Wells Fargo Opts for Wolters Kluwer’s ELM Solutions Software

USA/Canada News

21
Jun
2017

Editor

Wells Fargo, one of the world’s largest banks, has chosen Wolters Kluwer’s ELM Solutions to provide its enterprise legal management software. Specifically, the bank will use ELM Solutions Passport to enhance the Corporate Legal Desktop 10 application.

And the aim is to unite all their systems that manage legal risk and compliance activities “on a single secure and collaborative framework”, according to the legal services technology vendor.

Wolters Kluwer notes that “Wells Fargo has an expansive legal team that required matter management for the entire legal department, not just litigation, as well as a smoother invoicing and e-Billing process... By uniting all of their systems that manage legal, risk, and compliance activities on a single platform, and using unique training opportunities to speed up system adoption and empower users, Wells Fargo broke down the silos to work efficiently and effectively across many teams.” 

According to a client case study document available on Wolters Kluwer’s ELM Solution’s website Wells Fargo will “use data across systems and departments to mitigate risk and more strategically manage legal matters, insurance claims, compliance, and their associated costs.” The use of the software will also “drive down the total cost of ownership pf their legal, GRC and claims systems.”

The client case study includes comments from Jennifer Johnston, Project Manager within Wells Fargo’s Law Department, who notes that a key benefit of Passport is the ability to collaborate across teams and to process invoices within the same system. 

Wolters Kluwer’s ELM Solutions business has introduced new functionalities in the past year. In May, for example, the firm launched its Legal Service Request application for the Passport Enterprise Legal Management platform. The new offering “helps corporate legal departments easily manage and monitor the internal legal service requests they receive from across their organization.” 

Passport Legal Service Request is designed to increase efficiency and cost effectiveness of legal department operations by expediting request submission, assignment, and reporting. It also provides internal requesters a consistent method for requesting services and tracking status so they can focus on their work without the need to chase down outstanding requests. Notably, it utilizes Passport’s workflow and automated notifications to enhance collaboration and improve communication between legal staff and internal stakeholders.

Wells Fargo & Company is a diversified, community-based financial services company with $2.0 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,500 locations, with offices in 42 countries and territories. Wells Fargo employs approximately 273,000 and was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations.  In April 2017 S&P Global Market Intelligence ranked Wells Fargo as the 11th largest bank in the world by assets.

Ranked as one of the world’s largest legal service organizations, Wolters Kluwer’s ELM Solutions says it “leverages a deep understanding of customer needs to transform the Enterprise Legal Management experience and helps corporate legal departments and insurance claims organizations make better business decisions.”