Tuesday, November 05, 2024
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Wolters Kluwer’s Passport Awarded Best Enterprise Legal Management Platform

Corporate Vision magazine has bestowed its Best Enterprise Legal Management Platform accolade upon Wolters Kluwer’s ELM Solutions. This is the second consecutive year that Wolters Kluwer has triumphed in the magazine’s Technology Innovator Awards series that celebrates excellence and innovation in technology on a global level. Wolters Kluwer’s ELM Solutions provides enterprise software solutions that facilitate workflow and collaboration across the legal community

Passport “provides a wide range of best-practice based features and workflows for spend and matter management and insurance claims defense, while offering flexibility to configure and integrate applications to meet specific client and business needs.” All of this enables clients to better manage and control cost, collaborate with outside counsel, and improve legal and enterprise-wide risk management, the company says.

U.K.-based Corporate Vision magazine is published monthly and reaches more than 130,000 top-tier professionals, including global financial and investment executives. Its award winners are decided by a combination of votes gathered from its network of respected industry partners and rigorous in-house research.

This coveted award serves as global recognition of not only our market leading software solutions, but also our continuous efforts to strengthen them through innovations such as Passport Office Companion and LegalVIEW BillAnalyzer,” said Barry Ader, Vice President of Product Management and Marketing for Wolters Kluwer’s ELM Solutions. “We are honored to be recognized by the judges for transforming the customer’s user experience into a more productive and efficient one via our expertise and innovative technologies.”

In January the firm launched Passport® Pro, a new pre-configured version of the Passport® ELM platform. Passport Pro is a hosted solution that offers a “comprehensive menu of essential legal matter and spend management features and best practice based workflows that come ready to install, resulting in faster implementation.” Corporate legal departments with less complex legal workflow requirements, limited internal IT capabilities, and legal departments of less than 100 users are best suited to use the solution, the company says.

As also reported by FinTech Finance, Wolters Kluwer’s ELM Solutions, in conjunction with Gartner, recently released a study revealing that insurers and corporate legal departments are failing to use legal billing and staffing guidelines strategically. In fact, just 6% of corporate legal departments and insurers indicated that their guidelines make outside counsel’s invoices “very easy” for audit and compliance purposes. And there is now an opportunity for firms across sectors, including financial services, to embrace Artificial Intelligence (AI)-enabled solutions to help manage the process more efficiently, Wolters Kluwer’s experts suggest.

Wolters Kluwer and Gartner, the global information technology research and advisory company, surveyed 51 large and midsized companies to collect quantifiable data to examine the relationship between corporate legal or claims departments and their law firms.

It appears that although 75% of large to mid-sized corporations currently have, or are developing, legal billing and staffing guidelines, few are using them strategically. And there are varied reasons for developing the guidelines. 75% of respondents stated they wanted to control costs; 65% indicated they wants to ensure basic compliance with processes; 60% wanted to create consistency across relationships with outside counsels; 55% wanted to make it easier to manage outside counsel and 23% wanted to define and ensure work quality.

Only 31% of respondents indicated that they are satisfied with outside counsel’s compliance with their guidelines, with none “completely satisfied.” And this is where new AI enabled technology can help.

In March Wolters Kluwer’s ELM Solutions launched LegalVIEW® BillAnalyzer to help insurance claims organizations, as well as corporate legal departments across sectors, to more efficiently manage incoming legal invoices, improving cost management. The LegalVIEW BillAnalyzer service manages the invoicing review process “through a combination of advanced technology, machine learning and expertise to ensure outside firm compliance with billing guidelines”, with Wolters Kluwer suggesting it offers clients an average cost savings of 6 to 9 percent in legal fees.

Notable financial services clients for Wolters Kluwer’s ELM Solutions, within its global corporate client base, include AXA, Marsh & McLennan and Aon, according to the client section of its corporate website. The firm also serves more than 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.

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