This is the second of two blog posts concentrating on innovation in the legal business. My first post described why a client-centric approach drives innovation at Wolters Kluwer’s ELM Solutions. Now, let’s take a look at some innovations designed to give you a competitive edge.
When you think of technical innovations, an image may come to mind of ultramodern, “bleeding-edge of tech” products designed to dramatically change how we live in the future: self-driving cars, human-like robots fighting wars, trains that travel at supersonic speeds. But not all innovation is so “shiny” and radical. When your enterprise legal management solution provider takes an approach of driving advancements out of customer needs, the resulting offerings are a lot less flashy yet much more useful.
Here are two examples of legal tech innovations solving real problems, from minute details to the big picture.
Turning legal information into business knowledge
All corporate legal and claims departments with an ELM system in place collect huge amounts of information about their legal matters. There was a time when most of that data wasn’t used strategically, but it’s now leveraged to improve legal management, mitigate risk, and drive precise, better-informed decisions about all aspects of legal operations.
Dashboards of metrics with real-time, role-based KPIs allow you to make faster, data-driven business decisions. They can show you totals for invoices in review, top service providers and cases by spend, spend across locations within the organization, or any other information that can help you better understand the state of your legal department and meet stakeholder demands that the legal department run more like a business.
The metrics and analytics we're looking at now will help us improve efficiency in the future. The TyMetrix 360° system allows us to do that." - System administrator at a pharmaceutical company
You can drive increased value and achieve significant savings every year by combining business intelligence with industry benchmark and performance data. Using more than $100 billion of legal invoice data from our LegalVIEW® database, you are able to gain perspective on your costs. This in turn lets you better evaluate and improve legal services outsouring.
Applying artificial intelligence and machine learning to routine tasks
Even when they have a robust bill review process in place, leading companies are starting to look for additional ways to scale their legal bill review and further control costs by using existing technology in a new way. This need led us to develop our LegalVIEW BillAnalyzer offering. When one multinational company took this innovative new approach, they recognized $3.1 million in non-compliance with billing guidelines on one month’s worth of legal invoices. This was five times what was identified from internal review alone.
How did they make these savings happen? By combining machine learning, a form of artificial intelligence (AI), with human invoice review expertise. Machine learning, built over years by Wolters Kluwer’s experts, analyzes client billing guidelines, then ranks line items based on the probability they will require adjustments. The machine learning gets better over time, spotting patterns and benchmarking against the LegalVIEW database. Then, our team of experienced attorneys and paralegals review the invoices, paying special attention to the areas prioritized by the software, and engage with billers when appropriate.
In addition to controlling costs, this approach allows for detailed analytics that support continuous improvement and inform department management decisions. Taking a new, strategic approach can make legal bill review a value generator. To see how one company was able to accomplish this, watch this on-demand webinar: How to Take a Strategic Approach to Outside Counsel Management.
Product investment is a constant
We are proud to be the early pioneers in legal e-billing and, over more than two decades, have continued to drive the evolution of the legal technology market as our clients’ objectives and the industry have evolved.
The one constant is Wolters Kluwer’s ELM Solutions’ continued strong investment in new and enhanced products driven by client feedback and input, which ensures you always have the leading legal solutions in your corner.