best interests of consumers and providers by providing an objective resource for framing, studying and reporting on the markets most important issues and opportunities.
The goal of our research is to create independent insight that is not just reliable, but actionable. To attain this goal, we have assembled a leading team of industry experts – well regarded as thought leaders in their respective specialties. Our team includes attorneys, paralegals, management consultants and technologists – who have worked for corporate law departments, law firms, legal consulting firms and legal technology vendors.
In addition to our expert team, we have also developed a highly structured research approach that assures our clients are getting the most reliable and best developed information possible. We continuously refine and add innovative new methodologies and tools, as well as maintain rigorous adherence to our policies of independence and objectivity.
With Hyperion Research, the Legal market now has a critical resource to understand and address their most critical issues and opportunities.
Our Research Agenda
The heart of Hyperion Research is our research agenda. Our research agenda is created through a highly collaborative process involving our clients, advisory council members and active participation in the Legal industry. Our agenda is well structured, but flexible, allowing us to remain at the leading edge of the issues that are most important to our clients.
Our overall research agenda is divided into research segments. Each segment addresses the major legal process and technology areas that comprise the solution landscape. Within each segment, a set of research focus areas are defined to identify the specific aspects of the segment that are considered within the scope of our research. The focus areas include the driving issues, opportunities and interests of our clients and the legal market.
Each focus area is supported by a research charter. The charter articulates the specific topics, issues and questions being covered within the segment and focus area.
In building and maintaining the research agenda, each segment is assigned to a segment leader. The leader is responsible for all aspects of that segment, including all market research activities, project definition, execution and report delivery. The segment leader is also responsible for managing segment-related advisory services to both corporate clients and vendor clients. The segment leader may be supported by analysts who contribute to specific focus areas or other aspects of the segment's agenda. Contributing analysts may be internal analysts or adjunct analysts.
The research agenda is actively managed, with formal annual reviews by each segment leader and team. The segments are revised as necessary to ensure that our research is market relevant to our clients.
Our Approach and Methodologies
If the research agenda is our heart, then our approach and methodologies are the life blood that enables us to fulfill our mission in providing the best value possible to our clients. The highly structured way in which we approach the research process works hand in glove with our expert analysts. This ensures that our final work product is always highly reliable.
Our approach and methodologies are based on proven, long standing tools, and proprietary methodologies that we have developed specifically to meet our needs and requirements. The breadth and depth of our resources allow us to distill large amounts of information, and develop clear and concise insights and advice for our clients. We continuously review and revise how we work, introducing innovative new tools as we find better ways to approach the research process.
The following are our proprietary methodologies:
- MarketView Reporting
- TrendView Reporting
- VendorView Reporting
- VendorView Evaluation process
- VendorView Matrix
- Key Solution Components
- HyRes Market Insights and Surveys
In addition to our structured approach and methodologies, several other characteristics help us sustain our unique position and best serve our clients.
- An independent, unbiased approach – the Legal technology market suffers a shortage of actionable advice from a qualified, unbiased source. As an independent research organization, we’re not obligated to any external agenda—and we’re not shy about putting solid stakes in the ground about how technology is impacting the future of the Legal industry;
- A quantitative/qualitative blend – our insights and perspectives are a blend of both quantitative and qualitative research. We combine both facts and our expert opinion on what the facts represent to your business. We provide the story behind the numbers—the story others may not be seeing;
- Peer review and collaboration – all of our reports and presentations are subject to a peer-review process. Each document we produce is reviewed for objectivity, with both findings and conclusions fully vetted by our team;
- Finely tuned, role-based insight – as legal practitioners we understand the different perspectives that are important to our clients. In developing our research we always consider the important role-based dimensions which can be critical to truly understanding the topic.
Working with Hyperion Research
Who works with Hyperion Research? Our clients span the full complement of market stakeholders. We work with technology consumers, including corporate law departments, law firms and other legal service organizations. We also work with solution providers, including software vendors, professional service groups and consultants. By positively engaging all market participants we are able to understand all perspectives, and bring deeper, more considered analysis to the research process.
Our work assignments are as diverse as our clients’ needs. We work closely with each of our clients to understand their objectives, and design focused, results oriented projects. Generally, we categorize our work into the following three areas. These descriptions are not limiting, and should be considered representative of the skills sets that are available for a client’s specific needs.
Market Research Products:
- MarketView reports provide analysis of the Legal solution market in key segments including solution definitions, solution provider landscape, market sizing and adoption scenarios;
- VendorView reports provide in depth review of Legal solution providers including independent and objective product and service reviews and evaluation according to Hyperion's structured Vendor Evaluation Matrix;
- TrendsView reports provide industry insight to the latest trends, issues and solutions in the Legal market;
- Special commissioned market research
Vendor Advisory Services
- Market messaging
- Go to market execution
- Product and service innovation
- Usability and feature set assessment
- Voice of Customer studies
- Market sizing and definition
- Pricing models
- Client satisfaction survey and improvement
- Technology audit and assessment
Corporate and Law Firm Consulting Services:
- Strategy definition and business alignment with technology
- Process mapping and improvement
- Operational performance improvement
- Acquisition / divestiture management in technology and data
- Audits and quality assurance
- Organization design and implementation – particularly for multi-office management
- Law firm / Outside Counsel management
- Outsourcing strategy, design, selection and implementation
- Technology strategy and planning
- Technology acquisition including vendor relations and price/contract negotiation
- Technology implementation
- Change management and technology adoption
At the most fundamental level, the reason our clients work with us is to gain access to our insights, perspectives and expert resources able to efficiently and cost effectively meet their needs.
Becoming a Hyperion Research Client
We work with our clients in a range of contexts. We are most often engage with our clients in longer term retained relationships. The majority of our clients become Hyperion Research members. Members have full access to all of our resources including all published reports and associated presentation events such as webinars. The annual membership also provides regular access to our analysts, allowing for active dialog on important issues, trends and the latest industry developments. Finally, members are also invited to participate in certain Hyperion Research sponsored research and events, where they are able to help scope and define research focus areas in key research initiatives. Membership is based on an annual subscription.
In addition to membership, our clients also hire us for specific projects. These client sponsored projects address specific issues and opportunities facing a client’s business. These may be confidential and proprietary to the client, and not become part of our research library. In other instances, a client sponsored project may result in published research that is shared and actively communicated in the industry.
Finally, we also work with our clients on broader projects where there are shared interests amongst our clients. In these projects we help coordinated shared participation and sponsorship across our clients, ensuring mutual benefit to participants. These fee based projects will be budgeted based on the required scope and deliverables.
Legal technology presents a wealth of opportunity to improve the practice of law. But with this opportunity comes significant challenges for organizations looking to either buy or sell legal technology solutions. Hyperion Research provides a unique resource for the all stakeholders to better understand the legal technology market.