53rd and 6th. Famous in New York City (primarily for this). But a week ago, the best people in the world converged at the Midtown Hilton, cross-corner from the best chicken and rice in the world. The place was decked out in huge banners, expansive exhibits, and a grip of people wearing tons of free flair. It was the hottest party in town.
And they called it… LegalTech New York.
Step right up! Data security! Information governance, managed services, and matter management tools! And everywhere you look, basically e-discovery porn: predictive coding, visualizations, destroyers of obscure data types, and promises to slash your discovery costs. This is where the best and the brightest gathered with the meanest and most cutting-edge tools.
I mean, how could ANYONE miss this?
As it turns out, lots of legal professionals (and average humans) miss this every year. Don’t get me wrong, attendance was just fine and the show was overall a success. But who, exactly, is your average LegalTech attendee?
I didn’t ask. But based on my observations — also unusually well-covered here and here — here’s my guide on what LegalTech and other similar conferences are good for. Read the full post on Above the Law.
February 16, 2015
ALM’s Mike Sacks sat down with Ed Sohn to discuss insourcing vs. outsourcing e-discovery, and the key issues attorneys, paralegals and litigation support staff should consider when deciding whether to insource or outsource e-discovery. He also talks about maintaining morale among attorneys during this interview on the first day of LegalTech, 2015. See the interview here.
February 5, 2015
In their authoritative “2015 Report on the State of the Legal Market,”Georgetown Law Center for the Study of the Legal Profession and Thomson Reuters Peer Monitor address how “the market for legal services has changed in fundamental – probably irreversible – ways.”
In their authoritative “2015 Report on the State of the Legal Market,”Georgetown Law Center for the Study of the Legal Profession and Thomson Reuters Peer Monitor address how “the market for legal services has changed in fundamental – probably irreversible – ways.” The report defines “the dominant trends impacting the legal market in 2014 and key issues likely to influence it in 2015 and beyond.” Among the key dynamics that law firms need to accept, anticipate and act on are: the rapid shift from a sellers’ to a buyers’ market; the growing willingness of clients to disaggregate services among many different services providers, and the growth in market share of non-traditional competitors.
To get a sense of Pangea3’s growing role, click on this link to the report and the subsection on “New Competitors in the Legal Market,” (pp. 10-11), notably paragraph 3 and footnote 25. Pangea3 is singled out as an LPO within the broadening range of new competitors and services they provide.
Reference is made to “some of these new competitors’ impressive growth rates,” and a 2012 Thomson Reuters study which had “found that revenues of LPO firms were growing at an average annual rate of about 30 percent, and evidence that even this rate may have increased in the last couple of years as LPO firms have broadened their client base from corporate law firms to include law firms themselves. In 2014, for example, revenue growth from law firms for Pangea3 was a staggering 200 percent over the preceding year.”
In closing, the report emphasizes that “it is more important than ever that law firms take a long-term strategic look at their primary practices, clients, and markets. The key is not just to react to market realities today, but to understand where their markets are likely to be three-to-five years from now… Firms that are able to adopt this kind of long-range thinking will enjoy a significant competitive advantage in today’s rapidly changing legal market.”
Joe Borstein is Global Director, Law Firm Strategy for Pangea3 Thomson Reuters Legal Managed Services
February 3, 2015
This week, Joe Borstein was able to chat with Bruce MacEwen, star law-firm consultant, author of the leading online law and economics publication, Adam Smith, Esq., and legal entrepreneur. Bruce’s view, which is in line with ours, is that for too long, Biglaw has been viewed as a monolithic industry; and it’s increasingly clear that that model is obsolete. Before you haters out there dismiss Bruce as one of the Bobs from Office Space, check out his insanely impressive academic bio (graduating magna in economics from Princeton, Stanford Law, and took course work at NYU’s MBA night program in his “spare time”). Bruce also paid his dues as an attorney, working for over five years as an associate at two major law firms and then toiling in-house for another decade at Morgan Stanley as a securities attorney. At Morgan Stanley he realized his true passion –- finding ways to combine “management and technology [ ] to enhance the practice of law.” This makes Bruce one of our own — leaving the practice to pursue an alternative legal career. Read the full post on Above the Law.
February 3, 2015
This past year, law firms have begun increasingly to address the explosion of costly high-volume litigation and document review matters by teaming with a dedicated expert legal outsourcing provider to optimize their internal efficiency and cost-effectiveness.
Exemplifying this trend, Pangea3 Global Directors Joe Borstein and Ed Sohn co-wrote with Schulte Roth& Zabel LLP partner Barry Bohrer and associate EliMark a feature article in Practical Law The Journal – Litigation (Nov/Dec 2014). This article, “Legal Process Outsourcing in Litigation,” examines the role of legal outsourcing providers and benefits of legal outsourcing, legal process outsourcing solutions, ethical concerns in partnering with a legal outsourcer, and key considerations in selecting a legal outsourcer.
The inset box, “LPO in Action,” details specifically how the litigators at this powerhouse AmLaw 200 firm and this leading legal outsourcer joined forces on a big white-collar criminal matter from pre-trial document review and management all the way through the provision of an on-site legal outsourcing support team in counsel’s courtroom defense. The co-authors each give their experience and perspective, observing that “this collaboration resulted in a successful dynamic unprecedented in the legal industry.”
Read the full article here
October 17, 2014
Pangea3 is proud to once again be voted “Best Legal Process Outsourcing Provider” and “Best Managed Document Review Services Provider” by the readers of the New York Law Journal in their annual Reader Rankings Survey.
As announced by the New York Law Journal last week, Pangea3 has been voted “Best Legal Process Outsourcing Provider” for the 4th year in a row. A repeat win in the category of “Best Managed Document Review Services” is a testament to the diligence of our litigation attorneys and professionals.
Pangea3 is honored to be recognized for the strength of its people, processes and technology, as we continue to provide outstanding quality and service to our corporate and law firm clients. The ongoing relationships we maintain with our clients are the cornerstone of our success. These partnerships are built upon the strength of our teams, working out of our delivery centers and client offices across the globe.
Pangea3 also congratulates the other Thomson Reuters’ NYLJ winners including…WestLawNext, WestLaw Portfolio, Concourse Legal Hold, ProLaw and Case Logistix Hosted.
September 23, 2014
As a legal professional, how are you organizing and presenting your contract negotiation and review information?
Contract playbooks are all the buzz for legal and sourcing pros today. There is much speculation about the advantages of playbooks and what they have to offer lawyers during the contract negotiation and review process. In this article “Who Needs a Playbook Anyway,” Abraham Plammootil, an Associate Director on Pangea3’s Corporate and Compliance team, defines a contract playbook in the following way: a comprehensive arrangement of information that, in relation to the review and negotiation of recurrent contracts by a team, in a collaborative manner based on a predetermined negotiation strategy, is designed to facilitate standardized and efficient review.
Abraham takes the discussion to the next level by highlighting key elements of the playbook. In doing so, he further elaborates on important themes such as the comprehensive understanding of information, recurrent contracts, collaborative review based on predetermined negotiation strategy, standardized review, and efficient review. Although he states that playbooks are not a “substitute for training, conceptual understanding and aptitude a lawyer possesses,” he emphasizes the importance of this tool in terms of better organization, delivery and efficiency for team members.
Read full article here.
August 25, 2014
Today’s business transactions require strict compliance with new and existing laws. Risk experts are trying to understand how to implement business-centered strategies so that you go beyond compliance and incorporate risk mitigation into every aspect of your business. One of the main questions your organization should ask is what is the ultimate goal of an effective compliance program? And, in case of a crisis, what are the key steps a compliance expert should take immediately? A solid compliance program should reduce risk and increase value while effectively integrating the two. Thomson Reuters is hosting its annual Compliance & Risk Summit on June 18th in NYC, and welcomes all legal, regulatory and compliance professionals to this thought-leadership program. At this event, you will learn more about how complex organizations manage the challenges associated with the rapidly changing compliance and risk mitigation landscape. Dave Curran, Thomson Reuters’ Global Director, Risk & Compliance will be leading two panels addressing these topics:
- How to prepare for the volume and velocity of Regulatory Change
- How risk mitigation behaviors can and should drive business value
- How to manage the escalating cost of compliance
- How fostering relationships with markets, assurance partners and customers drives growth
- How great compliance and risk programs should be linked to business growth
- How to mitigate risk through better leveraging talent, processes and technology
The Summit also provides opportunities for you to network with more than 500 business professionals in the compliance industry. The interactive sessions will not only deliver presentations, but they will also offer a platform for you to share your case studies and thoughts on current compliance issues. Bring your questions and ideas, and put on your strategic thinking hats!
Interested? Visit here for more information on this complimentary event.
June 17, 2014
If your organization is exploring opportunities to work with managed review providers, it’s important to recognize that not all vendors are the same. Sampada Parulekar, Director of Litigation Solutions, was the project co-manager on the first document review project Pangea3 ever worked on. In her new article, Sampada offers helpful tips and advice for organizations looking outside of their legal department for litigation support.
Sampada notes that, “There are distinct best practices a quality legal solutions provider should adhere to. Ideally, a legal solutions provider should have attributes that invoke your trust and confidence, overtime becoming a true extension of your company and a fully vested managed review partner. To that end, there are several “must-haves” and “nice-to-haves” that should be on your checklist when first evaluating potential providers.”
Read the full article now >>
About the Author:
Sampada Parulekar, Director, Litigation Solutions
Sampada has been with Pangea3 since day one and manages large, complex litigation document review projects offshore and at our onshore offices, in addition to training attorneys in project management. She has managed document reviews for litigation matters including products liability class action, financial litigation mortgage backed securities, financial companies’ due diligence, and pharmaceutical patent infringement cases. She received a LL.B. and B.G.L.S. from Government College in Mumbai and a Masters in Human Resource Development Management from Mumbai University.
April 22, 2014
As overall litigation costs rise, in-house legal departments are making strides to reduce legal spend, however there are hidden costs lurking in discovery that can effect budgets. Edward Sohn Esq., Assistant Vice President of Litigation Solutions at Pangea3, offers helpful tips on how to mitigate these potential pitfalls and offers best practice recommendations in his article, “Top Ten Tips to Combat the Hidden Costs of Discovery.”
Learn more about how you can proactively combat hidden costs by utilizing appropriate technology effectively; explore pricing options for subscription or fixed-fee arrangements for cost control and predictability and more.
Click here to read this article >>.
March 13, 2014