ELM Solutions’ technology propelled Equitable’s law department modernization initiative
The Association of Corporate Counsel (ACC) has recognized Wolters Kluwer ELM Solutions and its client Equitable as 2022 ACC Value Champions. A market leading financial services and insurance company, Equitable was celebrated for its highly successful implementation of two award-winning ELM Solutions’ products – legal spend and matter management platform Passport and the AI-powered LegalVIEW BillAnalyzer – as vital components in a larger five-year law department modernization plan.
Each year, the ACC Value Champion program honors collaborations between clients and their legal service providers that utilize value-focused management practices to cut spending, improve budget predictability and achieve better outcomes. By leveraging ELM Solutions’ Passport and LegalVIEW BillAnalyzer solutions, Equitable was able to reduce the time spent on matter entry/setup and outside counsel onboarding time by 50%, while also gaining back more than 10,000 manual process hours and a 5% reduction in outside counsel expenses.
“It is always a privilege to be recognized by an esteemed organization like the Association for Corporate Counsel, but ELM Solutions is especially humbled to share this most distinguished honor with Equitable,” said Barry Ader, Vice President of Product Management and Marketing at Wolters Kluwer ELM Solutions. “All of our solutions are designed with our clients’ needs top of mind, and it is extraordinarily gratifying to see LegalVIEW BillAnalyzer continue to deliver unparalleled savings in time and cost.”
“I would like to extend my sincerest gratitude to the Association of Corporate Counsel for recognizing the fruitful partnership between Equitable and Wolters Kluwer ELM Solutions throughout the course of our law department modernization plan and beyond,” said Mike Lordi, Head of Legal Operations at Equitable. “The strategic implementation of innovative technologies has allowed our legal team to drive new efficiencies and enhance the level of value we bring to our organization.”
Founded in 1983, The Association of Corporate Counsel is the world’s largest organization serving the needs of in-house legal counsel. It provides education, advocacy and networking opportunities to corporate law professionals working inside businesses and other organizations across the globe.
Earlier this year, ELM Solutions celebrated the five-year anniversary of the sophisticated AI algorithm behind its LegalVIEW BillAnalyzer spend management tool, which scrutinizes each line of a law firm invoice to determine compliance with a legal department’s outside counsel billing guidelines. LegalVIEW BillAnalyzer – along with ELM Solutions’ Predictive Insights module – was also named “Best Use of AI” by New World Report’s Legal Elite Awards.