Wolters Kluwer ELM Solutions’ LegalVIEW Insights report featured on EDRM Illumination Zone Podcast

Rhea-AI Summary

The latest episode of the EDRM podcast features insights from Wolters Kluwer ELM Solutions’ Nathan Cemenska, discussing the impact of megamatters—legal cases with over $1 million in spend—on corporate law department budgets. Notably, megamatters account for 61% of total legal spending, with a mere $1 increase in these matters raising the likelihood of increased total outside counsel spend by 89%. The insights stem from ELM's extensive LegalVIEW database, valued at over $150 billion in invoices, which aids legal teams in analyzing spending data for better cost management.

Positive

• Megamatters constitute 61% of total law department spending.
• An increase of $1 in megamatters correlates with an 89% chance of rising outside counsel costs.
• ELM Solutions’ LegalVIEW database contains over $150 billion in invoices, enhancing spending analysis capabilities.

Negative

• None.

The episode discusses the impact of megamatters on law department budgets and spend

HOUSTON--(BUSINESS WIRE)-- Some of the most piercing insights into corporate legal department spend contained in Wolters Kluwer ELM Solutions’ third LegalVIEW Insights report are given top billing during an episode of the Electronic Discovery Reference Model’s (EDRM) Illumination Zone podcast. The well-regarded legal standards and practices organization speaks with ELM Solutions’ Director of Legal Operations and Industry Insights Nathan Cemenska about the impact that megamatters, or matters that accrue more than $1 million in lifetime spend, can have on law department budgets.

Citing figures sourced from ELM Solutions’ LegalVIEW database – which at more than $150 billion in invoices remains the most comprehensive legal spend database in the world – Cemenska notes that megamatters comprise 61% of total law department spend and can often have significant implications for the size of future legal bills. “If your spend on matters over $1 million in lifetime spend goes up by even $1, there’s an 89% chance that your total outside counsel spend is going to rise as well. This is the elephant in the room that corporate legal departments need to address,” he says.

But first, departments need to take a closer look at both how and where they are spending. On the Illumination Zone podcast, Cemenska tells EDRM’s CEO Mary Mack and Chief Strategy Officer Kaylee Walstad that many in-house legal ops teams have already begun to extensively analyze their spending data – especially the information collected by invoice review tools such as ELM Solutions’ AI-powered LegalVIEW BillAnalyzer.

“E-billing and invoice solutions allow you to extract a wide variety of useful and strategic insights from the work your vendors are performing,” he notes.

In conjunction with the LegalVIEW Insights reports, ELM Solutions is producing an ongoing series of LegalVIEW Insights blogs, webinars and other content discussing the emerging trends from the LegalVIEW Data Warehouse, which recently crossed the threshold of more than $150 billion in legal invoices. Earlier this year, ELM Solutions released the first and second installments in its continuing LegalVIEW Insights report series.

ELM Solutions, part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. The company provides a comprehensive suite of tools that address the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. Corporate legal and insurance claims departments trust its innovative technology and end-to-end customer experience to drive world-class business outcomes. The other legal solutions business of Wolters Kluwer GRC is CT Corporation.

Wolters Kluwer ELM Solutions was named a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The company’s award-winning products include Passport®, one of the highest rated ELM solutions in the latest Hyperion MarketView™ Legal Market Intelligence Report and TyMetrix® 360°, the industry’s leading SaaS-based e-billing and matter management solution. CLM Matrix, meanwhile, was named a “strong performer” in The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2021 report. ELM Solutions’ LegalVIEW® portfolio of legal analytics solutions is based upon the industry’s largest and most comprehensive legal spend database, with more than $150 billion in invoices.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2020 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,200 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005142/en/

Media Contacts for Wolters Kluwer GRC

(Including Wolters Kluwer ELM Solutions, Wolters Kluwer CT Corporation, Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting)

Paul Lyon

Global Corporate Communications Director

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

Frank Ready

Senior Specialist, Corporate Communications, Legal Services

Governance, Risk & Compliance Division

Wolters Kluwer

717-205-3647

Frank.Ready@wolterskluwer.com

Source: Wolters Kluwer Governance, Risk & Compliance

FAQ

What are megamatters in legal spending?

Megamatters refer to legal cases with over $1 million in spend, constituting 61% of total law department budgets.

How do megamatters affect outside counsel costs?

An increase of $1 in spend on megamatters leads to an 89% chance of increased total outside counsel costs.

What is the significance of the LegalVIEW database?

The LegalVIEW database holds over $150 billion in legal invoices, providing crucial insights into corporate legal spending.

Who is Nathan Cemenska?

Nathan Cemenska is the Director of Legal Operations and Industry Insights at Wolters Kluwer ELM Solutions.

What insights does the latest EDRM podcast episode provide?

The episode discusses analysis of law department spending and the implications of megamatters on legal budgets.