Cloud-based platform for centralized management of legal operations in enterprise lifecycle. The best AI-powered ELM software to reduce ALAE by 10% through intelligent process automation.
Mercury ELM Software: An Overview
Mercury ELM is a super-organized virtual assistant for your company's legal team. It allows you to keep all your legal tasks in one place. It can automatically assign the right people for each job, warn about potential legal issues before they become big problems, and keep a close eye on the budget to make sure the company is not overspending on legal matters.
Process automation is introduced in this software to streamline operations, which can save valuable time and resources.
Transform your business with the advanced tools needed for a modern and agile approach to enterprise legal management.
What Does Mercury ELM Software Do for Your Business?
Centralized Legal Operations
Control all legal aspects of your company in one place. It's a single platform offering a unified solution for a consolidated view of legal activities to enhance operational efficiency.
Lifecycle Management of Claims
You can manage the entire process of litigated claims from the First Notice of Loss (FNOL) through settlement. It ensures a systematic approach in a comprehensive manner.
Automated Adjuster Assignment
The software efficiently assigns adjusters based on historical performance metrics. It also automates the process to ensure the right expertise is applied to each claim.
Get early warnings about high-value losses and make informed decisions. Incorporate data-driven insights by identifying patterns and trends the right way.
Reduction of ALAE
Your business can reduce ALAE by up to 10% through strategies like early settlement offers based on the likelihood of claimant acceptance—thereby minimizing the litigation period.
Real-Time Invoice Tracking
The e-billing portal will simplify the invoice review process. Get transparency and control in setting claim budgets and managing them effectively.
Experienced Legal Review
Benefit from the expertise of attorneys with 10+ years of experience who will review your incoming invoices against billing guidelines, invoice query resolutions, etc.
Gain a drill-down view of key metrics by category, geography, and stakeholder. You can track spending and stakeholder performance with real-time data analytics.
Save Money on Legal Costs
Mercury ELM makes sure the bills follow the rules. You can cut down on external legal costs by 10% with automatic flagging of faulty line items. Alternatively, entrust LSG's experienced 10+ year PQE attorneys for a thorough legal bill review.
Mercury ELM promotes digitization by getting rid of boring, manual tasks that hinder adjusters and in-house counsel efficiency. It turns all the paperwork in legal cases into digital files. This means less hassle for your team and more efficiency.
Integrated In-App Litigation Handling
Eliminate the need for third-party tools like email to activate and communicate with panel counsel. You can manage the entire litigation and settlement process seamlessly within the software.
Strategic Panel Management
Manage panel composition, invite new firms, and set detailed matter budgets effortlessly. Monitor performance using qualitative metrics such as burn rates, success rates, and scorecards to get the best value for your money.
Modernize Legal Operations & Empower Adjusters
LSG's Mercury ELM is created for carriers, third-party admins and in-house legal departments looking to rein in legal spend and to streamline legal operations.
Project claim risk and litigation likelihoods, using the knowledge to improve decision-making.
Request, approve and track claim budgets from panel counsel, all within the same dashboard.
Automatically notify partners and staff whenever data needs to be preserved due to litigation.
Manage claims from start to end from a single platform, including panel and adjuster assignment.
Onboard, manage and track panel firms' performance with scorecards and objective metrics.
Track rate adjustment requests and approve new billing rates from within the platform.
Let panel counsel submit legal bills through the e-billing portal in LEDES (1998B thru XML 2.2) or other formats.
Plan, track and communicate case strategy in-app, ensuring all stakeholders are aligned.
Monitor key spend metrics and stakeholder performance with real-time, drill-down reports.
Legal Bill Review
Let LSG's team of fee auditors review legal bills on your behalf, ensuring billing guidelines.
Store, tag and track documents electronically, with instant access available across all devices.
Integrate with 3rd-party software such as Guidewire, QuickBooks and other common platforms.
Mercury Enterprise Legal Management Workflow
Take a look at the workflow graphic below for a view of how LSG deploys its legal operations platform for enterprise legal management needs.
Satisfied Clients across the globe
System enables us to get a much clearer understanding down to transaction-level detail of our spend across the entire business.
[...] we were able to take the program from the planning phase to fully functional in less than two weeks due to their efficient on-boarding.
We looked around quite a bit when searching for a good fit [...] we decided on LSG and are extremely pleased with our decision.
LSG is easy to navigate even if you are new to the system. Client relations staff is awesome as they are responsive and timely.
Learn how LSG saved a top 10 global carrier over $522M with mercury enterprise legal management.
We worked with one of the world's top insurance carriers to integrate our legal spend management solutions, including enterprise legal management software with legal bill review. Over just a 3 year period, we improved the carrier's metrics and generated value of over half a billion dollars in legal spend reduction.
Claims speed increase
Reduced days per claim by 394 days, representing over a year
Legal spend savings
Reduced outside counsel legal spend by $487M dollars
Reduced staff requirements by 492 full-time employees
Frequently asked questions
In addition, you can also rein in excessive legal spend by seeing where money is being spent with keen, robust analytics as an anchor of your legal spend management strategy. In short, the benefit of our Mercury ELM is cost savings and increased transparency.
If you've got a list of billing guidelines set out in your service level agreements with vendors, we'll review your incoming invoices for compliance, enforcing guidelines. This, in turn, reduces the overall review requirement and cost with time as your vendors will gradually conform to the guidelines set forth in the pre-determined agreements. If you need help creating a robust set of billing guidelines as a first step in the legal bill review process, we can also help with that.