Quovant is a legal matter and spend management software developer focused on delivering legal spend management services to corporate legal departments in the United States and Europe. Quovant combines technology and services to help corporate legal, risk and claims departments optimize the management of their department and use of outside counsel. Below is our interview with Jeff Hodge, Chief Marketing Officer at Quovant.
Q: Jeff, how would you describe Quovant in your own words?
A: Quovant is a next generation legal spend and matter management provider. We combine technology and services to help corporate legal, risk and claims departments optimize the management of their department and use of outside counsel.
Q: How private and secure are your users’ data?
A: Quovant is SOC-3 certified, meaning our technical and physical security protocols meet the highest standards available. Additionally, we are Safe Harbor certified in compliance with European privacy standards. Before year-end, Quovant will be the only legal spend and matter management solutions provider to have certified its compliance with HIPAA (Health Information Portability and Accountability Act) regulations and rules. As any healthcare-related enterprise can tell you, compliance with HIPAA is among the most important considerations for their data security. With legal spend and matter management applications containing so much protected health information (PHI), not knowing how secure that data is, is a primary and growing concern for many corporate legal, claims and risk management departments.
Q: Tell us something more about your products? Could you explain the function and advantages of your Pivot and Legalitics solutions?
A: Focus is really important to us. Quovant does only one thing, legal spend and matter management, and we do it extremely well. Pivot is a legal spend and matter management solution available to corporate legal, claims and risk management departments in the US and Europe. Pivot is both a client-facing software, as well as, services combined to meet clients where they are. What that means is that if a client is fully optimized and capable of using spend and matter management software, Pivot is available as traditional software with full support from Quovant. If, however, a client is not fully optimized or prepared to use spend and matter management software day one, Quovant services can be employed to bridge those gaps. This means that regardless of the operational maturity of a legal, claims or risk management department, Pivot software and services can be combined to get that team to where they want to be as soon as they want to get there.
Legalitics is a legal spend and matter analytics platform designed for use by legal, claims and risk management teams, as well as law firms. Legalitics sits on top of nearly 20 years of spend and matter data and allows users to query law firm rate information, case duration information, case outcomes, and many, many other data slices. Rate information, for instance, is important to firms or clients to understand what they should charge or pay for a given matter type or time keeper level in a specific jurisdiction. They can also understand how long they can expect a case to take and what the likely outcome of prosecution might be. Legalitics Enterprise users can not only see what the data tells them about the industry at-large, but can benchmark their own data against that industry data.
One crucial differentiator for Legalitics is that it does not depend on UTBMS (Uniform Task Based Management System) codes to categorize work. While Quovant can use UTBMS codes, we, as well as the industry generally, understand that UTBMS is at best 60% accurate, making any analysis using those codes 40% inaccurate. Most Quovant clients depend on us to recode their invoices to a much more granular level of detail in order to give them analytics that are useful and accurate. The client can then decide whether to use UTBMS-based analytics or our more detailed cuts, but we find that clients come down decidedly on the side of well coded and complete invoice coding for their analytics.
In support of our only two products, Pivot and Legalitics, Quovant services are always available to support our legal department, risk and claims clients. These are not consulting services, but experienced legal department operations specialists, risk and claims managers, most lawyers, who are available to serve as adjunct members of our clients’ teams. These services are available up front, or can actually be engaged from inside of Pivot or Legalitics when such services might be needed on a one off basis. No Quovant competitor has a similar offering. The goal of services is to increase the effectiveness of our software. To the degree that our software and services are effective, our clients are effective. Increasing Operational IQ, that’s what Quovant is all about.
Q: What are your plans for the future?
A: Our plan is to lead the way. The corporate legal spend and matter management solution mix is stagnant, having gotten stuck in a period of intense consolidation under legal book publishers and venture capitalists. We believe that the vision of those consolidators is not aligned with the needs of the market place and so it is up to Quovant and other next generation providers to provide vision and then execute on that vision.
We are not only a software and services providers to legal spend and matter managers, we are innovators. We live by our tag line “Relentlessly Inventive, Relentlessly Creative”. If all we are doing is making marginally better wheels than our competitors, we have not succeeded. Marginally better wheels are not what our industry needs. Our plans for the future are to continue to reinvent the wheel and to put tires on them. We think the market is tired of 2-ply tires and is ready for radials. Ultimately, we simply want our clients to succeed. As our clients go, so goes Quovant.Activate Social Media: