Wolters Kluwer’s ELM Solutions, the market-leading provider of enterprise legal spend and matter management, contract lifecycle management, and legal analytics solutions, today announced that it was named a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment (Doc #US45943920, July 2020) and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment (Doc # US45943820, July 2020). The IDC MarketScape evaluated a field of over nine companies and named Wolters Kluwer a leader based on their three to five year strategy and the capabilities of current offerings.
In recent years, legal departments have transformed to become strategic business stakeholders that enable organizational growth. As the role of the legal department has evolved, legal operations professionals are demanding technology that drives efficiency, offers enhanced capabilities, analytics and opportunities for significant cost management. According to the IDC MarketScape: Worldwide Enterprise Legal Spend Management report, ”Wolters Kluwer has deep analytics and AI capabilities that leverage their $130 billion in legal spend under management to provide all their end users with deep benchmarking data. Wolters Kluwer also leverages this spend under management to provide predictive insights for clients to help guide settlement and budgetary decisions.”
“We are very proud to be recognized by the IDC MarketScape as a leader in both the Spend and Matter Management categories based on feedback from our customers and our product strategy,” said Jonah Paransky, Executive Vice President & General Manager for Wolters Kluwer’s ELM Solutions. “These important positionings reflect our deep understanding of how our customers work, dedication to exceptional customer service and innovative portfolio of products that deliver world-class business outcomes for our corporate legal and insurance claims department clients.”
Wolters Kluwer’s ELM Solutions was given high marks for helping corporate legal and claims department save money and increase efficiency with an innovative suite of solutions and services that leverage advanced technology right within the legal workflow. IDC recognized solutions and features including:
- LegalVIEW® Predictive Insights: A new module that provides customers with information they need to select the right law firm to handle each litigated matter using artificial intelligence and analytics from the LegalVIEW® database.
- Intelligent Invoice Conversion: “Wolters Kluwer is one of the few providers in the market that converts paper or PDF bills to LEDES format which enables users to gain richer data insights faster than manual alternatives.”
- LegalVIEW® BillAnalyzer: Wolters Kluwer has a team of expert bill reviewers that are trained on their platforms and can supplement corporations’ legal bill review function at a moment’s notice. Wolters Kluwer’s clients “gain access to extra bandwidth at busy times” without having to search for and train contractors.
- Office Companion: Both Passport and Tymetrix 360 integrate with Microsoft Outlook to the extent that a user can stay in Outlook rather than open up the application. Wolters Kluwer understands that attorney’s are comfortable working in Outlook and “is able to drive adoption and data integrity through this add-in.”
- Multiple Platforms: While cloud-based applications dominate the technology landscape, especially in the COVID-19 environment, there are heavily regulated enterprises that require work be conducted behind their firewall and utilize VPN services for remote work. Wolters Kluwer fosters and supports the on-premises market as many of the most sophisticated legal departments are in highly regulated industries like insurance.
Wolters Kluwer’s 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. Corporate legal and insurance claims departments trust our innovative technology and end-to-end customer experience to drive world-class business outcomes. The award-winning products include Passport®, the highest rated ELM solution in the latest Hyperion MarketView™ Legal Market Intelligence Report; TyMetrix® 360°, the industry’s leading SaaS-based e-billing and matter management solution; CLM Matrix, named a “strong performer” in The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2019 report; and the LegalVIEW® portfolio of legal analytics solutions based upon the industry’s largest and most comprehensive legal spend database, with more than $130 billion in invoices.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to 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 (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
About the IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.