Enhanced data quality helps PNC build stronger relationships with law firm partners
A new case study from Wolters Kluwer ELM Solutions explains how the company’s AI-powered LegalVIEW BillAnalyzer spend management tool enabled PNC Financial Services Group, Inc. – one of the largest diversified financial services institutions in the U.S. – to find new expense controls, bolster efficiencies and strengthen law firm relationships. The study found that PNC was able to improve expense control within the first month of using LegalVIEW BillAnalyzer’s experienced AI engine to automate the time-consuming process of identifying likely billing violations, while also gaining the data necessary to identify opportunities for strengthened relationships with law firms and other key stakeholders.
Already long-time users of ELM Solutions’ SaaS based e-billing and matter management tool TyMetrix 360°, the legal team at PNC implemented LegalVIEW BillAnalyzer with the goal of controlling expense, improving billing guideline compliance, and enhancing the quality of data needed to drive more strategic decision-making. Attorney-led bill review was enhanced with the automated validation of invoice format and compliance with rates, fees, and other billing items.
“Implementing LegalVIEW BillAnalyzer has enabled PNC to push well beyond its initial goals of efficiency, expense control and billing guideline compliance, without disrupting our law firm relationships,” John Crawshaw, Business Analytics Manager at PNC, said. “The quality of data and depth of insight the solution offers will place PNC’s legal operations team in strong position to continue growing the core relationships that are critical to achieving the organization’s wider business objectives.”
Earlier this year, ELM Solutions celebrated the five-year anniversary of LegalVIEW BillAnalyzer and its underlying AI algorithm, which has traversed billing patterns spanning 225 practice areas and 20 different industries. The scope of that experience – and the more than 60,000 person days that legal experts have collectively spent engaging with the solution – is what empowers LegalVIEW BillAnalyzer’s AI model to deliver more nuanced and accurate outputs that can’t be replicated through offline training
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 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221028005020/en/
Media Contacts for Wolters Kluwer GRC
(Including Wolters Kluwer ELM Solutions, Wolters Kluwer CT Corporation, Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting)
Senior Director, Global Corporate Communications: Global Marketing, Communications & Planning
Governance, Risk & Compliance Division
Office +44 20 3197 6586
Senior Specialist, Corporate Communications, Legal Services
Governance, Risk & Compliance Division