Litera has confirmed its acquisition of FileTrail, expanding its expertise in information governance and records management. This move comes in response to increasing concerns over cybersecurity within the legal sector. A study by Cert-UK highlighted that 65% of law firms have experienced cyber attacks, with 35% of firms lacking a mitigation plan, underscoring vulnerabilities in data management and compliance protocols.
Litera has aimed to address these challenges by integrating FileTrail's capabilities into its existing suite of tools. This integration will enhance Litera's ability to unify data management, streamline compliance, and optimise the handling of both physical and digital records.
According to Litera CEO Sheryl Hoskins, "Firms have always prioritised information governance and safeguarding client and matter data, but in today's regulatory environment, it's become even more critical. It is essential for firms to maintain a complete view of client and matter data to comply with their regulatory obligations."
FileTrail has built a reputation in various highly regulated industries, including legal, energy, biopharmaceutical, and financial services. FileTrail CEO Harold Westervelt expressed enthusiasm about the acquisition, stating, "We are excited to showcase our cutting-edge suite of products to a larger, more agile fan base. The combination of FileTrail's capabilities, alongside Litera's CAM, PowerDesktop, and PS/Ship products, creates a governance solution that allows our customers to have complete control over sensitive client data."
The collaboration aims to provide law firms and corporate departments with an expanded set of features, including comprehensive data management, integrated digital collaboration management, unified retention and compliance management, streamlined review and approval workflows, seamless partner and attorney transfers, and effective management of outside storage vendors. This collection of tools is designed to meet evolving regulatory requirements and enhance data security measures.
With this acquisition, Litera continues its mission to offer robust Governance, Risk, and Compliance (GRC) capabilities to law firms and corporations. The company plans to leverage FileTrail's ability to provide a unified view of organisational data, strengthening Litera's existing GRC portfolio. Westervelt believes that customers will also benefit from Litera's modern approach to SaaS and AI technologies and enhanced customer experience, which includes dedicated customer success management and extensive adoption resources.
Both companies see this merger as a strategic opportunity to tackle the pressing challenges in the legal industry today, specifically around cybersecurity and information governance. The enhanced capabilities from the combined resources of Litera and FileTrail aim to automate compliance, lower risks, and reduce costs for their clients.
