Company: Wolters Kluwer's ELM Solutions, Houston, TX
Company Description: ELM Solutions empowers customers to succeed in delivering higher organizational value by becoming more productive and efficient through specialized technology solutions, finding answers to complex problems through the use of deep domain-specific analytics and helping organizations cross performance barriers through rich and relevant technologies, services, solutions and learning opportunities.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Legal - Large
 Nomination Title: Wolters Kluwer ELM Solutions
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2022, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 71 words used.
Wolters Kluwer ELM Solutions is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. We provide a comprehensive suite of tools that address the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. We have a global workforce of over 500 people, customers in over 190 countries, and have completed well over 700 implementations of our software.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2022 that you wish to bring to the judges' attention (up to 250 words):
Total 250 words used.
ELM Solutions was named a Leader in the IDC MarketScape: Worldwide Enterprise Legal Management Software 2023 Vendor Assessment. IDC MarketScape’s analysts note Wolters Kluwer ELM Solutions’ thoughtful approach to innovation, reflected by an extensive portfolio of managed services, AI investments, and feature development all channeled towards serving customers’ immediate needs. The report notes, “Wolters Kluwer ELM Solutions has deep analytics and AI capabilities that leverage its massive amount of legal spend under management to provide all its end users with deep benchmarking data. Wolters Kluwer ELM Solutions focuses on practical AI capabilities that drive value for clients right now, not some future state.”
In October, 2023, ELM Solutions first unveiled the LegalCollaborator solution, which enables corporate legal departments to initiate new matter requests for proposal (RFPs) among law firms and gather key strategic data from outside counsel during the critical early stages of their work. LegalCollaborator helps corporate legal teams achieve savings and spend predictability while ensuring that outside counsel strategy is aligned with corporate goals.
LegalVIEW BillAnalyzer – which leverages AI to scrutinize each line of a law firm invoice to determine compliance with a legal department’s outside counsel billing guidelines – celebrated its five-year anniversary in May 2022. While BillAnalyzer was previously limited to clients of ELM Solutions’ legal spend and matter management solutions TyMetrix 360° and Passport, the creation of a new, platform-agnostic Machine Learning workbench (ML Ops) has significantly broadened the number of clients and learning opportunities the product and its AI model can engage.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 209 words used.
The IDC MarketScape report evaluates vendors participating in the worldwide enterprise legal management software market, leveraging an expansive set of criteria that includes AI analytics, user experience and cybersecurity. The report notes, “Wolters Kluwer is uniquely situated to develop products for enterprises as most of its customers are the largest enterprises in the world… Wolters Kluwer overall is an incredibly stable organization, and customers should feel comfortable investing in their software in times of economic uncertainty.”
Unlike competitive solutions, LegalCollaborator integrates seamlessly with ELM Solutions’ platforms, providing support for efficient data-sharing with matter management and enforcement of agreed-upon rates and fee arrangements within bill review and spend management solutions. These processes require no additional re-keying of information and ensure follow-through meets the expectations of the corporate legal department.
One of the greatest challenges facing legal bill review providers is that there is no one-size-fits-all formula that delivers great results across different clients and industries. Because the AI powering BillAnalyzer exists in a constant state of learning, the culmination of years exposed to billing patterns spanning 225 practice areas and 20 different industries has made it incredibly nuanced. Opening up adoption to users beyond ELM Solutions’ own platforms considerably broadens that exposure, and the strength of the AI itself.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 46 words used.
Press release - Wolters Kluwer announcement on IDC MarketScape report
LegalVIEW BillAnalyzer: The AI Engine Explained - This video explains the continuous feedback loop that allows BillAnalyzer’s underlying AI algorithm to constantly grow smarter.
Legal collaborator sales slick - Introductory marketing piece on the new offering
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