Wolters Kluwer’s ELM Solutions, the market-leading provider of enterprise legal spend and matter management, contract lifecycle management, and legal analytics solutions, today announced that it was named a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment (Doc #US45943920, July 2020) and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment (Doc # US45943820, July 2020). The IDC MarketScape evaluated a field of over nine companies and named Wolters Kluwer a leader based on their three to five-year strategy and the capabilities of current offerings.
In recent years, legal departments have transformed to become strategic business stakeholders that enable organizational growth. As the role of the legal department has evolved, legal operations professionals are demanding technology that drives efficiency, offers enhanced capabilities, analytics, and opportunities for significant cost management. According to the IDC MarketScape: Worldwide Enterprise Legal Spend Management report, ”Wolters Kluwer has deep analytics and AI capabilities that leverage their $130 billion in legal spend under management to provide all their end-users with deep benchmarking data. Wolters Kluwer also leverages this spend under management to provide predictive insights for clients to help guide settlement and budgetary decisions.”
“We are very proud to be recognized by the IDC MarketScape as a leader in both the spend and matter management categories based on feedback from our customers and our product strategy,” said Jonah Paransky, Executive Vice President & General Manager for Wolters Kluwer’s ELM Solutions. “These important positionings reflect our deep understanding of how our customers work, dedication to exceptional customer service, and innovative portfolio of products that deliver world-class business outcomes for our corporate legal and insurance claims department clients.”
Wolters Kluwer’s ELM Solutions was given high marks for helping corporate legal and claims department save money and increase efficiency with an innovative suite of solutions and services that leverage advanced technology right within the legal workflow. IDC recognized solutions and features including:
- LegalVIEW® Predictive Insights: A new module that provides customers with information they need to select the right law firm to handle each litigated matter using artificial intelligence and analytics from the LegalVIEW® database.
- Intelligent Invoice Conversion: “Wolters Kluwer is one of the few providers in the market that converts paper or PDF bills to LEDES format which enables users to gain richer data insights faster than manual alternatives.”
- LegalVIEW® BillAnalyzer: Wolters Kluwer has a team of expert bill reviewers that are trained on their platforms and can supplement corporations’ legal bill review function at a moment's notice. Wolters Kluwer’s clients “gain access to extra bandwidth at busy times” without having to search for and train contractors.
- Office Companion: Both Passport and Tymetrix 360° integrate with Microsoft Outlook to the extent that a user can stay in Outlook rather than open up the application. Wolters Kluwer understands that attorneys are comfortable working in Outlook and “is able to drive adoption and data integrity through this add-in.”
- Multiple platforms: While cloud-based applications dominate the technology landscape, especially in the COVID-19 environment, there are heavily regulated enterprises that require work be conducted behind their firewall and utilize VPN services for remote work. Wolters Kluwer fosters and supports the on-premises market as many of the most sophisticated legal departments are in highly regulated industries like insurance.