Wolters Kluwer ELM Solutions, the market-leading provider of enterprise legal spend and matter management, contract lifecycle management, and legal analytics solutions today announced the release of TyMetrix® 360° 2020.1 offering enhancements to help customers make smarter, data driven decisions while increasing operational efficiencies.
The latest release of TyMetrix 360° offers many features that harness our proprietary LegalVIEW® database, the world’s largest and most comprehensive legal spend database. These features support three critical activities of a legal operations department:
- Law firm selection and matter budgeting: LegalVIEW® Predictive Insights is a new module that provides customers with information they need to select the right law firm to handle each litigated matter using artificial intelligence (AI) and analytics from the LegalVIEW® database. Predictive Insights also predicts budgets and matter duration, equipping corporate legal and claims professionals with practical data to use in developing a legal strategy and budget right within their workflow. The module ranks the best law firms for litigated matters using predictive budget and time data along with a customer’s customized criteria, helping customers make better law firm selections and manage their budgets. To see how LegalVIEW® Predictive Insights empowers better decisions and improved efficiencies, click here.
- Rate comparison: LegalVIEW® Embedded Rate Benchmarks help corporate legal and insurance claims departments determine whether an outside law firm’s proposed rate is fair in comparison to other rates with similar criteria, right within the workflow. This benchmarking saves organizations money by providing real-time data to streamline rate negotiations and helps users make faster, more informed data-driven decisions.
- Invoice review: The LegalVIEW® BillAnalyzer Data Service, launched in February 2020, is a managed service offering that extends our success with the LegalVIEW® BillAnalyzer Expert Service by empowering in-house legal bill review teams with AI and data analytics to improve efficiency, increase compliance and reduce legal spend. It provides review teams with insights into billing practices, performance metrics and cost and compliance savings. The TyMetrix 360° enhancements optimize the invoice review workflow for customer bill reviewers, allowing clients to drive more accurate, compliant bill review with reduced human error and greater efficiency – right within TyMetrix 360°.
“For many years, Wolters Kluwer’s ELM Solutions has been an important partner to our insurance claims department. We look forward to taking advantage of the capabilities included in this latest TyMetrix 360° release to improve our legal operations. As a member of the team that co-created LegalVIEW® Predictive Insights, I am confident it will assist us in achieving better business outcomes by allowing us to leverage data to make better decisions on issues related to various workflow components including the budgeting process and our outside counsel utilization considerations,” said Dan Winkler, Leader – Claims Legal, Westfield Insurance.
“At Wolters Kluwer, we deliver game changing tools like Predictive Insights that use AI to leverage powerful data to improve business outcomes for our corporate legal and insurance claims department customers,” said Jonah Paransky, Executive Vice President and General Manager at Wolters Kluwer’s ELM Solutions. “This latest TyMetrix 360° release demonstrates our leadership in helping customers improve their legal operations with our portfolio of solutions that marry innovation and our unmatched volume of legal performance data. “
TyMetrix 360° 2020.1 1 also includes refinements to the Legal Holds module, giving users more flexibility to capture the data they need. Additional enhancements include updates to our Budgeting and Dynamic reporting capabilities.
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 2019 Q1 CLM Forrester Wave 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.