PANGEA3 LLC

Niraj Sheth and Nathan Koppel, from the Wall Street Journal, published a comprehensive and interesting article featuring Pangea3 on the U.S. credit crisis and its impact on legal outsourcing. WSJ interviewed Sanjay Kamlani, Co-CEO and Co-founder of Pangea3, along with several of our attorneys regarding the current economic crisis on Wall Street. The declining economy has been beneficial for the legal outsourcing industry in general and Pangea3 in particular. As a result of the global economic crisis and recent law firm layoffs, Pangea3 has seen a rise in credit-crisis related litigation work as corporations move additional work offshore as a method to reduce costs.

Read the wsj.com article on: With Times Tight, Even Lawyers get Outsourced, by Niraj Sheth & Nathan Koppel, November 26,2008.

The unprecedented credit crisis, which led the U.S. Senate to pass the Emergency Economic Stabilization Act of 2008 ("EESA"), or the “Bailout Bill", to restore liquidity and stability of the U.S. financial system, is likely to create a new frontier in the financial marketplace, as financial institutions including banks, savings associations, credit unions, security brokers and insurance companies, prepare to face the impact of the EESA and newer regulations. A key component of the EESA, the Troubled Asset Relief Program ("TARP"), will allow the U.S. treasury to acquire troubled assets from financial institutions and to inject liquidity into the U.S. banking system.

Pangea3 represents a wide range of banks and financial services companies, including companies that have recently converted into bank holding companies. To address their growing needs during this global financial crisis, Pangea3 is pleased to announce the launch of its TARP Services Unit, and Mortgage Loan Modification Program. The TARP Services Unit is an offshoot of Pangea3’s current financial services offerings. The TARP Services Unit will assist financial services clients with managing their debt portfolios, modifying financial instruments, and complying with existing and new TARP-related laws and regulations. At the same time, it will help clients defend themselves against potential litigation - at compelling costs.

Spearheaded by seasoned U.S. and Indian attorneys with experience and expertise in providing risk management, corporate and litigation services for financial services companies and banks, our TARP Services group will offer financial institutions critical services including:

The TARP Services Unit will offer critical services to financial institutions including:

• TARP Monitoring & Compliance:
  • FCPA & AML compliance, including Know-Your-Customer research and reporting.
  • Broker-Dealer and stock exchange compliance, including e-mail monitoring and review.
  • Corporate governance & corporate secretarial management, including monitoring of new TARP-related regulations.
• Litigation & Litigation Support:
  • Substantive document review for responsiveness, privilege and materiality for TARP-related and financial services litigation, including shareholder derivative suits.
  • Objective coding and document processing and culling.
• Visibility:
  • Review, summarization, abstraction and analysis of complex and high-volume portfolios of financial instruments.
  • Due diligence on portfolios of financial instruments, for both disposition and acquisition.
• Financial Instrument Modification - modification of mortgages and other financial instruments, on a fixed, unit-priced basis.

Watch this space as we unfold more information on our TARP program in the coming days. Call Pangea3 at +212-689-3819.

Read Press Release.

Always looking to understand industry needs and growth, on October 26th through 28th, Pangea3 joined professionals from various industries including healthcare, electronics, technology, and insurance to discuss best practices and developments in contract management at Selectica’s annual Fusion Conference in Monterey, California.

The Fusion Conference opened with a keynote address by Tim Cummins, President and CEO of the International Association for Contract and Commercial Management. Cummins, widely know for being as captivating a speaker as he is an insightful thought leader, led conference participants through a strategy of change aimed at revitalizing and modernizing traditional approaches to contracts in the new world of financial reform and ethical considerations.

Over the course of the next two days, conference participants split into focus groups. Demonstrations of upcoming features of the award-winning, enterprise-class Selectica platform followed by user/developer feedback proved a valuable forum for progress in the contract management space, and focus groups on contract operations within the healthcare industry offered new approaches to long time challenges.

During the first session in the Legal and Compliance Issues track, Kevin Colangelo, our Vice President of Legal Services, presented a well received talk on Creating Greater Efficiencies in the GC’s Office. During the session, he presented ways to determine the most appropriate contract related projects for outsourcing and, judging from the audience feedback, presented novel yet viable ways to strengthen internal corporate control and organization while reducing costs.

In beautiful Monterey, it would be difficult to keep the good times restricted to industry learnings, though, and the Selectica organizers did a fabulous job combining work with play. Attendees kicked off the conference with a game of golf on the world famous Poppy Hills Gold Course on Pebble Beach, indulged in evening cocktails and casino play, and concluded the conference in style at a sit down dinner overlooking the sparkling tanks of nature’s most beautiful fish at the renowned Monterey Bay Aquarium.

We look forward to attending next year’s Fusion Conference and will continue to stay abreast of leading edge progress and challenges in contract management in order to better serve our clients.

The Center for Competitive Management (CCM) audio conference on law firm management will be held on March 2009. The 75 minute CLE session on the topic, Legal Process Outsourcing (LPO): Maximizing Cost Savings, Overcoming Challenges, will feature Jonathan Goldstein, Vice President, Legal Services at Pangea3, and Michael Mensik, Partner at Baker & McKenzie, as key speakers. Audio conference attendees will learn key strategies and best practices related to the legal outsourcing industry.

click here for details.