October 23, 2024

contracts elm legal operations

With the change of season comes an updated release of Elevate ELM, with enhanced functionality across contract negotiation, contract management, request management, eBilling and spend management, and law firm matter management. Let’s dive into the highlights of the key features for streamlining your legal operations.

Elevate ELM for Contract Negotiation

Elevate ELM Playbook Beta is a powerful new tool for transforming contract negotiation. Its AI-powered capabilities enable users to ensure contract clauses align with standard positions, thereby accelerating negotiations, reducing turnaround times, and expediting contract execution. This automation allows legal teams to focus on higher-value work, mitigate risks, secure more favourable terms, and deliver greater value to the business.

Elevate ELM Playbook Beta helps identify playbook clauses and will provide relevant standard and fallback provisions alongside the contract for quick review.

(To obtain more information about – or if you are interested in joining! – our Elevate ELM Playbook Beta early adopter programme, contact us here.)

Elevate ELM for Contract Management

Managing obligations just got easier thanks to enhanced email notifications. Now, business owners – and not just the obligation owner – will receive 0/30/60/90-day alerts for pending contract obligations. Additionally, weekly reminders about overdue obligations will go to both the obligation owner and the business owner, ensuring timely follow-ups.

We’ve also introduced reporting enhancements, including new dashboards and reports for contracts, providing real-time insights and customisable analytics. Plus, our LLM-based contract metadata extraction feature allows users to upload contracts and automatically extract key metadata using the latest AI technologies.

Elevate ELM’s new contract reporting dashboards allow for detailed analysis of contractual portfolios and performance.

Elevate ELM for Request Management

Elevate ELM’s request management solution now offers an improved My Requests section, featuring enhanced search, sorting, and filtering capabilities. Search filters will persist throughout the user session, and users can now hide or display columns based on personal preferences.

We’ve also updated the document management experience, increasing the file size limit and supporting new file types, including .eml and .msg for email attachments. Plus, all customers now have access to MR Standard Reports, which include cycle time reports for improved process efficiency.

Elevate ELM for eBilling and Spend Management

We’ve made handling invoices more efficient. Billing Coordinators can now export selected or all line items from an invoice as PDF or Excel files, simplifying the process of sharing with finance teams or for firm appeals. Additionally, invoice approval or rejection notifications will be sent to a shared mailbox at law firms, ensuring that multiple firm members are kept in the loop.

Elevate ELM for Law Firm Matter Management

We’ve made resource management even more efficient with the ability to add up to 10 resources to a current matter simultaneously. This update eliminates the need to add resources one by one, saving time and effort.

These updates mark our continued commitment to enhancing Elevate ELM to provide your legal teams with tools that drive efficiency and enable smarter, faster decisions.

Stay tuned for more updates and innovations in future releases!