Wolters Kluwer ELM Solutions today (2 May) announced the launch of LegalCollaborator, a competitive bidding software that makes it easier for corporate legal departments to compare, contrast, and enforce law firm offerings through the selection process.
The solution integrates with Wolters Kluwer’s matter management and legal spend solutions TyMetrix 360 and Passport so that engagement information and pricing insights captured during the selection process can be more easily enforced further down the line.
The new functionality is also intended to remove subjectivity from the selection process, which can often be driven by personal relationships. Wolters Kluwer says it is also intended to enable law firms to demonstrate the unique values they bring to the table.
LegalCollaborator provides a series of pre-defined templates that allow users to collect and view details such as conflict waivers, strategy, staffing and pricing structure side-by-side.
“A successful engagement process can determine the trajectory of a matter before any work has even been performed. This removes subjectivity and increases transparency from the law firm selection process allowing corporate legal teams to focus on the strategy that will lead to an improved outcome,” said Vince Venturella, associate manager, technology product management at Wolters Kluwer ELM Solutions. “In addition, pricing agreements and other crucial details are then automatically integrated into our existing platforms, enforcing those agreements for the life of the matter with no human intervention. It provides a holistic vendor management process from the initial engagement of the firm to the close of the matter.”