I think the quotes around the word 'new' really say it all. There are no new global firms, merely some shuffling around and consolidation of existing firms, all of whom have existing PMS. Given that that such existing firms already have PMS then the top, gloabal end of the market is saturated and the only thing we are seeing are swap outs whereby existing parts of a business need to consolidate onto one platform. As there is a very high degree of functional overlap between PMS there is no compelling, certainly no monetary, reason to change from one system to another (with perhaps the exception of moving to SAP, a case which only the biggest firms would consider, and which is yet to be fully proven) so the fact we are seeing no huge global changes, other than part swap outs, is not difficult to understand. We therefore see the big legal firms staying with their suppliers, hoping that things improve incrementally, rather than spending 7 or 8 figure sums on changing only to get much the same functionality but with a different set of frustrations. Given the top-tier saturation, the real 'fun' is happening as the suppliers focus towards the mid-tier (regional, small national firms etc) for sales and market sector. The mid-tier law firms need good software, good support, easy installation, increasing interoperability (particularly with the Microsoft stack) and of course good ROI. They are also increasingly looking for innovative models of paying for the software, SaaS etc and a move away from the 'per fee earner' model which is seen as penalising growth and success. And when I say that's what the mid-tier need it's largely because of budgetary contraints, but it's also what the top-tier would have liked too when they were buying systems. The suppliers who can crack this mid-tier and make it easy for them will probably be the ones who will come out ahead in the longer term (barring further consolidation confusion in the sector) and hopefully the benefits will filter upwards to the larger firms who have stuck with their existing products. And of course those benefits should be transferred upwards at no cost to the faithful.