Lokendra Tomar, CEOElevate has designed its Procurement Consulting methodology around offering a non-invasive approach that identifies savings quickly with minimal interruption. Here, one of the major questions that the company’s law clients have from their RFP is resolved—“Are we paying the right price for the goods and services we are buying from our vendors?” Elevate answers this question without interrupting day-to-day business. Also, in most cases, customers are understandably sensitive to up-front costs for Procurement Consulting before they have measurable ROI. In response to this, Elevate takes a gainshare approach in which its compensation is a portion of the savings it generates for clients.
Elevate’s cloud-based Cael ELM (Enterprise Legal Management) platform helps law departments and law firms to manage and perform legal work more efficiently. The Cael ELM suite includes many products including Cael Select, which is a fast and light legal RFP product that helps law departments more easily solicit and compare law firm bids on handling legal matters.
The company also specializes in procurement space, offering solutions, and consulting with a non-invasive approach that identifies savings quickly with minimal interruption
The system is designed to make it easy for buyers within the law department to collaborate with corporate procurement and others. Another product is Cael Project, the company’slegal project management solution that helps lawyers manage projects against budget and schedule, with collaboration and communication tools to keep corporate law departments and their law firms in sync. Elevate’s Cael ELM platform also consists of Cael Contracts, a CLM (Contracts Lifecycle Management) system that helps legal teams identify potential risks, protect assets, and perform obligation management.
From the standpoint of the service, Elevate offers a wide spectrum of consulting for both law departments and law firms, including strategic planning, procurement consulting and spend management, as well as AI and data science. “Our range of services spans both ‘practice of law’ and ‘business of law’ aspects of contract analysis, review and migration; discovery, investigations and data compliance, legal operations, and flexible legal resourcing,” says Lokendra Tomar, CEO of the company.
A case in point is that of a global law firm with $ 300 Mn dollars in annual turnover that turned to Elevate to reduce its third-party vendor spending in a quick, non-invasive manner. Elevate’s experts analyzed the firm’s spend across 18 major categories and implemented a non-disruptive benchmarking and vendor collaboration process that achieved 25 percent savings on the third-party spend. “Our approach took 75 percent less time than a traditional sourcing process, and 98 percent of incumbent vendors were retained on new 3- to 5-year contracts with greater transparency. We also implemented ongoing monitoring to prevent spend creep in the future,” says Tomar.
With an aim to create new synergies in its service offerings, Elevate has partnered with and acquired numerous firms. “We are working on similar AI-powered enhancements to our M&A support and other services,” says Tomar. Similarly, Yerra has helped expand Elevate’s expertise in discovery, investigations, and data compliance, as well as its global presence in Europe and APAC. Similarly, companies like Halebury and Cognatio Law extended the sophistication and global reach of Elevate’s legal resourcing arm, Lawyers, especially in Europe and APAC.
