Fourth episode of Wolters Kluwer's ELM Solutions podcast explores how to manage the budgetary impact of high-cost legal matters
Managing legal costs has been a key priority for many organizations during the pandemic, including so-called megamatter spend - legal matters that are poised to generate more than $1 million USD in lifetime spend. Megamatters at some legal departments may double during the next six years and so navigating the complexities of spend management will be vital, according to Wolters Kluwer's ELM Solutions’ recently launched podcast series, Legal Leaders Exchange.
In this episode, Nathan Cemenska, ELM Solutions’ Director of Legal Operations and Industry Insights, and Ron Denton, Legal Business Manager at multinational energy company Phillips 66, discuss how to effectively handle megamatters without damaging budgets or reputations. Topics include:
- How to best communicate with senior leadership about the cost of megamatters
- What factors drive the expenses behind megamatters
- The reason that trying to budget for megamatters is often challenging
- Overlooked methods for reducing the cost of megamatters
- Why having a regular flow of megamatters can be advantageous to a legal department
Legal Leaders Exchange was created to deliver insights on optimizing legal operations for corporate legal and insurance claims professionals. Listeners can subscribe to Legal Leaders Exchange episodes from the leading podcast platforms, including Apple Podcast, Spotify, Google Podcast, Amazon / Audible.com and iHeart Radio. The podcast show is the latest in a series of 2021 thought leadership media including blogs, webinars- and other platforms leveraging information from ELM Solutions’ LegalVIEW® Data Warehouse – the most comprehensive legal spend database in the world with more than $140 billion in invoices.
Wolters Kluwer's ELM Solutions was named a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The company’s award-winning products include Passport®, one of the highest-rated ELM Solutions in the latest Hyperion MarketView™ Legal Market Intelligence Report and TyMetrix® 360°, the industry’s leading SaaS-based e-billing and matter management solution. CLM Matrix, meanwhile, was named a “strong performer” in The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2021 report. ELM Solutions’ LegalVIEW® portfolio of legal analytics solutions is based upon the industry’s largest and most comprehensive legal spend database, with more than $140 billion in invoices.