NEW YORK, NY (February 10, 2021) - Factor, the leader in solutions for complex legal work at scale, marks its first anniversary after establishing its independence, following a rebrand and spinoff from Axiom. Under the leadership of CEO Varun Mehta, Factor sharpened its focus on helping general counsel, legal and procurement teams better support the businesses they serve.
Factor’s first year saw market and regulatory forces, as well as the unprecedented disruption of the COVID-19 pandemic amplify the “do more with less” pressures on legal teams and created pressing urgency to adjust to new commercial and business realities.
“Looking back, I am proudest of the bonds we strengthened with our people, and how we held hands with our clients through their biggest problems, and challenging times in this year of uncertainty. This perfectly captured the ambition and values we are establishing at Factor,” said CEO Varun Mehta.
In the past year, market trust in Factor has grown, driven by Factor’s response to evidenced by a number of announcements and accomplishments, including:
- Factor supporting global pharmaceutical clients in their efforts to develop pandemic-related contract provisions, create contracts to accelerate R&D processes, and quickly connect global supply networks.
- An innovative partnership with Magic Circle law firm Allen & Overy, to help financial markets and institutions transition away from LIBOR-linked contracts, which resulted in winning the largest, most competitive mandate in the market
- Established a thriving community at the heart of the wave of change in legal, bringing together law firms and GCs in closed-door executive sessions, targeted partnerships with legal technology firms, and founding membership of the LexFusion collective.
- Assembling the highest caliber leadership team, bringing proven legal innovators and seasoned professional services expertise to Factor, including John Dillon, former divisional CFO of global consulting firm Mercer, as CFO; Accenture veteran and Axiom Managed Solutions alumna, Roxann Erxleben, as COO; industry pioneer Ed Sohn from EY Law as Head of Product and Solutions; and naming former Vice Chair Deloitte Carol Lindstrom to its Board of Directors.
- Factor also strengthened its capital base and ability to expand market coverage and invest in bringing new solutions to market with major new investment from Carrick Capital Partners
Erxleben added, “Our clients’ trust in Factor throughout the year enabled us to bring on more than 200 colleagues to our team globally in 2020. We have been able to attract and develop top legal talent, while expanding our organization’s design and delivery capabilities, which is extremely exciting for the years ahead.”
Factor has already signaled its intentions that continued growth and investment lie ahead. “When we rebranded as Factor a year ago, we saw a tremendous opportunity at the intersection of legal and business, to deliver better, faster, more client-friendly, budget-friendly outcomes. We’re expanding on all fronts to build the institution that bridges this gap,” said Head of Strategy Chris DeConti.
Factor’s plans include tripling its market-facing teams, expanding its delivery footprint with more than 100 new hires in 2021, and making additional investments in technology and products to bring the best solutions to market.
“We’re glad to turn the corner on 2020, healthy, growing and with renewed commitment to our vision,” added Mehta. “In a year of unexpected challenges across the world, Factor’s efforts to better bridging business outcomes and legal has met an eager and engaged audience spanning both legal services buyers within large organizations, leading law firms, and the best legal talent there is. This is invigorating as we continue our program of investments and focus on bridging the gap between the worlds of legal and business, and traditional law and New Law.”
Factor, formerly Axiom Managed Solutions, 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 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.
Jessi Adler (U.S.)
Nick Jones (U.K.)