Legal Technology Journal

Electronic resource management company Priory Solutions has signed top City law firm Nabarro as a new client and is enjoying a boom in activity as law firms look for ways to reduce their costs in the face of the economic downturn.

The company is behind Research Monitor software, which monitors, controls access to and ensures cost allocation for online resources. Its deal with Nabarro sees the top 30 firm take a full suite of products covering over 70 online resources.

The software enables firms to gauge how much subscription-based research services are being used and whether the costs are justified. It also enables staff to access online services using one centralised username and password, allowing easier access as well as better central control and restriction over the services. Finally, for sites that charge for downloads, it ensures that the service cannot be obtained without entering a valid client matter number first.

Priory Solutions chief technical officer Rory Kingan said: “When you have hundreds of fee earners it is hard to know what they are doing and whether it provides value for money.”

Other law firms on the company’s books include global giant Clifford Chance, which upgraded in August to the latest version of the software – Research Monitor 3 - released in July. Top 20 firm Berwin Leighton Paisner also recently renewed its contract and in the US, international firm Kilpatrick Stockton and Philadelphia headquartered Blank Rome both signed up to the latest version within the last three months.

Kingan told LTJ: “We’re seeing a lot more interest from firms and people are a lot more interested in where their library costs are going.

“Many of our customers have been able to cancel subscriptions or argue the case to renew,” he added.

The cost of the software varies but a medium to large firm could expect to pay around £10,000 to £15,000 per annum for the full suite of products.

Priory Solutions was set up in 2003 and has a development team of seven people, four of whom are in South Africa and three in London. The company is looking to expand and eyeing the US as its next potential target for an office on the back of recent success.