Special Report

Breaking Tradition: How New Law is Challenging Big Law

As clients adapt the way they source and purchase legal services, competition and collaboration among new and traditional providers is increasing. In the decade since the Great Recession, when alternative options really came onto the scene with the promise of offering a better way, the numbers and types of providers have exploded. Over the next year, we aim to bring clarity around who those alternative providers are, what they are offering, who they are representing, where they get their talent and what piece of the market they have and could attain. You\'ll meet the players, hear from clients, see examples of collaboration, learn the offerings and gain clarity into this rapidly growing segment of the legal services market.

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Varun Mehta, CEO, Factor Varun Mehta, CEO, Factor. Courtesy photo.

Today, legal services provider Factor announced that Carrick Capital Partners has become its majority shareholder following a new investment by the private equity firm. With the new funding, the “new law” company intends to almost double its staffing levels worldwide.

While the investment amount was not disclosed, Factor CEO Varun Mehta said it was “multiples upon [Carrick’s] original stake in the business.” He added that the investment was unsolicited, with Carrick, a previous investor and board member of Factor, offering the company an opportunity for additional support. The deal is expected to close in October.

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Rhys Dipshan

CT-born, New York-based legal tech reporter covering everything from in-house technology disruption to privacy trends, blockchain, AI, cybersecurity, and ghosts-in-the-machine. Continually waiting for law to catch up with tech. (It's like waiting for Godot, but without the clowns)

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