*LegalVIEW BillAnalyzer Law Firm Survey 2024
Legal bill review:
The perfect fit for AI-powered impact
88% of leaders spend 5% or more on AI, and that number will grow to over 50%. Are you maximizing AI’s impact on legal spend?
Wolters Kluwer ELM Solutions delivers AI-powered solutions tailored to your needs. Our legal bill review experts work with you and your law firms to automate the mundane, time-intensive tasks that tie up your legal resources and expose your spend to human error.
As a result, 94% of law firms report improved or maintained client relationships, while legal teams show proven results of up to 10% savings on legal spend.
As AI investments grow, organizations prioritizing its adoption are realizing measurable returns and long-term success.
The EY AI Pulse Survey** shows:
77%
of leaders investing in AI are seeing improvements in operational efficiencies.
76%
of leaders are seeing improvements in employee productivity.
73%
of leaders are seeing improvements in competitive advantages.
Did you know this about your law firms?
Calculating the savings and ROI
AI-enabled bill review can help legal departments reduce costs and maximize efficiencies. To illustrate, let us assume that a legal department:
Oversees $20 million in annual outside legal spend
Reviews and processes 10,000 legal invoices annually
Manages approximately 1,800 legal matters that involve outside counsel
Employs 20 full-time in-house counsel
Assuming the above figures are constant over one year, check out the range of estimated savings and ROI you can expect with LegalVIEW BillAnalyzer:
Don't just hear it from us
“The system allows us to track and report on legal fee discounts. This allows our general counsel to more easily demonstrate to senior management that we are working with outside counsel to reduce legal fees.”
– Marsh & McLennan Companies
“We have easily seen 5-10% ROI just on enforcing our billing guidelines, creating the automated rules, having the bills audited as they come in, and pointing things out to the attorneys who then can take advantage of that. Now, they can just go in and click a button, make the change, and the firm gets paid.”
– PNC Bank
Discover today's best content for legal professionals
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Access more content
Infographic: Improving billing guideline compliance with AIExecutive summary: How to create billing guidelines that drive valueWebinar: Commit to billing compliance to attack spending at the sourceeBook: Critical components for expertise in billing guideline compliancePodcast: How DHL is using data, annual reviews, and billing guidelines to tackle rate negotiationseBook: Is your corporate legal department future-ready?Blog: Controlling legal spend with legal operationsChecklist: Choosing a vendor to develop and enforce billing guidelinesInfographic: Why Wolters Kluwer ELM Solutions?
We stand by our approach to total spend management and its proven ability to deliver compliance-led savings.
Our team is prepared to personalize your savings potential with a spend analysis.
Request your spend analysis today to understand the three-year cost savings your business can expect from adopting total spend management.
- Compliance-led savings
- Supports informed, data-driven decision-making
- Enhanced cost control