Less than a week after announcing its acquisition of BigSquare, a provider of financial and business intelligence and analytics for law firms, legal technology company Litera today announced another — of Micron Systems Inc., a developer of talent management software for the legal and accounting professions.
If you’re counting, this is Litera’s 16th acquisition in four years.
“Bringing Micron Systems into the Litera portfolio is an important step in furthering our ability to address our clients’ most pressing needs,” Sheryl Hoskins, Litera CEO, said in a statement. “The battle to attract and retain top talent is one of the biggest challenges firms face today, and Micron Systems simplifies the spectrum of talent management tasks.”
Founded in 1992, Micron provides a suite of talent management software specifically designed for law firms and corporate legal departments. Its products include:
- LawCruit, an applicant tracking system.
- CE Manager, for managing and tracking continuing legal education and continuing professional development compliance.
- Top Performance, for evaluating employee performance.
- Global Work, for allocating resources and workloads.
Micron also markets these products to accounting firms.
Why this Makes Sense
Employee attrition is a problem for law firms. A recent National Association for Law Placement (NALP) Foundation report found that attrition rates rose from 16% in 2020 to 26% in 2021, with the number of associates leaving firms after one year rising from 6% to 10%. The average cost of losing an associate is between $200,000 to $500,000, the NALP Foundation estimates.
Insofar as Micron’s products enable firms to better and more efficiently manage the full spectrum of recruiting, continuing education, performance review, and work allocation, it can help firms reduce attrition.
As Litera continues to expand its portfolio of products to cover a wider array of products to support law firms across all workflows, this acquisition makes sense. For Micron, it means new opportunities to refine and expand its products and integrate with other systems and data.
David Wit, who has been president and CEO of Micron since 2016 and who was previously co-CEO since 2003, said he sees this acquisition as a win for the company’s legal and accounting clients.
“By growing the products and the team, Litera will ensure that Micron Systems’ talent management software continues to help firms hire, train, and retain the best talent as efficiently as possible,” Wit said.