Wolters Kluwer will be speaking about the role of Artificial Intelligence (AI) for General Counsels at a major legal industry event taking part in Geneva this Friday.
The company, through its Wolters Kluwer ELM Solutions business, is sponsoring this week’s General Counsel (GC) 2018 Roundtable. Sandeep Sacheti, Vice President of Customer Information Management & Operational Excellence for Wolters Kluwer Governance, Risk & Compliance Division, will speak about the “Future Artificial Intelligence & Blockchain Revolutions for General Counsel”, exploring whether robot lawyers and predictive justice will soon be a reality. He will be joined on the panel by Cameron Craig, Deputy General Counsel and Group Head of Data Privacy and Digital, Group Legal, at HSBC.
The roundtable provides a particularly timely opportunity for GC discussion given how CEOs now expect their law departments to be managed like other business units with a focus on cost control and desire to drive innovation and competitive advantage. Earlier this year Wolters Kluwer released a study that showed how the new function of legal operations has emerged to drive innovation and efficiency in corporate law departments.
“Legal operations professionals now play a critical role in shaping in-house practice and are increasingly charged with driving significant efficiencies, controlling costs and scoping out the best way to perform legal services in alignment with the priorities and goals of the company and the business units they serve,” the white paper stated. “This mission is never truly complete. Corporate law departments are building new strategies to move from the long-standing concept of ‘legal as a cost driver’ to a new reality of ‘legal as a value driver’ for their businesses. Fortunately, many legal departments have access to an array of tools, technologies, data and other resources to help them operate more strategically.”
Wolters Kluwer clearly believes AI will play an important role here.
Last year the firm launched LegalVIEW BillAnalyzer to “help corporate legal departments and insurance claims organizations of all sizes more efficiently manage their incoming legal invoices and improve cost management.” The LegalVIEW BillAnalyzer service “manages the entire invoicing review process through a combination of advanced technology, machine learning and expertise to ensure outside firm compliance with billing guidelines, while offering clients an average cost savings of 6 to 9 percent in legal fees”, the company said in its press statement on the launch.
According to Wolters Kluwer’s website Sacheti leads a team “that combines market research and analytics to identify customer trends, drive product development, sales, service and operational excellence across all core processes.” Before joining Wolters Kluwer, Sacheti was the head of business risk and analytics U.S. banking for UBS, where he devised a strategy that enabled financial advisors to make analytical-driven recommendations to lower the cost of debt for clients. Previously, he served in a number of roles at American Express.
Sacheti received his Doctorate from the University of California, Berkeley. He also holds more than 20 patents in decision science, fraud verification and identification and has published extensively on these subjects.
Wolters Kluwer’s ELM Solutions positions itself as “the market-leading provider of enterprise legal spend and matter management and legal analytics solutions.” Its solutions include Passport, the highest rated ELM solution in the 2017 Hyperion Marketview™ Legal Market Intelligence Report; TyMetrix® 360°, a SaaS-based e-billing and matter management solution and the LegalVIEW® portfolio of legal analytics solutions based upon comprehensive legal spend database, with more than $100 billion in invoices.