While much of the financial and legal media’s attention is understandably trained on the current uncertainty and unpredictability of the legal market, Wolters Kluwer ELM Solutions is focused on how we can help legal teams maximize control over their own legal costs. As part of that effort, we recently published an infographic summarizing the chief benefits of our total spend management approach during times of economic challenge.
Impact on the economy
When times are difficult, companies may be looking for areas where they can make cuts without hurting the business. Surveys have shown:
- 98% of deputy general counsels report budget cuts resulting from economic uncertainty. 56% report “some” or “a great deal” cut from their budgets. (Axiom 2023 Deputy General Counsel Survey)
- 20% of chief legal officers cite the economy as the most important organizational risk for 2023. (2023 ACC CLO Survey)
- 94% of deputy general counsels predict a potential hiring freeze due to economic circumstances, with 41% saying that it is very likely or already happening. (Axiom 2023 Deputy General Counsel Survey)
Legal teams are not powerless
Legal departments can defend against these forces by providing value and, just as importantly, demonstrating that value. The goal is to ensure that the legal team acts as, and is seen as, a source of value, rather than a cost center.
Total spend management helps organizations achieve these goals by driving cost savings, increasing compliance, and improving efficiency. Some examples of steps legal organizations can take include:
- Mitigating uncertainty by predictively managing legal costs
- Freeing attorneys and other staff from responsibilities that deliver low value in favor of higher-value activities that put their skills and experience to the best use
- Implementing a spend management solution that literally pays for itself
These represent well-established techniques that legal departments across industries use every day. By leveraging their e-billing platforms in concert with advanced technology, these companies are reducing spend leakage, capturing previously overlooked savings, and using the data and insights generated to make better strategic decisions.
Why ELM Solutions?
We take a human-centered approach that utilizes our deep domain expertise coupled with machine learning technology, which offers precision, speed, and efficiency, to transform processes and drive measurable positive results. ELM Solutions’ award-winning team processes billions of dollars in invoices annually, saving our clients up to 10% of their spend and increasing billing guideline compliance up to 20%. ELM Solutions also helps to improve our clients’ relationships with outside counsel by taking on the adjustment appeals process and helping firms understand exactly how to comply with guidelines.
These successes have helped our clients deliver on business results and demonstrate the value they provide to organizational stakeholders. Here are what two of our clients have said about their results:
“We were successful in meeting first-year cost-saving expectations, and measuring key metrics has allowed us to maintain clear, easy-to-read reporting to our key stakeholders to communicate program benefits, outcomes, and greatest points of success.” – PNC
“We’re excited about using AI to improve our bill analysis process. An AI engine that looks at the invoices and is constantly learning, backed by a group of legal professionals interpreting that data, is a very powerful combination.” – The Chemours Company
