Litera, a global leader in legal technology solutions, announced today it had acquired Micron Systems Inc., a leading developer of talent management software for the legal and accounting professions. With the acquisition, Litera expands its solution set and reinforces a commitment to solving one of the most pervasive challenges facing the legal market – talent engagement and retention.
Commenting on the deal, Sheryl Hoskins, Litera CEO, said, “Bringing Micron Systems into the Litera portfolio is an important step in furthering our ability to address our clients’ most pressing needs. 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.”
As employee attrition rates continue to rise, talent management is a primary focus for law firms. According to a recent National Association for Law Placement (NALP) Foundation Report, 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% during the same timeframe. The NALP Foundation estimates the average cost of losing an associate is between $200,000 to $500,000.
Exiting lawyers often cite a lack of quality work, clear career progression, and access to interesting practice areas as reasons for leaving. Other reasons include inconsistencies in how practice groups monitor and measure performance and disparate systems and processes that help professional advancement and accreditation compliance, including learning management and tracking Continuing Legal Education (CLE) credits.
Micron Systems streamlines the talent management lifecycle of recruiting, continuing education, performance review, and work allocation to simplify attracting, developing, and retaining top talent. Its products also align firm leadership needs with HR processes. As part of the wide-reaching portfolio of Litera solutions, Micron Systems will have new opportunities to simplify workflows, integrate data intelligently, and deliver more value to customers.
David Wit, Chief Executive Officer and President at Micron Systems Inc., said, “This transaction is a win for Micron Systems’ 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.”
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