Building on a history of expertise in applying artificial intelligence (AI) to help corporate legal and insurance claims professionals, Wolters Kluwer’s ELM Solutions has introduced the LegalVIEW® Predictive Insights module available with the Passport® 19.2 release. This new offering uses AI to help make key determinations about which outside counsel law firms are best suited to particular matters. Users can see score card ratings comparing key performance metrics, such as average rates and win/loss ratios, as well as predicted budgets and matter life cycle length for each firm, so that they can be confident they are selecting the right one for each matter.
Crucially, this information is presented to users in Passport precisely when they need it to make an informed decision about firm assignment. By providing predictive information at the point of use, rather than requiring users to look up data in separate dashboards or reports, Predictive Insights supports better decisions while increasing efficiency and eliminating a potential source of user frustration.
The Predictive Insights module uses ELM Solutions’ proprietary LegalVIEW database as a starting point. LegalVIEW is the world’s largest and most comprehensive legal spend database, with more than $130 billion in actual legal invoices. Next, client-weighted historical data is added and run through the AI algorithm to create a ranked list of law firms on order of their likelihood to yield the best outcomes.