E L M, DEFINED.
ELM is a relatively new industry acronym that stands for Enterprise Legal Management. Tap into the Acuity ELM Knowledge Center to learn how ELM software can improve your bottom line and provide the analytic horsepower you need to fuel your legal operations and business strategy.
The Acuity ELM® Ecosystem
We like to think of ELM software as the electronic ecosystem that streamlines and automates every phase of the legal matter lifecycle.
From basic tracking of your cases and claims through advanced automation of billing rules and all points in between, Acuity ELM serves as the data hub and communication conduit that:
- eliminates errors and redundancy
- reduces legal spend
- predicts outcomes and identifies most efficient firm partners – fueled by analytics
- delivers the intelligence you need to answer the strategic questions that keep you up at night
The State of the ELM Union
The enterprise legal management landscape has never been more dynamic.
The Association of Corporate Counsel’s ACC Chief Legal Officers 2015 Survey confirmed that CLOs and General Counsel are continuing to focus on reducing legal spend with external counsel in three ways:
- negotiating alternative fee arrangements
- relying more on in-house legal staff
- consolidating outside counsel
Implementing these strategies requires sophisticated quantitative and qualitative analysis – to ensure that:
- case work being brought back in-house will generate more predictable outcomes
- flat fee arrangements will deliver on the promise of quantifiable tangible results
- relationships with outside counsel yield consistent, repeatable return on investment
Enter Acuity ELM
Acuity’s Analytics platform keeps you at the helm of your analytical journey. Lean on standardized best practice reports to get quick answers to questions like:
- What is the average timekeeper rate for each firm I manage? Which timekeepers are the outliers?
- What is the scope of YTD adjustments across the firms I manage?
- Which firms are billing higher than others for the same tasks?
- Which firms, matters and timekeepers are billing the most?
- What is my fee and expense profile based on UTBMS code and phase?
- Which cases are approaching their budget limits?
- How much have I spent on fees and expenses by case type over comparable periods?
Software-as-a-Service: Is It Right for Me?
Acuity ELM® is delivered in “the cloud.” We offer our application via the Software-as-a-Service model.
Software-as-a-Service (“SaaS”) translates to three big wins for the corporate counsel and legal operations experts:
- Affordability: Acuity ELM is configurable, virtual and easy to distribute. SaaS delivery translates to a lower client price point and significant recapture of hardware, administrative and overhead costs typically associated with managing an on-premise application.
- Rapid Turn On: delivering Acuity ELM in the cloud means we can get legal teams up and running on our matter management and e-billing platform in weeks. No more suffering through excruciating on-premise installations with long lead times and frequent communication black holes.
- Superior User Experience: because we routinely build and ship updates, our clients benefit from regular releases of new functionality – accessing the latest features and technology by simply logging on in the morning and without complicated behind-the-firewall machinations.
If your in-house technology and training teams need more time to focus on their core competencies – and you are striving to achieve rapid end-user adoption of ELM software – SaaS may be right for you.
Acuity ELM has received its SSAE 16 SOC 1 Type II Report from RSM US LLP – providing an extra layer of assurance that your investment in Acuity ELM is backed by the highest levels of security, privacy and confidentiality controls.
Acuity ELM Consulting Services
Acuity’s team of project managers, technologists and legal experts can partner with your in-house teams to:
- Determine if enterprise legal management software is right for you
- Identify best-fit technology solutions based on your unique organization characteristics and objectives
- Facilitate workflow discovery sessions and identify critical points of potential failure
- Pinpoint areas for optimization in your case lifecycle management and billing review hierarchies
- Assess your current ELM solution and recommend additional best practices to improve ROI
- Stand up advanced models for assessing performance and contribution margin of the firms you manage
ELM in Practice: Industry Spotlight
Mass tort litigation introduces additional machinations to an already complex claims management puzzle. Consider asbestos-related litigation. Analysts estimate that the total costs of asbestos litigation in the United States will eclipse $270 billion.
Acuity ELM’s mass tort clients lean on the advance features of Mass Tort Manager to oversee the high-volume workflows associated with batch litigation:
- Batch Invoicing by claimant, state and entity enables firms to bill at an individual claimant level while the corporate client manages work at the macro level – so that the client can review, process and analyze work performed by a single firm across all of its claims at one time via a single batch invoice.
- Invoice Review Tools facilitate swift, in-depth analysis of large batch invoices – reviewers can focus on work performed by one attorney, one type of task for one claimant – or hours billed across all claimants.
- Configurable Billing and Audit Rules can be applied across all firms, at a specific state / region level or at the firm-specific level – providing National Coordinating Counsel greater billing flexibility than the local firms they oversee.