Many look at eDiscovery technology as having a uniform cost, but the decision to bring this in-house must be based, in part, on the right level of technology required for your specific case. Most current technology isn’t “one size fits all.”
For example, if you have a case with only a handful of documents that do not require advanced analytics or predictive coding, you likely don’t require the “Cadillac” of review tools and technology. On the other hand, you must consider what steps will be taken should you have a case where more functionality could become necessary. And while there are an abundance of features in today’s document review tools, they are only beneficial if you know how to use them, and use them where appropriate.
Read more about the complexity of blending data, law and technology as well as how the changing landscape of eDiscovery factors into the equation.
June 12, 2015
There are several risk variables that should be considered before deciding whether to insource or outsource eDiscovery and, often go overlooked. However, cost and time add many complexities to this question and aren’t as straightforward as they seem.
For example, it may be easy to come to conclusions based on cost alone, but there are implied opportunity costs that many don’t consider (e.g. impact to case strategy). Dig a bit deeper into the hidden factors that affect how cost and time play into the insourcing vs. outsourcing debate.
June 10, 2015
The debate over whether to insource or outsource eDiscovery may seem elementary at first glance, but the fact remains that many still struggle with this question. While cost, time and complexity tend to be the first considerations that come to everyone’s mind, the real 800-pound gorilla in the room is risk.
While this decision has a tendency to vary based on industry trends where it appears that “everyone is taking document review in-house” or “most organizations are outsourcing to a managed service provider,” in actuality, it is very situational and there is risk in oversimplifying the decision.
Read on for practical insight beyond the obvious drivers and how risk may be the most critical (and often overlooked) consideration that you shouldn’t ignore.
June 8, 2015
Sign up for the webcast, “How to Identify and Mitigate Human Risk” on June 11th from 10am to 11am Eastern Time. This webcast is moderated by David Curran, Global Director at Pangea3, will share Tips, Tactics and Processes to reduce risks associated with Human communications.
You can register here!
Also, here are the details below:
June 11, 10:00 a.m. to 11:00 a.m., U.S. Eastern Time
Impactful Webcast to share Tips, Tactics and Processes to reduce risks associated with Human communications
With financial crime on the rise, reputations on the line, and regulators applying increasing pressure on financial institutions, Human Risk has become the leading exposure within the financial services industry. Aimed at senior risk and compliance executives, our webcast will feature speakers from around the industry, discussing the increasing challenge of identifying and isolating individuals who are putting leading institutions at risk, and how to contain the blast zone before it’s too late.
This webcast will include research conducted by IDC and will outline how this growing real-world challenge of revealing human risk is impacting global financial organizations.
Please join your peers and our moderator Dave Curran, an industry expert at helping solve challenges at the intersection of Risk & Compliance, in a conversation focused on:
- How Human Risk is changing the way financial institutions are prioritizing their overall enterprise risk management strategy
- How regulators are taking a new look at conduct, relative to Human Risk, including prospective regulatory agendas
- What technology, policy and process changes are recommended in order to prevent the next Human Risk exposure, insider threat or cyber breach
- Considering the impact Human Risk has on the financial institution, does the reputational exposure far outweigh the regulatory cost?
- Act vs. React – has the financial services industry learned from past exposures? Or is the next event just waiting to happen? What measures can be taken to share information and avoid the next financial crisis?
- How to deal with the downstream impacts – organizational, budgets, etc. – of the new world order associated with Human Risk
Thought Leaders Joining Dave for the Conversation:
- Mike Versace, Global Research Director at IDC Financial Insights – Risk Technology & Infrastructure Marketplaces Worldwide
- Vincent Tortorella, Chief Compliance Officer & Surveillance Officer, Point 72
- Jacob S. Frenkel, Attorney, Shulman, Rogers & former Senior Counsel in the SEC’s Division of Enforcement
Register here for this webcast.
May 29, 2015
It’s not uncommon to find document review teams scrambling to keep up with mounting volumes of data. And it gets even hairier when the subject matter of your data is complex in nature, or there’s more of it than expected and the need to scale arises quickly. Given the wide variety of variables that come into play during review (aside from the obvious – cost); it’s no surprise that many organizations and law firms are compelled to look outside for help.
The good news is there are a variety of managed review providers to choose from but, don’t take this decision lightly. Just as in any other marketplace, not every vendor delivers the same level of excellence. There are distinct “best practices” to which a quality provider should adhere. Ideally, your chosen provider will invoke your trust and confidence, over time becoming a true extension of your organization or firm and a fully vested managed services partner.
This global organization is one illustration of how a managed review partner allowed them to focus on developing their case strategy and saved internal resources that would have required them to review 1.2 million documents in under four months. On a side note, did you know that 1.2 million documents laid end-to-end would cover more than 208 miles – or more than 37x the height of Mount Everest?
March 25, 2015
Now that our New Year’s resolutions have firmly taken hold (or perhaps have faded to the sidelines), let’s take a minute to look at what the rest of this year will bring in the world of eDiscovery. Unlike past trends that were heavily focused on new technology innovation, this year will ultimately be about continuity and new, more advanced areas of risk. Data security, privacy concerns, social media and mobile data have taken center stage and, have big impact on eDiscovery. Both expertise and technology have begun to rise to meet these needs.
Read the top ten trends here.
March 18, 2015
First, please watch the funniest law-related commercials I have ever seen (sorry Saul). After you stop laughing, I’ll explain why it’s not just a gimmick.
Last Wednesday evening, I was invited to write about a “legal tech pitch night” hosted by the newly formed Harvard Law School Association Entrepreneur’s Network. Launched just over a month ago, this legal entrepreneurship network already has over 600 registered Harvard Law alumni and has hosted startup events in Los Angeles and San Francisco. I wasn’t sure what to expect but was very happy that the East Coast lawyers were taking a stand and not just leaving legal innovation to the geeks from Stanford (I didn’t get into either school, so I find it fun to hurl insults crafted of thinly veiled jealousy)! Read the full post on Above the Law.
March 12, 2015
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