Learn how LSG saved top 10 global insurer over $522M dollars with ELM software
We worked with one of the world’s largest insurance firms to integrate our legal spend management solutions, including enterprise legal management software with legal bill review and attorney fee auditing baked in. Over just a 3 year period, we improved the firm’s combined operating ratio and achieved cost savings of over half a billion dollars.
Reduced days per claim by 394 days, or over a year
Reduced outside counsel legal spend by $487M dollars
Reduced staff requirements by 492 full-time employees
Key benefits of LSG’s Mercury ELM software
LSG has provided legal software solutions for over 15 years. In this time, we have developed several iterations of ELMs. Our latest development, Mercury ELM, is a powerful legal software solution that will modernize your enterprise legal management. Leveraging the latest in technology, the Mercury ELM software generates savings for all of our clients with an average ROI of ~6-7x.
Choosing Mercury ELM as your enterprise legal management software of choice will provide you with the capability to drive meaningful cost savings for your organization. Track outside counsel legal spend and vendor performance, analyze invoices for billing guideline compliance and fully utilize the knowledge of your organization with intelligent claims precedence insight.
Manage ongoing claims litigation and track performance by vendors and in-house counsel, as well as case strategy, budgets, notes and documents.
Legal bill review
Outsource your legal bill review to LSG’s legal fee auditors. Enforce your billing guidelines and reduce outside counsel spend by ~6-11% per invoice.
Track your vendors’ performance, billing compliance and legal spend. Leverage data analytics to inform your vendor decisions and strategy.
Leverage knowledge from previous claims outcomes and legal opinions for current, ongoing claims. Reduce unecessary spend by in-house staff.
Why choose Mercury ELM software?
Business intelligence is the key to understanding performance and trends, empowering business decisions. Data can be analyzed and the results presented in a variety of ways to provide vital information that confirms previous- and drives future business decisions, while highlighting outliers and fostering curiosity. Whether at a high-level or granular, reporting informs and notifies, bringing visibility to the complex and provoking important questions. Unwanted detail can be filtered out to provide answers to specific questions. Specific reports can be quickly and easily produced. These are just some of the ways Mercury ELM software goes above and beyond for our enterprise legal clients.
This is an exciting time for enterprise legal management (ELM) software. With ever-growing pressure on legal departments to reduce spend, general counsel expect to be armed with greater budget predictability, workflow efficiency and crystal-clear visibility into legal spend. That’s where enterprise legal management software comes in. Properly implemented, an enterprise legal management software solution builds a foundation for digital transformation and integrated risk management. Solutions such as LSG’s Mercury ELM software includes features to manage all activities surrounding the corporate legal practice from a single dashboard. Matter management functionality provides vital tools for running an efficient legal department. If your legal department outsources work to outside law firms, then legal spend management is an absolute must-have. When engaging outside counsel, you are likely responsible for controlling costs, managing firm selection and engagement.
With Mercury ELM software, you will gain foresight into budgeting and future spend to create more predictability of department results. Implement our enterprise legal management software as a part of your legal spend management strategy, with legal bill review and audit services baked in. Get the quantitative answers you need to shape your legal operations and to inform your business decisions with data analytics and reporting through Microsoft’s Power BI. Schedule a demo with our expert team to learn more about how our Mercury ELM software can drive cost savings for your organization through a multi-faceted legal spend management and enterprise legal management approach.
LSG’s Mercury ELM software features
Panel and rate management
Legal hold management
Budgeting & case planning
Custom API integrations
LSG’s Mercury ELM software workflow
Take a look at the workflow graphic below for a view into how LSG deploys its Mercury ELM software
for clients’ enterprise legal management needs. LSG’s ELM offers matter management,
litigation management, claims management, case management and beyond for enterprises.
We looked around quite a bit when searching for a good fit with regard to eBilling, matter management and document management. We decided on LSG and are extremely pleased with our decision. No conversion of this nature goes off without a few... Read more
Arthur J. Gallagher & Co
Over the course of our partnership with LSG I have been extremely pleased by their knowledge in this space, professionalism and customer service. Overall, I could not be happier with LSG and their team and would not hesitate to recommend them.
To further enhance our litigation management practices, we wanted a partner who could provide the level of service and tools necessary to be able to demonstrate real value to our clients. LSG has proved to be a capable firm committed to achieving... Read more
Gallagher Basset Services, Inc.
We wanted to replicate the billing guideline compliance process we use for our 'live' program of Mercury® ELM on this historic claim. This required providing the invoices to LSG and then they conducted the review using Mercury® ELM and their... Read more
Brit Global Specialty
The LSG system is user friendly unlike others that I have come across. Training is not overwhelming or too time consuming. LSG is easy to navigate even if you are new to the system. Client relations staff is awesome as they are responsive and timely... Read more
Contact us to set up a demonstration where we show you how we can help you achieve legal ops savings with our Mercury ELM software.
Frequently Asked Questions
In addition, you can also reign 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 software 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.