"This rebrand of Axiom Managed Solutions to Factor is an attempt to differentiate the company’s offering from other ALSPs that typically focus on volume commoditised legal work as opposed to high-end transactional work.
The company has, since its spinoff, been clear that its USP is complex legal work at scale and so the relaunch isn’t so much about change as emphasising what it says is the uniqueness of its offering to the market."
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"Upon its 2019 spin-out from Axiom, the company attracted substantial interest from a wide range of strategic and financial investors. Following successful and unexpectedly rapid exits from Axiom, however, the company’s original investors were eager to remain in the rapidly growing legal innovation sector and saw renewed commitment to Factor as the best opportunity in the space."
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"The new name is meant to convey that – that the company serves corporate legal departments by bringing together the factors that are critical to them – the legal skill and experience of traditional law and the process efficiency and tech-enablement of alternative providers."
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“Our average typical resource isn’t a junior paralegal sitting far away in an offshore location, it’s somebody with six years of experience, sitting in one of our centers, benefiting from technology-enabled process management,” DeConti said. “That way we’re bringing together the old world and the new.”
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"Factor mainly uses technology and process redesign to help clients conduct large-scale contract negotiation projects, often in the financial industry. It employs more than 500 lawyers, technologists, and process consultants."
Read the full story on Bloomberg Law
