NetDocuments Records Unprecedented Cloud Growth in Q2 2021
NetDocuments, the foundational content management platform for legal professionals, today announced unprecedented growth in Q2 2021 (2Q21), with its largest new sales Q2 in company history, and the largest non-Q4 quarter, making it the third largest quarter overall. 2Q21 was a record second quarter for new customer acquisition among Am Law and Global 100 firms in its Strategic Law segment. Within the last two quarters, NetDocuments has switched three Am Law 200 firms from competitive providers. Additionally, NetDocuments saw continued momentum within the small-medium law (SML) firm segment, representing 69% Year over Year (YoY) growth and 168% growth in new bookings from existing customers, compared to the same quarter last year. NetDocuments also added to its record Q1 2021 in new corporate legal accounts, representing a 163% increase compared to Q2 2020. The cloud platform addresses common technology, usability/user adoption and security concerns among Chief Legal Officers.
Most notably, NetDocuments continued its record growth within the SML segment, recording 57+% growth in 2Q21, and a 6th consecutive record quarter switching small and medium sized firms (1-150 users) to the platform from other competitors and on-premises systems. These firms are looking for more robust and comprehensive document and email management options compared to generic cloud storage solutions like Box, Dropbox, and OneDrive, as well as internal file shares and folder structures. They view their NetDocuments investment as a way to get access to richer productivity solutions compared to what they would otherwise be able to use, given very limited IT staffs.
“We are rapidly fulfilling our vision of becoming the platform where legal professionals do their work,” stated Josh Baxter, NetDocuments CEO. “This is not only evidenced by Warburg Pincus’ recent growth-focused investment in the company, but also demonstrated by our continued expansion across all business segments, in addition to seeing greater demand for our solutions among our 3,200+ existing customers.”
Overall, NetDocuments added more than two new customers per day in 2020 and continued that trend in 1Q21 and 2Q21, now comprised of over 3,200+ customers worldwide. In addition to North American sales, NetDocuments APAC recorded an 87% 2Q21 growth vs. 2Q20.
Mike West, Vice President of the NetDocuments’ SML segment, has seen some notable trends in the small law space. “Firms that did not switch to the cloud in 2020 found makeshift ways to get through and are now taking time to evaluate their current tech stack and make educated decisions. NetDocuments’ proof point is our single instance, true-cloud solution with no on-premises option. In terms of content, email management, and internal and external collaboration, we provide security at a level that no one firm can possibly provide on its own.”
Heading into the annual ILTACON Educational Conference, August 22-26 in Las Vegas, NetDocuments will be highlighting the five solutions (ORGANIZE, PROTECT, PLAN, DELIVER, LEARN) that help law firms and legal teams work inspired through greater organization, collaboration, and productivity. Launched last August, these solutions deliver dependable innovation focused on helping legal professionals do their best work and enhancing security. In Q3-Q4, the product team will continue to invest in customer innovation and introduce new products designed around common workflows in corporate legal departments, litigation, and transaction management. Please visit the NetDocuments ILTACON resource page to learn more about onsite and virtual product previews, corporate updates, and roadmap sessions.
For more information about NetDocuments, please click here.