Three years ago, Wolters Kluwer’s ELM Solutions introduced LegalVIEW BillAnalyzer, a service for in-house legal-bill review teams that combines machine learning and other advanced technologies with human expertise to help review law firm invoices and ensure that they accurately and consistently adhere to billing guidelines.
Today, ELM Solutions is introducing a variation on that product, the LegalVIEW BillAnalyzer Data Service, a managed service designed to provide bill review teams with AI and data analytics technology to improve their efficiency and reduce legal spend.
Jeffrey Solomon, senior director of data analytics and artificial intelligence products at ELM Solutions, told me during a briefing last week that the key difference between the two products is in whether the customer uses ELM’s expertise or its own internal expertise.
The original BillAnalyzer is a fully managed expert service in which AI technologies and legal experts are used together to help customers optimize their legal bill review process.
The new BillAnalyzer Data Service provides the AI and analytics technologies to support customers’ internal review teams, with the same goal of helping them optimize their bill review process.
Since introducing the original product, Solomon explained, ELM heard from a number of customers with well-established in-house review teams that they wanted to take advantage of the BillAnalyzer technology but while maintaining their existing operational structure.
Jonah Paransky, executive vice president and general manager of ELM Solutions, said that the amount of legal spend going through the expert service has increased by six times since 2018, and has provided legal cost savings of up to 10% and improvement in billing guideline compliance of up to 20%.
“Now, we are thrilled to harness the largest repository of legal spend data in the world with AI and advanced technology to help an additional group of customers solve real problems,” Paransky said.
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