The legal industry is evolving faster than ever before. With it, your role is likely transforming – and becoming more demanding. It’s no surprise you are focused on new opportunities to provide value to the organization.
Specifically in enterprise legal management (ELM) technology, the majority of leading legal departments have turned to data and business intelligence to drive departmental goals. When done right, the tools that provide visibility and inform decision-making can help to meet other departmental needs, like improving workflows and collaboration with internal and external partners.
How ELM Solutions Made It Possible This Year
It starts with a commitment to client success and innovation. Wolters Kluwer’s ELM Solutions continues to prioritize investment in R&D, focused on value-add products and applications that give clients and the industry the tools they need to capitalize quickly on industry changes.
With data collection, reports, and analysis entwined in every innovation, clients have benefitted from several new and exciting solutions, improving three major needs heard this year:
A more intuitive and effective user experience through products like:
- Passport® Office Companion – When users can manage legal workflows where they spend most of their time – in the Microsoft® Office Suite – work is streamlined and user adoption increased. It’s the first of its kind to market with patent pending. Not only that, but the technology industry agrees, winning the 2017 Silver Stevie Award for New Software Integration Solution.
- LegalVIEW® Integration with Passport ICD Law Firm Smart Select – Announced at ELM17, this offering provides claims organizations the ability to compare their own billing metrics with the largest industry benchmark data set to select the right firm for the right case.
Better insights and data with products like LegalVIEW BillAnalyzer.
Artificial Intelligence (AI), legal experts, and an unmatched legal spend database make this a valuable offering. The market has never seen this unique approach to legal bill review.
It helps drive law firm compliance with billing guidelines through law firm reporting and benchmarking, learns behavior and how to spot red-flags with machine learning, and offers a more collaborative way to engage with outside counsel. This results in cost savings of 7 – 15 percent.
Increased efficiency and more secure environments using:
- Legal Services Request – This application streamlines and automates internal requests from request through resolution. Preconfigured dashboards track all requests, helping departments define KPIs and better manage work.
- Cybersecurity Risk Assessment Application – As we’ve seen this year, law firms are particularly vulnerable to cybersecurity attacks. This stand-alone application allows corporate legal departments to assess and manage security risk across law firms and other legal service providers.
What Does 2018 Have in Store?
The road ahead combines delivering a world-class product roadmap with an even better client experience.
Investing in Product Leadership in 2018.
ELM Solutions introduced a number of new products and applications this year. But it doesn’t stop here. We are committed to delivering the industry’s best multi-product portfolio to ensure our clients’ long-term success, and help others in the industry move forward with confidence.
Improving the Customer Experience.
And while significant investments to provide new technology solutions and enhancements are planned, we’re heavily invested in delivering a world-class customer experience. We'll be providing more detail on on these exciting initiatives as the new year gets underway.
More to Come at Legaltech.
I hope you are as excited as I am for what 2018 holds. At ELM Solutions, we’ve made significant strides to position ourselves, and more importantly, our clients as industry leaders – and will continue to build upon the successes of this year.
If you will be at Legaltech New York – January 30 to February 1, I hope we can connect to further the conversation.