2016 has been a milestone year for Priory Solutions as we move further in the direction of an established medium sized business and less a start-up. The most significant event was our merger with The Roberts Group, the New York based software company. This merger has paved the way for greater people and product investment while remaining focused on retaining the small business agility and customer focus which has made us successful over the past ten years. Already plans have been agreed to grow the business in 2017, adding more people in each of our core locations of London and Minneapolis. With the benefit of the TRG New York office we are now better placed to serve our US customers, many of whom are based in the North East.
On the product front, 2016 saw a steady continuation of ResearchMonitor development and large scale investment into Quest. Notable ResearchMonitor developments included the release of RM Web 2016 aimed at improving clients’ ability to analyse usage data and integration with Thomson Reuters drafting assistant. Work continued on ResearchMonitor V7.1 although unfortunately the completion and release date slipped through the year owing to the amount of Quest development and the scale of architectural changes being made to ResearchMonitor. Testing has now been completed and the first clients should receive this new RM version in December 2016 or January 2017. The year completed with some exciting development integrating our ResearchHub mobile app suite with Manzama’s email alerts, this is sure to be a big talking point in 2017.
Quest started the year as version 3 and ends as version 10, indicating the amount of work invested during the year. Some of the major 2016 feature improvements to Quest include the introduction of fully customisable fields per workstream, direct integration with Carpe Diem and Intapp Time (DTE), linking and splitting requests, single email notifications to multiple recipients, along with a host of smaller functional and design changes.
Along with team stability and satisfaction, growth is an important factor in determining how successful we’ve been in 2016. In this regard 2016 has been a great success, and although the final numbers aren’t yet in it looks set to be amongst our best growth years. We’ve grown our ResearchMonitor customer base to include all ten of the global top ten law firms and grown our AMLaw 200 market share to 54%. We will have added over twenty new Quest customers by year end; including legal, financial and pharmaceutical firms. With Quest now firmly established in the market and RM V7.1 completed, we look forward to an even more successful 2017.
From a customer engagement and marketing perspective we started the year by attending the Ark Conference and by hosting a Quest prioritisation meeting. This was followed by attendance at BIALL, AALL and ILTA later in the year and very successful ResearchMonitor and Quest user group meetings in London and Chicago. Our monthly newsletters continue to be a useful way to communicate company, product and industry news, and the readership remained steady throughout 2016.
Our Client Services team worked hard on improving their account management process by instituting regular client status meetings and introduced an internal “client scorecard” which helps the team identify and maintain the health of each client account. The Minneapolis portion of the team consolidated and grew in and will soon move to a larger office space to accommodate their growing numbers.
All in all it was an eventful, exciting and enjoyable year at Priory Solutions. Looking forward to more of the same in 2017!