ELM Solutions shares how law departments are using AI to drive new insights into legal spend

Jeffrey Solomon, Head of Managed Services and Analytics at Wolters Kluwer ELM Solutions, is featured on the popular legal technology podcast That Tech Pod discussing how AI is transforming the legal industry and where the future of the technology is headed inside corporate legal departments.

During the nearly 30-minute conversation with That Tech Pod, Solomon outlines how the desire to enhance relationships with external counsel is prompting corporate legal teams to fold AI into their operations. He explains that clients using ELM Solutions’ LegalVIEW BillAnalyzer, for example, can leverage the power of AI to swiftly review invoice line items and collaborate with law firms to assist them in creating more compliant invoices. However, Solomon stressed that the future of AI in legal will likely resemble innovations such as ELM Solutions’ LegalVIEW Predictive Insights module, which uses predictive budgets and cycle times to help legal departments select the best law firm for a given matter.

“The use of AI to glean new insights from existing data sets represents the next wave of technological innovation within the legal industry,” Solomon says. “Wolters Kluwer ELM Solutions is at the forefront of that evolution and I’m thankful for the opportunity to share with That Tech Pod how LegalVIEW BillAnalyzer and LegalVIEW Predictive Insights are transforming the way our clients do business.”

Solomon has spent more than two decades consulting within the legal technology sector. His current role includes overseeing a team that leads innovation initiatives through ideation, market research, development, and go-to market for a portfolio of AI-powered products and managed services.

ELM Solutions, part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, is a 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.

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 Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

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 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

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