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E-discovery market set to double by 2018

Solutions from companies like Exterro are bolstering the changing legal landscape that is adjusting to new technological needs

The importance and relevance of e-discovery is coming to a head these days as its integration into the legal world becomes intrinsic, especially as e-discovery technology improves. Gartner forecasts that revenue in the enterprise e-discovery software market will grow from $1.8 billion in 2014 to $3.1 billion in 2018, and that revenue growth of approximately 15 percent is expected because of increasing volumes of litigation and regulatory investigation. The research firm’s 2014 Magic Quadrant E-Discovery Software report discusses some of the ways in which e-discovery is changing, and the impact it will have on the legal market in the years to come. The report also names Exterro as a leader in the market as its technology simplifies the e-discovery process. 

Exterro’s software, Exterro Fusion, is built on top of a general-purpose workflow engine and open architecture platform that delivers a set of integration capabilities. Enabling legal and IT teams to negotiate e-discovery through a hybrid system or on-premise provides some options for better management.

Bill Piwonka, chief marketing officer for Exterro, says that legal and IT teams can benefit in different ways from the solution, with legal taking advantage of complete visibility, process efficiency, proactive intelligence, streamlined communications, and regulatory compliance. IT teams benefit from advanced integrations, efficient collections, clear instructions, and flexible deployment options. In an interview with InsideCounsel, he noted: 

“Exterro’s software is the only system purpose built for managing e-discovery as a business process. For Legal, Exterro’s flexible workflows, intuitive dashboards and advanced analytics transform e-discovery by delivering the necessary control and insight into critical information that drive smarter decisions. For IT, Exterro’s technology framework is built on the most advanced industry standards to ensure enterprise IT investments are leveraged to their fullest capabilities, with the industry’s broadest integration capabilities.” 

Certain changes to the legal scene have contributed to the projected increase and growth of the e-discovery market. Larger data sets, keener needs to adhere to changing regulations, and international litigation are some of the complicated elements. Piwonka says, “The rapid growth of Big Data is rapidly changing the way legal and regulatory matters are investigated in-house, with legal teams wanting to perform more of the upfront work directly as a way to save money on third-party costs, particularly e-discovery review, and control outcomes in advance of negotiations.”

Still, despite e-discovery’s well-established presence in the legal system, some argue that its role in law school is currently inadequate. InsideCounsel’s Hilary Daninhirsch says that changes must occur in law school to prepare graduates for the more technologically-geared legal environment of today. She quotes Bill Hamilton, a National e-discovery partner at Quarles and Brady LLP in Tampa, Fla.: “The vast majority of practitioners in the field do not have sophisticated e-discovery skills because it was a change that happened while they were in practice.” 

As changes in regulation require organizations to be more vigilant about keeping electronic records of their compliance, businesses will find more need for comprehensive yet simple e-discovery options. As Piwonka said, a new set of changes on Federal Rules of Civil Procedure have been sent to the Judicial Committee for approval, and it is changes like these that will “continue to test the e-discovery market and the technology that supports it.”

 

Further reading:

 

E-discovery best practices for your practice, Step 6: Evidence 

Proposed guidelines for nonparty e-discovery in New York’s Commercial Division

How to create a corporate e-discovery readiness program (Part 5)

Contributing Author

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Juliana Kenny

Juliana Kenny is a contributor to InsideCounsel.com, covering a range of topics including patent litigation, conflict mineral laws, executive compensation, and antitrust regulation. Juliana earned B.A.s...

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