Wolters Kluwer’s ELM Solutions Outlines Software Benefits with Wells Fargo Client Story

Wolters Kluwer’s ELM Solutions has signed one of the world’s largest banks in Wells Fargo to use its enterprise legal management software. The bank will use ELM Solutions Passport to enhance the Corporate Legal Desktop application, Wolters Kluwer says.

Wells Fargo has approximately $2.0 trillion in assets, providing banking, insurance, investments, mortgage, and consumer and commercial finance, with offices in 42 countries and territories.

Writing in a client case study section of its website, Wolters Kluwer notes how “Wells Fargo has an expansive legal team that required matter management for the entire legal department, not just litigation, as well as a smoother invoicing and e-Billing process. By uniting all of their systems that manage legal, risk, and compliance activities on a single platform, and using unique training opportunities to speed up system adoption and empower users, Wells Fargo broke down the silos to work efficiently and effectively across many teams.”

Notably, Wells Fargo will “use data across systems and departments to mitigate risk and more strategically manage legal matters, insurance claims, compliance, and their associated costs.” The bank will also be able to “radically evolve their technology to support new or unique business needs.”

Wolters Kluwer notes that its Passport® Legal Spend, Matter Management, and Insurance Claims Defense applications “connect every part of your legal ecosystem, so you can better control your costs, streamline your workflows, and get total visibility to everything that matters to your business.”

The goal, according to the case study, is to “unite all the bank’s systems that manage legal risk and compliance activities “on a single secure and collaborative framework.”

Jennifer Johnston, Project Manager within Wells Fargo’s Law Department, is quoted as saying the bank will also take advantage of ELM’s Learning Institute, which provides holistic training support.

Wolters Kluwer’s ELM Solutions business has had a busy year. At the start of May 2017 Wolters Kluwer Governance, Risk & Compliance (GRC), which “provides market leading governance, risk and compliance solutions to legal and financial professionals”, appointed Jonah Paransky to the position of Executive Vice President and General Manager of the ELM Solutions business.

Paransky brings nearly twenty years of experience in B2B software general management, product management and marketing, with “a proven record of accomplishment in bringing new products to market.” He has held several senior leadership roles with LexisNexis, including Vice President and Managing Director, Product Management of their Business of Law Software Solutions and Managed Technology Services group. Paransky was most recently the CEO of SkyTouch Technology, a Software as a Service (SaaS) provider of property management systems for hotels. At SkyTouch, he led the development of the firm’s comprehensive market, business and sales strategies.

Also in May, the firm launched its Legal Service Request application for Passport  to “help corporate legal departments easily manage and monitor the internal legal service requests they receive from across their organization.”

And in March Wolters Kluwer’s ELM Solutions launched LegalVIEW® BillAnalyzer to help corporate legal departments and insurance claims organizations of all sizes more efficiently manage their incoming legal invoices and improve cost management. The LegalVIEW BillAnalyzer service manages the entire invoicing review process through a combination of advanced technology, machine learning and expertise to ensure outside firm compliance with billing guidelines, while offering clients an average cost savings of 6 to 9 percent in legal fees.

Wolters Kluwer’s ELM Solutions “leverages a deep understanding of customer needs to transform the Enterprise Legal Management experience and helps corporate legal departments and insurance claims organizations make better business decisions.”  Just last month the firm’s Passport Office Companion received a Silver Stevie Award for New Product or Service of the Year – Software – Integration Solution in the 2017 American Business Awards competition.

Its other notable financial services clients, within its global corporate client base, include AXA, Marsh &McLennan and Aon. The firm also serves over 33,000 legal service provider connections in more than 190 countries, comprised of large and medium-sized law firms, solo practitioners, IP agents, consultants, and other vendors. This includes 100% of the Am Law 200 (the highest grossing law firms in the US); 100% of the Am Law Global 100 (the highest grossing law firms in the world); Law firms in all 50 US states and most US territories; Law firms in every country in the EU and all five of the UK’s Magic Circle law firms.