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Compliance, legal ops improvement and cost reduction using Orbit ELM in a Financial services company
Orbit ELM client success story – Financial services
Formed through a series of acquisitions by a global financial powerhouse, the newly independent company sought to further the corporate mission to help Americans everywhere retire richly.
To drive transformational change, the new General Counsel brought in an experienced Assistant Vice President of Legal Operations to streamline operations across all of its businesses. This meant focusing on reducing costs and improving efficiency in the department, including an assessing where implementing automation could reduce the number of manual tasks. The AVP set the criteria they’d use to select their legal technology provider that would replace their older ELM system. They ultimately chose Questel’s Orbit ELM enterprise legal management software and support services to:
- Reduce operational costs by more than 50%
- Implement more than six new process improvements
- Automatically identify legal invoices that don’t adhere to billing guidelines
- Improve process compliance throughout their newly integrated Legal department
“We’ve just turned on AFAs, and some of those invoices are now auto-reviewed and auto-approved without having to go to the attorney if they meet specific criteria, saving time and effort. The legal department is also able to resolve data quality issues much more effectively than before, as Orbit ELM helps them identify and analyze data that looks suspicious,” stated the Assistant Vice President of Legal Operations.
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