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Wolters Kluwer (WTKWY) is a global leader in digital knowledge solutions and cloud software for tax, finance, accounting, and legal professionals. With offerings like the SAP Document and Reporting Compliance solution integrated with the CCH SureTax solution, Wolters Kluwer helps multinational companies manage U.S. tax filing obligations efficiently. The company serves customers in over 180 countries and reported 2022 annual revenues of €5.5 billion.
Wolters Kluwer ELM Solutions has released the 2022 Real Rate Report, indicating a continued rise in average law firm rates. Partner rates increased from $705 in 2020 to $749 in 2022, while associate rates grew from $503 to $546 during the same period. The report utilizes data from over $155 billion in legal invoices within the LegalVIEW database, offering benchmarks for corporate legal departments to make informed outsourcing decisions. ELM Solutions aims to enhance operational efficiency and reduce costs for corporate legal operations.
Wolters Kluwer Compliance Solutions has launched NILS™ Feed ASL, an Authoritative Source Library that tracks regulatory compliance requirements crucial to the insurance industry. This innovative tool enables U.S. insurers to align governance, risk, and compliance systems with applicable laws and provides insights into the impact of regulatory changes. NILS Feed ASL offers direct links to relevant statutes and helps insurers manage compliance obligations efficiently. Steve Meirink, Executive VP, emphasizes its unique capability to provide a holistic view on regulations across U.S. jurisdictions.
Wolters Kluwer will host the online event Pharmacy Next: Safer, Affordable & Personalized on November 3, 2022, featuring experts from Brigham and Women’s Hospital, CVS Caremark, and the University of Kentucky School of Pharmacy. This panel will explore evolving patient safety risks, trust in prescribing roles, and consumer attitudes towards pharmacogenomic testing. A new consumer survey will also reveal significant shifts in medication prescribing trust among Americans. Registration is free for those interested in attending.
Wolters Kluwer Compliance Solutions was honored with the 2022 Vanguard Award by HousingWire, recognizing top executives in the U.S. housing industry. Steven Meirink, Executive VP, has driven growth through strategic acquisitions, enhancing operational capabilities in digital lending. His leadership during the COVID-19 pandemic facilitated expedited funding for small businesses through innovative software solutions. The award reflects significant contributions to the housing economy as more than 100 leaders were recognized.
A report by Wolters Kluwer ELM Solutions highlights that financial services firms effectively managed their legal spending compared to other industries. From 2019-2020, these companies saw only an 8% increase in outside counsel spending, while other sectors faced a 21% median increase. The average law firm rate increase for banks was just 2.8%. Banks' strategic investments in legal pricing and management tools helped control costs. Additionally, spending on alternative legal service providers surged by 80% in 2020, followed by 56% in 2021.
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