Onit Launches Premium Product at LegalTech(R) New York 2011

NEW YORK — (BUSINESS WIRE) — Onit, Inc., a leading provider of online project, process, and spend management tools for business and legal professionals, today announced at LegalTech^(R) New York 2011 it is launching Onit Premium, an upgraded version of its free product, for corporate legal departments. Designed with input from 12 general and corporate counsels from the Onit Advisory Group (OAG), Onit Premium addresses the market’s growing demand for affordable legal project, process and spend management technology. Onit Premium is a comprehensive system that streamlines business processes, reduces operational costs and unifies legal knowledge between legal departments and their law firms.

“Onit Premium was uniquely developed with feedback from corporate legal departments that have a need for spend management technology but lack the resources or budget to purchase an expensive or cumbersome system,” commented Eric M. Elfman, co-founder and CEO, Onit. “We firmly believe that this technology should be available to all corporate legal departments and cost shouldn’t be a deterrent. Onit Premium is intended for legal departments that want a comprehensive solution that provides transparency into all legal projects, drives cost savings and ultimately yields better outcomes – whether they are project, process or spend-related.”

Onit Premium delivers real value to the entire organization by enhancing communication and collaboration between legal departments and their law firms and vendors. It also empowers legal departments to centralize knowledge and manage their legal projects with more predictability. All documents, notes, tasks, project plan items, etc. are fully searchable in Onit and users can assign multiple tags to any documents. Onit Premium doesn’t require any up-front costs and there is no software to install.

With Onit Premium, corporate legal departments can:

• Automate current manual legal processes
• Electronically review and approve electronic invoices from law firms and legal vendors
• Monitor Alternative Fee Arrangements (AFAs) and compare monthly retainers with shadow bills
• Create custom process templates specific to a legal department’s needs (e.g. Report Potential Risk, Request Employee Termination, Report Potential IP Infringement)
• Build custom legal forms for use by all company employees (e.g. Request Contract Review, Request NDA)
• Create project budgets and see variance reports on actual vs. projected expenses
• Create pre-built project templates with relevant notes, documents and project plan items

Pricing & Availability

Onit Premium is available immediately and pricing is based on the number of monthly subscribers. Demonstrations of Onit Premium will be conducted in the Cyber Cafe at LegalTech New York 2011 on the second floor of the exhibit hall. If you are not attending the tradeshow and wish to see a demonstration, please contact [email protected]. To find out how Onit can help your corporate legal department, watch this short video.

About Onit

Onit was formed by legal software industry experts Eric M. Elfman and Eric Smith, co-founders of Datacert, a leading provider of enterprise legal management software. Launched in early 2010, Onit is a flexible, online tool for lawyers and people that work with lawyers. Onit provides business and legal professionals with project management, process management, and spend management in a collaborative platform that unifies legal knowledge between legal departments and their law firms. Because Onit is project-focused, all participants have the same view of project plans, notes, documents, financials and reminders. With Onit, legal and business teams can manage multiple projects — all within the same view, all at the same time. Onit is a valuable, easy-to-use technology that increases productivity and efficiency, and simplifies online collaboration. For more information, please contact 1-800-281-1330 or visit www.onit.com.