ELM Amplify 2021, the ELM Solutions annual user conference, took place online from October 26 through 28. This event is available for on-demand viewing here, and we continue to highlight some of the sessions that were presented.
Vincent Venturella, ELM Solutions Associate Director, Technology Product Management, took the theme of Amplify 2021, “Be Boundless,” to a new height with his presentation on how legal departments can predict the future with the application of artificial intelligence (AI). When Vince speaks of “predicting the future,” it’s about building greater confidence in decisions about firm assignments, budgets, and litigation strategies through data-driven metrics, rather than “gut feelings.”
Here are some of the highlights from Vince’s session, Predict Future Outcomes – No Crystal Ball Needed.
Price is a critical factor in buying a house but certainly not the only one. Buyers also look at location, house size, cost per square foot, HOA dues, and more.
Similarly, corporate legal teams need to look at more than just the proposed fee. This means setting key performance indicators (KPIs) for new cases and measuring past performance of firms on similar cases against those metrics. AI technology is perfectly suited to quickly gather and present that data for an informed decision on the “best” firm for the job.
Digitizing institutional knowledge
Often when choosing counsel, attorneys will look to colleagues for their experience and thoughts. They’ll likely poll one or two people whom they feel the most comfortable with (or frankly, sit the closest to in the office). But this is an unreliable practice that can result in poor decision-making due to several factors. One is recency bias—the act of recommending the most recent firm used to address a matter. That firm may have been the last one used, but it may not be the most appropriate for the matter at hand. It also limits who has access to information based on sheer proximity and relationships, something that becomes even more problematic when teams are working remotely.
AI provides teams with measurable, hard data that is easily sharable with everyone. For example, the data may show when a case falls out of the acceptable range of expense, a fact that junior staff may not have the context to judge on their own. Data may also support choosing counsel for litigation in new jurisdictions or markets where there may not be institutional knowledge to draw on.
Developing accurate budgets
Studies show that 88 percent of matters are budgeted incorrectly. For one ELM customer, this added up to $57M in losses in one year.
Had they relied on ELM Solutions' AI capabilities, that customer may have been able to cut those losses significantly. Because while AI will not eliminate budget overages, it can greatly decrease the significance of these shifts. In evaluating firms, AI solutions can provide a minimum to maximum budget range for each firm. Wolters Kluwer’s ELM Solutions offers embedded AI capabilities to support decisions throughout the lifecycle of a legal case. LegalVIEW® delivers firm rankings based on KPIs, LegalVIEW BillAnalyzer offers AI-driven invoice analysis, and Passport provides AI-based survey data at the close of a case.
If you’d like to learn more about AI’s application into predictive insights, watch the playback here. If you haven’t done so already, please register. Once you have registered, your email address is both your login and your password. Recorded sessions are available to watch in the Theater.