Enterprise Legal Management Software
What is Enterprise Legal Management Software?
Enterprise legal management (ELM) software enables in-house legal departments to get a complete overview of the legal spend across their organization, including the documents and legal records associated with that spend. Tying into this, a good enterprise legal management software will provide automated legal bill review to correct billing compliance errors and inefficiencies, fixing the issues and immense revenue loss associated with overpaying for legal services.
In addition to spend- and vendor management, an enterprise legal management software will typically also include matter management, vendor management, knowledge management, eBilling functionality, as well as reporting and analytics capabilities.
In the case of LSG’s enterprise legal management software solution, Mercury ELM®, you get all of the above with a pricing model that beats our competition — guaranteed — all the while saving you ~6-11% on legal spend. As an example, a recent client saved $487 million dollars over just 3 years.
What is the Mercury ELM® Software?
Mercury ELM®, our enterprise legal management software, is LSG’s latest development in its long history of pioneering impactful and cost-effective solutions for the legal industry. Using the latest machine learning capabilities, drawn from over 15 years of experience in data mining, Mercury ELM® is a new, ground-up enterprise legal management software designed to offer an excellent user experience along with an appealing interface for enterprises looking to save costs through automated bill review, compliance monitoring, and more.
This first of its kind enterprise legal management software product will allow clients to seamlessly interact with outside counsel and share information amongst the internal legal and/or adjusting teams. Our "digital handshakes” take out emails, document attachments and other manual processes, replacing these with in-app interactivity and operability solutions that give users instant knowledge and control. In addition to replacing outdated tasks, the Mercury enterprise legal management software tracks and corrects excessive legal spend through automated bill review.
How is Mercury ELM® Implemented Into Organizations?
Our enterprise legal management software can be plugged into your existing accounts payable, payments and other key existing IT infrastructure. Due to this, Mercury ELM® presents a seamless enterprise legal management software platform in which to conduct all your legal management needs, saving you considerable amounts through reducing inefficiencies and unnecessary spend.
Beyond this, we provide a powerful set of data analytics, reports and user dashboards, along with form building on the fly, meaning that the users are constantly informed of progress, key deadlines and milestones to be met. With a complete Microsoft Office Outlook integration, Mercury ELM® represents the best-of-breed in enterprise legal management software.
Key Features of Mercury ELM®
- Supplier selection and case / matter assignments
- Case and document management
- Validated e-billing
- Panel and rate management
- Budgeting and case / matter planning
- Automated bill review and compliance monitoring
- Powerful reporting within Mercury ELM
- ELM Data Analytics / Visualizations
- Matter / claims and payment feeds
- External supplier management
- Machine learning saving
- Case/Matter Assignments
- Budgeting and Case Planning
- Legal Hold Management
- Outlook Integration
- E-Docs
- E-Billing
- Automated Bill Review (ABR) and Compliance Monitoring
- Matter/Claims Payment Feeds
- Security and Database Hosting
- Financial and Management Information Reporting
Why LSG’s Enterprise Legal Management Software?
Business Intelligence is the key to understanding performance and trends, empowering business decisions. Data can be analysed 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® 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 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®, you will gain foresight into budgeting and future spend to create more predictability of department results. Get the quantitative answers you need to shape your legal operations and to inform your business decisions by contacting us for advice.
My experience with LSG has been nothing short of exceptional from the first Sales call to the current relationship management they employ. Even though this was the first time we had asked our panel counsel to submit their invoices through an electronic system for review prior to payment, 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 processes. During the training/on-boarding phase of the project I received many phone calls and emails from our law firms stating how great the LSG team was to work with. 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 for your electronic billing needs.
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 expert Legal Bill Review team. I was very pleased with the detail and granularity of the report which enabled us to have a productive discussion with our external counsel. A successful outcome was achieved.
Brit Global Specialty
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 results while recognizing the needs of both the law firms and our clients. These efforts have been supported by a high level of customer service and accessibility to their leadership and delivery team. There is a clear sense of partnership and willingness to provide the right solutions in the most appropriate manner.
Gallagher Bassett Services. Inc.
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 bumps, but LSG has been a great partner in attending to issues quickly and efficiently as they arise. Their flexible business approach, attention to detail and customer service orientation place them in a position to meet the needs of anyone with a need in this space. I highly recommend LSG.
Arthur J. Gallagher & Co
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.
The Workflow of LSG’s Enterprise Legal Management Software
Frequently Asked Questions (FAQ):
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.
