Factor, the leader in solutions for complex legal work at scale, today announces the global launch of its Legal Transaction Optimization service for law firms, providing tech-enabled transaction management, due diligence, and documentation support to deal teams. The new offering helps law firms respond to cost pressures and win more work, empowering them to focus on higher value aspects of each transaction. Factor’s deep experience and capabilities in contracting at scale uniquely position Legal Transaction Optimization at the intersection of New Law and traditional practice.
Complex transactional practice hurtles forward at breakneck velocity, and law firms must deliver creative legal advisory and simultaneously pour massive effort into operational excellence, all within tightening cost constraints. Through this new service, Factor’s trusted delivery capabilities resolve the operational needs required by complex transactional practice, allowing lawyers to focus on their industry-leading expertise in deal structuring and strategy and high-end legal work. By transferring the transaction management work to a more tech-enabled, cost-competitive platform, law firms win more deals, boost margins, and direct their associates to premium work.
Across its years of experience, Factor has collaborated closely with law firms in areas like project finance, real estate, banking regulation, and capital markets, including most recently with Allen & Overy.
“For a number of years, law firms have been trying to introduce ways to modernize their transactional practices and bring cost efficiency and innovation to their model, often with mixed results,” said Andrew Ballheimer, who recently joined Factor’s Board of Directors after stepping down as Global Managing Partner of Allen & Overy. “Factor is well positioned to support law firms with this transformation. Ultimately, optimizing efficiencies in transaction management allows partners and associates to focus on advising clients on the most strategic and important aspects of those transactions.”
Law firms turn to Factor’s Legal Transaction Optimization service to deliver:
– Transaction management, including checklist maintenance, signatures, centralized coordination, document routing, and closing set assembly;
– Due diligence, including maintaining the due diligence questionnaire and the review of underlying documents; and
– Documentation, including ancillary agreements, templated contracts (e.g., under a fund umbrella developed by the law firm), side documents, consents, assignments, novations, and others.
“Historically, there has not been a trusted partner with the right capabilities to deliver the operational aspects of transactional legal work,” said Ed Sohn, SVP, Head of Product & Solutions at Factor. “Factor has leading legal talent and years of experience in delivering this type of work, with technology and process expertise refined across thousands of matters. Our record with the world’s most demanding corporate clients has prepared us to serve the world’s best law firms.”
Ballheimer added, “Clients will continue to ask outside counsel to deliver better value. It is, therefore, the right strategic move for law firms to find ways to incorporate more cost efficiency, without cutting rates. This offering is the missing factor to complete that formula, and I believe it’s an important milestone in the evolution of the legal services market.”
Factor is the leader in solutions for complex legal work at scale, ranging from deadline-driven regulatory projects to long-term managed services. Factor combines expert legal resourcing and market know-how of Traditional Law, with the process efficiency, smart legal technology, and data-driven project management of New Law to bridge a huge gap in the market. The company is comprised of more than 500 lawyers, legal specialists, technologists, and process consultants with offices in New York, Chicago, London, Belfast, and Poland. Factor is not a law firm and does not provide legal advice. For more information, go to https://www.factor.law or LinkedIn.
Erin Harrison (U.S.)
Nick Jones (UK)