This feature is provided by Bodhi Global Services, a legal support service provider, co-promoted by AZB & Partners and the Patni Family.
The digital revolution has considerably changed the legal landscape in the area of corporate due diligence, document management and litigation document review. As a result of the increased use of internet and e-mails, the volume of documents within the corporate environment has risen exponentially. We now measure information not in terms of pages or files, but in terms of gigabytes and terabytes.
In the context of most corporate transactions, as well as most litigation in the United States, lawyers have to review this voluminous documentation carefully and deliver results within challenging deadlines. The cost of reviewing so many documents combined with the pressure of performing a careful review within punishing time lines has presented big challenges to both corporate counsel and their legal advisors.
The above conundrum has given rise to an industry commonly referred to as ‘Legal Process Outsourcing’ or LPO. This is a new genre in the legal support services space and includes companies from all over the world that provide an innovative and economical solution with the help of delivery centers located in low cost centers, project management and technology.
Bodhi Global Services is an LPO based in Pune and New York, and has a trained army of legal professionals that are adept at issue based review, analysis and abstraction of complex documents. Under direction from the client – which could be corporate counsel or a law firm – a competent set of middle and senior management is able to quickly scope the project, map a process, institute quality controls and finally lead the chosen team to complete the assignment in the stipulated timeframe.
Constant communication and reporting is maintained with the client at all times to address any changes and ensure ethical supervision of the outsourced work. Strong technology support and rigorous data security ensure that the client’s information is secure and confidentiality is maintained at all times. The end result: Bodhi cuts down the volume of information that the client needs to review, thereby saving time and allowing significant reduction in costs.
Take the example of a large conglomerate who is acquiring a company and needs to carefully review voluminous documents associated with the acquisition target. These documents are generally hosted in digital format in a ‘virtual data room’ and can be accessed using the internet from any part of the world. In this case Bodhi Global could quickly assign a team of trained lawyers, whether in India or in the relevant jurisdiction of the target company, which could process the documents under the direction of the client’s law firm or the in-house legal department.
The team would review various types of contracts (loan documents, licenses, permits, employment agreements etc.) and extract pertinent covenants, such as termination conditions, change of control impact, liabilities etc. The end product is presented in the form of a detailed report on the findings.
Bodhi’s strengths are:
• Ability to quickly assimilate a team capable of handling the project
• Superior project management with emphasis on a process driven framework
• Rigorous quality control, by AZB attorneys and New York based attorneys
• Constant communication with the client
• High level of confidentiality and data security
• Cost and time benefit
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