New functionality provides corporate legal departments with greater cost management and efficiency
Wolters Kluwer announced the launch of new GenAI-enabled summarization functionality for LegalCollaborator. Additionally, corporate legal departments can now leverage reverse auction capabilities to drive more competitive law firm bids.
Raja Sengupta, Executive Vice President and General Manager of Wolters Kluwer ELM Solutions said: “Corporate legal departments are under the spotlight to improve efficiency while forging stronger, more impactful relationships with their law firm partners. The new functionality announced today for LegalCollaborator empowers corporate legal departments to benefit from enhanced transparency into law firm strategy and strategically manage expenses from the earliest days of engagement with their law firm partners.”
GenAI-enabled summarization capabilities will help corporate legal departments assess how law firm proposals align with objectives in the Requests for Proposal. Summarizations highlight and compare key information such as experience and certifications across bidders to drive successful outcomes.
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The addition of reverse auction functionality allows law firms to compete with one another in a time-bound auction. Firms offering either the lowest possible bid or the most favorable terms become frontrunners to win the business.
LegalCollaborator integrates seamlessly with Wolters Kluwer’s TyMetrix® 360° and Passport® platforms. The solution not only captures early law firm engagement information and competitive pricing insights, it also provides enforcement of pricing agreements for full vendor transparency and cost management.
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
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