Wolters Kluwer ELM Solutions to Share How AI Is Reshaping Legal Spend Management At 2022 CLOC Global Institute

Rhea-AI Summary

Wolters Kluwer ELM Solutions celebrates five years of its AI-powered LegalVIEW BillAnalyzer at the CLOC Global Institute in Las Vegas. The company will present a panel titled “You Can’t Manage What You Don’t Measure”, showcasing AI's impact on legal operations. LegalVIEW BillAnalyzer utilizes over $150 billion in invoicing data, enhancing compliance and outside counsel management. New features include updated Tableau visualizations and a Diversity Module. The panel on May 10 at 10:30 AM PT will feature industry experts discussing AI's transformative role.

Positive

• LegalVIEW BillAnalyzer has processed over $150 billion in invoices, enhancing insights for legal operations.
• The implementation of AI technologies improves compliance and outside counsel relationships.
• The new updates to the ELM Solutions platform, including the Diversity Module and enhanced visualizations, are beneficial for clients.

Negative

• None.

The panel will showcase how corporate law departments are using AI to improve compliance and outside counsel management

HOUSTON--(BUSINESS WIRE)-- Fresh from celebrating the five-year anniversary of its AI-powered LegalVIEW BillAnalyzer spend management solution, Wolters Kluwer ELM Solutions is bringing its AI expertise to booth 413 at the 2022 Corporate Legal Operations Consortium (CLOC) Global Institute in Las Vegas. The company will also provide an in-depth look at how AI is reshaping the future of the legal industry during a panel – “You Can’t Manage What You Don’t Measure: A Case Study for AI in Legal Operations” – to be held at the Bellagio Resort and Casino on May 10 at 10:30 AM PT.

ELM Solutions experts Jeffrey Solomon, Head of Managed Services & Analytics, and Joseph Galea, Global Director of Sales, will be joined by John Crawshaw, Business Analytics Manager at PNC Financial Services Group, to discuss how PNC has leveraged LegalVIEW BillAnalyzer to improve compliance and enhance relationships with outside counsel.

“Implementing LegalVIEW BillAnalyzer helped bring greater insight and transparency to our outside counsel management process,” Crawshaw says. “I am pleased to join Wolters Kluwer ELM Solutions for a practical discussion about how the power of AI is already transforming the legal industry.”

LegalVIEW BillAnalyzer leverages ELM Solutions LegalVIEW database, the most comprehensive legal spend database in the world at more than $150 billion in invoices. The AI model powering the solution has also been exposed to billing patterns encompassing 225 practice areas and 20 different industries, creating more nuanced and accurate outputs that can’t be replicated through offline training. Additionally, the accuracy of the model has also been enhanced by the more than 60,000 person days that legal experts have collectively spent using LegalVIEW BillAnalyzer.

AI also drives ELM Solutions’ Predictive Insights module, helping law departments to make strategic decisions when assigning outside counsel to litigated matters. New Tableau visualizations for Predictive Insights are now available with Passport 22.1, the most recent version of ELM Solutions’ legal spend and matter management platform. This version release also features enhancements to the platform’s Diversity Module, including an increase in the number of data fields, and alignment with the latest ABA standards. TyMetrix 22.1 is also now available, and includes new contingency fee alternative fee arrangements (AFAs), expanded legal hold capabilities, and new API updates.

In continuing celebration of the five-year anniversary of LegalVIEW BillAnalyzer, ELM Solutions will share more of its AI expertise during an upcoming installment of the company’s Legal Leaders Exchange podcast, to be available on May 10. Jeffrey Solomon, and Abhishek Mittal, Global Head, Data Analytics and Operational Excellence for Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, will discuss the growth of LegalVIEW BillAnalyzer and how AI will propel the legal industry into the future.

ELM Solutions, part of Wolters Kluwer GRC, 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 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 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/20220505005242/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

Senior Director, Global Corporate Communications: Global Marketing, Communications & Planning

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

FAQ

What is the purpose of the LegalVIEW BillAnalyzer by WTKWY?

The LegalVIEW BillAnalyzer aims to improve compliance and enhance outside counsel management through AI-driven insights.

When will Wolters Kluwer present at the CLOC Global Institute?

Wolters Kluwer will present on May 10 at 10:30 AM PT.

How much data does LegalVIEW BillAnalyzer leverage?

LegalVIEW BillAnalyzer leverages over $150 billion in invoices from its extensive database.

What are the new features of ELM Solutions' platform?

The new version includes enhanced Tableau visualizations and a Diversity Module with more data fields.

Who will be speaking at the Wolters Kluwer panel at CLOC?

Speakers include Jeffrey Solomon and Joseph Galea from ELM Solutions, and John Crawshaw from PNC Financial Services Group.