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.
ELM Solutions, part of Wolters Kluwer GRC, is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. The company provides a comprehensive suite of tools that address the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. Corporate legal and insurance claims departments trust its innovative technology and end-to-end customer experience to drive world-class business outcomes. The other legal solutions business of Wolters Kluwer GRC is CT Corporation. The division’s banking and regulatory compliance businesses are Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting.
Wolters Kluwer 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 $150 billion in invoices.
About Wolters Kluwer
Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH) has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country.