The panel will showcase how corporate law departments are using AI to improve compliance and outside counsel management
Fresh from celebrating the five-year anniversary of its AI-powered LegalVIEW BillAnalyzer spend management solution, Wolters Kluwer ELM Solutions is bringing its AI expertise to booth 413 at the 2022 Corporate Legal Operations Consortium (CLOC) Global Institute in Las Vegas. The company will also provide an in-depth look at how AI is reshaping the future of the legal industry during a panel – “You Can’t Manage What You Don’t Measure: A Case Study for AI in Legal Operations” – to be held at the Bellagio Resort and Casino on May 10 at 10:30 AM PT.
ELM Solutions experts Jeffrey Solomon, Head of Managed Services & Analytics, and Joseph Galea, Global Director of Sales, will be joined by John Crawshaw, Business Analytics Manager at PNC Financial Services Group, to discuss how PNC has leveraged LegalVIEW BillAnalyzer to improve compliance and enhance relationships with outside counsel.
“Implementing LegalVIEW BillAnalyzer helped bring greater insight and transparency to our outside counsel management process,” Crawshaw says. “I am pleased to join Wolters Kluwer ELM Solutions for a practical discussion about how the power of AI is already transforming the legal industry.”
LegalVIEW BillAnalyzer leverages ELM Solutions LegalVIEW database, the most comprehensive legal spend database in the world at more than $150 billion in invoices. The AI model powering the solution has also been exposed to billing patterns encompassing 225 practice areas and 20 different industries, creating more nuanced and accurate outputs that can’t be replicated through offline training. Additionally, the accuracy of the model has also been enhanced by the more than 60,000 person days that legal experts have collectively spent using LegalVIEW BillAnalyzer.
AI also drives ELM Solutions’ Predictive Insights module, helping law departments to make strategic decisions when assigning outside counsel to litigated matters. New Tableau visualizations for Predictive Insights are now available with Passport 22.1, the most recent version of ELM Solutions’ legal spend and matter management platform. This version release also features enhancements to the platform’s Diversity Module, including an increase in the number of data fields, and alignment with the latest ABA standards. TyMetrix 22.1 is also now available, and includes new contingency fee alternative fee arrangements (AFAs), expanded legal hold capabilities, and new API updates.
In continuing celebration of the five-year anniversary of LegalVIEW BillAnalyzer, ELM Solutions will share more of its AI expertise during an upcoming installment of the company’s Legal Leaders Exchange podcast, to be available on May 10. Jeffrey Solomon, and Abhishek Mittal, Global Head, Data Analytics and Operational Excellence for Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, will discuss the growth of LegalVIEW BillAnalyzer and how AI will propel the legal industry into the future.