Wolters Kluwer ELM Solutions podcast examines rise in corporate legal departments’ outside spend
Data from ELM Solutions’ LegalVIEW database shows that spend is up even as vendor counts decline
ELM Solutions experts
Solomon and Cemenska theorize that a bump in rates – and the resulting “sticker shock” – could spur more CLDs in the direction of technologies such as LegalVIEW BillAnalyzer, which leverages AI to deliver an up to 10% cost savings and up to 20% increase in billing guideline compliance while also providing in-house teams with the industry benchmarking data they require to engage in more proactive discussions with their law firm providers.
“We run into many law departments who take what their law firms say as gospel because they value the relationship and are afraid to have a more explicit discussion,” Solomon says. “But if you ask for preferred rates or discounts in exchange for more business, many firms will accommodate those requests.”
“Corporate legal departments can’t afford to place their rate management programs on autopilot,” Cemenska says. “If they do, the situation will likely become critical within six months’ time.”
The LegalVIEW Insights program is a series of reports, blogs and webinars that draws from the more than
ELM Solutions, part of Wolters Kluwer GRC, is a 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
About Wolters Kluwer
Wolters Kluwer(AEX: 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,
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