We at Wolters Kluwer’s ELM Solutions are very excited that LegalVIEW® BillAnalyzer was named as a finalist for Best Legal Solution in the 2018 SIIA CODiE Awards. This recognition means a lot to us because the CODiE Awards bring together senior executives, analysts, investors and media to identify market-leading solutions in business and technology. Only a handful of companies in each category demonstrate the level of excellence that merits finalist status.
This acknowledgement is significant for BillAnalyzer. Despite its relative early introduction to the marketplace, our solution is already becoming a game-changer for corporate legal and claims departments. Because BillAnalyzer combines artificial intelligence (AI) with the expertise of legal bill review specialists, it is able to drive better outcomes beyond traditional bill review solutions, generating performance improvement, savings and compliance. Clients are recognizing the value of this innovation, and it’s an honor that the CODiEs, the only peer-recognized program in the business and education technology industries, understand that as well.
This combination of legal expertise and advanced technology makes it possible for corporate legal and insurance claims organizations to manage outside legal spend more efficiently and generate better compliance. BillAnalyzer applies machine learning and artificial intelligence algorithms to the LegalVIEW® database, the world’s largest collection of legal billing data, to identify high-probability invoice adjustments by line item. This artificial intelligence “learns” to pinpoint which line items on new invoices are most likely in violation of billing guidelines and helps experienced bill reviewers find the best opportunities for savings and compliance. These specialists can also work with law firms to help them understand exactly what actions the firms need to take to better their billing guideline compliance.
In a survey conducted with Gartner, ELM Solutions found that only 31% of respondents are satisfied with outside counsel billing guideline compliance, and none are completely satisfied. It is clear that legal and claims organizations need a better way to work with their outside counsel on improving compliance. BillAnalyzer provides an efficient way to make those improvements and realize additional value.
With invoice review in the hands of external experts and compliance with billing guidelines improved, a couple of important things happen for the organization:
- Internal legal or claims staff are relieved of the need to scrutinize every line item of their copious outside counsel bills. They are able to focus on more strategic core responsibilities of practicing law or managing claims.
- When billing guideline compliance improves, it means that law firms are more accurately reporting on the work they do and the time they charge for. This provides cleaner data and more actionable analytics to drive insights and management decisions.
Having BillAnalyzer named as a finalist by the CODiE Awards judges was an honor for ELM Solutions. We thank them and look forward to continuing to grow this groundbreaking solution, bringing its benefits to many more organizations.