Wolters Kluwer’s ELM Solutions, the market-leading provider of enterprise legal spend and matter management, contract lifecycle management, and legal analytics solutions, has announced the release of Passport® 19.2 with a new LegalVIEW® Predictive Insights module.
This module empowers customers with the information they need to select the right law firm to handle each litigated matter using artificial intelligence (AI) and analytics from our proprietary LegalVIEW database, the world’s largest and most comprehensive legal spend database. LegalVIEW Predictive Insights also predicts budgets and matter duration, equipping corporate legal and claims professionals with high level, practical data to use in developing a legal strategy and budget right within their workflow.
“We are thrilled to provide actionable insight on litigation matters to help our customers achieve positive business outcomes,” said Jonah Paransky, General Manager and Executive Vice President of ELM Solutions. “We believe no other matter or spend management system incorporates the key data corporate and insurance claims departments need to make effective litigation decisions right at their fingertips.” See Jonah announce the launch at ELM19, the premier user conference.
Expanding Wolters Kluwer’s ELM Solution’s capabilities for legal operations and claims professionals, LegalVIEW Predictive Insights ranks the best law firms for litigated matters using predictive budget and time data along with a customer’s customized criteria, helping customers make better law firm selections and manage their budgets. To see how LegalVIEW® Predictive Insights empowers better decisions and improved efficiencies, click here.
“We believe the ability to leverage all relevant data throughout the litigation process using LegalVIEW Predictive Insights will improve our litigation workflows dramatically. Predictive Insights will allow our users to budget more accurately and collaborate better with our outside firms, leading to overall better outcomes,” said Dan Winkler, Leader – Claims Legal, Westfield Insurance.
The LegalVIEW Predictive Insights module builds a data model using our LegalVIEW database as a starting point, then layers client-weighted historical data on top to rank law firms and generate predicted budget and cycle time information. Customers are given firm scorecard ratings, key performance metrics (like average rates, invoice accuracy, win/loss ratio, etc.), and the predicted budgets and matter cycle times per firm, so they can be confident they are selecting the best firms likely to yield the best outcomes.
Passport 19.2 also features new analytics capabilities that include LegalVIEW embedded rate benchmarking and expanded use of Tableau visualizations embedded in the platform. These new features will further enable customers to make smarter, faster decisions right within their key legal workflows. The Legal Holds module has also been upgraded with additional features, and Office Companion has new document management capabilities to further streamline the customer experience.