Wolters Kluwer Shares Tips for Navigating Megamatter Spend in New LegalVIEW Insights Podcast

Rhea-AI Summary

Wolters Kluwer ELM Solutions has launched the fourth episode of its podcast series, Legal Leaders Exchange, focusing on managing high-cost legal matters, particularly megamatters expected to exceed $1 million in lifetime expenses. The discussion features insights from Nathan Cemenska and Ron Denton, who highlight strategies for effective budget management. It addresses communication with leadership, factors driving costs, and methods for reducing expenses. Wolters Kluwer ELM Solutions is recognized as a leader in legal spend management.

Positive

• The podcast provides actionable insights on managing megamatters, which could attract more listeners and potential clients.
• Wolters Kluwer ELM Solutions continues to be recognized as a leader in enterprise legal management, enhancing its market credibility.

Negative

• None.

Fourth episode of Wolters Kluwer ELM Solutions podcast explores how to manage the budgetary impact of high-cost

legal matters

HOUSTON--(BUSINESS WIRE)-- Managing legal costs has been a key priority for many organizations during the pandemic, including so-called megamatter spend - legal matters that are poised to generate more than $1 million USD in lifetime spend. Megamatters at some legal departments may double during the next six years and so navigating the complexities of spend management will be vital, according to Wolters Kluwer ELM Solutions’ recently launched podcast series Legal Leaders Exchange.

In this episode Nathan Cemenska, ELM Solutions’ Director of Legal Operations and Industry Insights, and Ron Denton, Legal Business Manager at multinational energy company Phillips 66, discuss how to effectively handle megamatters without damaging budgets or reputations. Topics include:

• How to best communicate with senior leadership about the cost of megamatters
• What factors drive the expenses behind megamatters
• The reason that trying to budget for megamatters is often challenging
• Overlooked methods for reducing the cost of megamatters
• Why having a regular flow of megamatters can be advantageous to a legal department

Legal Leaders Exchange was created to deliver insights on optimizing legal operations for corporate legal and insurance claims professionals. Listeners can subscribe to Legal Leaders Exchange episodes from the leading podcast platforms, including Apple Podcast, Spotify, Google Podcast, Amazon / Audible.com and iHeart Radio. The podcast show is the latest in a series of 2021 thought leadership media including blogs, webinars and other platforms leveraging information from ELM Solutions’ LegalVIEW^® Data Warehouse – the most comprehensive legal spend database in the world with more than $140 billion in invoices.

ELM Solutions, part of Wolters Kluwer’s Governance, Risk & Compliance 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 $140 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 (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2020 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,200 people worldwide.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211214005113/en/

Media Contact for Wolters Kluwer GRC

(including Wolters Kluwer ELM Solutions and Wolters Kluwer CT Corporation)

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

Frank.Ready@wolterskluwer.com

Source: Wolters Kluwer Governance, Risk & Compliance

FAQ

What is Wolters Kluwer ELM Solutions' recent podcast about megamatters?

The podcast discusses management strategies for high-cost legal matters, emphasizing budget impacts and effective communication.

Who are the featured speakers in the podcast episode from Wolters Kluwer?

The episode features Nathan Cemenska and Ron Denton discussing the complexities of managing megamatters.

How could the management of megamatters impact legal departments financially?

Effective management could reduce costs associated with megamatters, which are projected to potentially double in some departments.

What insights does the podcast provide regarding megamatter costs?

It covers factors that drive expenses, challenges in budgeting, and overlooked methods for cost reduction.

What recognition has Wolters Kluwer ELM Solutions achieved?

Wolters Kluwer ELM Solutions has been recognized as a leader in enterprise legal spend and matter management.