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Keches Law Group’s Andrew Abraham Wins $26.6 Million Jury Verdict in Woburn


Attorney Andrew Abraham

Attorney Andrew Abraham

I hope this verdict will tell construction companies that safety regulations need to be followed and not forgotten.

Justice has been served with another record-breaking verdict, this time in Middlesex County. As of August 2021, Keches Law Group now has the two largest verdicts in Massachusetts for 2021, in addition to the largest verdict in Massachusetts for 2020.

On Wednesday, August 8th, a Middlesex County jury awarded $26.6 million to a union mason steward who was seriously hurt while working on a complex rehabilitation of the Longfellow Bridge. The Longfellow Bridge, spanning the Charles River between Boston and Cambridge, was first constructed over 100 years ago and a joint venture between three large construction companies was responsible for the work.

On May 9th, 2014, the steward’s life changed forever. According to case #1581CV05652 in Middlesex Superior Court, the steward fell over five feet through a two-foot hole in the scaffolding he was working on and landed violently on a pile of concrete debris. The scaffolding was not fully planked at the time of his fall in violation of state and federal safety regulations. This construction accident had significant consequences. The Steward sustained severe injuries to his back, neck, and legs. Upon medical evaluation, he had to endure seven spinal operations and nine total operations that resulted in his spine being largely fused together.

Attorneys Andrew Abraham, Harrison Lebov, and Martin Sabounjian of Keches Law Group, and Attorney Melissa Brennan of Feinberg, Dumont & Brennan represented the plaintiff. The trial lasted eight days, and the jury deliberated for just under three hours.

“The Joint Venture in this case made promises to keep this job safe and did not keep these promises, leaving workers in danger. I hope this verdict will tell construction companies that safety regulations need to be followed and not forgotten. No amount of money can undo the steward’s injuries; unfortunately, he will live with them forever, but this verdict will help tremendously with the quality of life for him and his family,” said Attorney Abraham of the monumental verdict.

“The compassion and well wishes the jurors gave our client after delivering the verdict was particularly moving to him and me,” said Attorney Brennan while describing Wednesday’s events. “He has waited a long time to tell his story and for justice ” she added.

About Feinberg, Dumont & Brennan

Feinberg, Dumont & Brennan is a partnership of Feinberg & Brennan, P.C. (founded in 1983) and Dumont, Morris & Burke, P.C. (founded in 1988) that represents a broad spectrum of labor unions, their members and their affiliated pension and welfare benefit plans, including Teamster, Construction, IATSE, AFM, Longshoremen, Police, Firefighters, and Correction Officers.

About Keches Law Group

The Keches Law Group has become one of the largest and most well-respected personal injury law firms in New England with our 42 lawyers having a combined 800 plus years of experience fighting to protect the rights of injured people who are facing difficult times after an accident or injury. We have a no-fee policy unless we win your case and a proven track record with over $1 billion in verdicts and settlements won for our clients. For more information or to schedule a free consultation, please visit: Kecheslaw.com

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The National Trial Lawyers Announces Collin County Criminal Defense Attorney Aubrey K. Noonan as One of its Top 40 Under 40 Recipients


Defense Attorney Aubrey K. Noonan awarded Top 40 Under 40, 2021.

The Crowder Law Firm is very proud to have Attorney Noonan on our team. This prestigious recognition is well deserved, as Ms. Noonan is an incredibly valuable asset. She is dedicated to providing high-quality service and fighting for her clients throughout the legal process.

The National Trial Lawyers: Top 40 Under 40 award is an invitation-only honor that selects distinguished attorneys from each region who are under 40 years old. Aubrey Noonan is a passionate state and federal criminal defense attorney who recently celebrated her one-year anniversary with The Crowder Law Firm.

As a Fort Worth native, Attorney Noonan earned her Bachelor of Arts in Psychology with a minor in Political Science from the University of North Texas, graduating magna cum laude. Ms. Noonan then went on to attend Texas Tech University School of Law, receiving her law degree in May 2016. While attending university, Aubrey Noonan also served as the Senior Law School Representative of the State Bar of Texas.

Attorney Noonan held multiple law-focused positions throughout her academic career, including working as the Executive Comment Editor of Tech Law’s Estate Planning and Community Property Law Journal. Additionally, she held positions with the Lubbock County District Attorney’s Offices, Tarrant County Criminal District Courts’ Judicial Staff Counsel, as well as the criminal defense firm Hurley, Guinn & Sellers. Since completing her formal education, Attorney Noonan has also worked for the law firm of Mills & Williams, L.L.P in Dallas, Texas.

Ms. Noonan currently holds membership in the State Bar of Texas, the Dallas Bar Association, the Dallas Young Lawyers Association, and the Dallas Criminal Defense Lawyers Association. She is licensed to practice law in both the U.S. District Court’s Northern and Eastern Districts of Texas. Attorney Noonan is committed to representing clients in all state and federal matters, and she has experience in a wide range of cases including DWIs, thefts, and sexual assaults.

About The Crowder Law Firm, P.C.

Based in Plano, Texas, The Crowder Law Firm has been serving residents of Collin County and surrounding areas for over 20 years. The firm’s practice areas include but are not limited to crimes against children, property crimes, and violent crimes. Equipped with immense knowledge and drive, the team at Crowder Law Firm has secured over 250 not-guilty verdicts and acquittals for their clients. With experience handling high-profile cases, Darlina Crowder is a powerful advocate for her clients. Her team is prepared to defend against serious felony charges in both state and federal court.

To learn more about this firm, visit https://www.crowdercriminalfirm.com/ or call 214-303-9600 for a free consultation.

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Bci Miami Re-Signs With QuantaVerse, Extends Use of Industry-Leading Financial Crime Investigation Platform


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“With QuantaVerse, there has been a meaningful improvement in the overall capabilities of our compliance department,” explained Michele Fernandez, Managing SVP Head of Compliance and Regional Compliance Officer at Bci Miami.

QuantaVerse, which uses RPA, AI and machine learning to automate financial crime identification and investigations, announced it has signed a renewal agreement with Bci Miami, the U.S. arm of Banco de Credito e Inversiones of Chile. The agreement continues the bank’s use of the QuantaVerse Financial Crime Investigation Platform to support its financial crime compliance efforts.

This is an extension of a 2018 agreement whereby Bci Miami selected the QuantaVerse Advanced Detection solution and the QuantaVerse Automated Investigations solution to help the bank reduce false positives, mitigate risk, automate investigations, and more efficiently meet AML compliance requirements. During this time, Bci Miami investigators leveraged QuantaVerse’s Financial Crime Investigation Reports (FCIRs) which present critical information such as transactional relationships, negative news, money laundering typologies, as well as risk scoring.

In addition to cutting the time investigators spend on each case, QuantaVerse solutions increase the consistency with which cases were cleared.

With QuantaVerse, Bci Miami has:

  • Expanded the capabilities of the compliance program
  • Discovered unalerted risky entities
  • Automated data-gathering processes
  • Made AML case adjudication and reporting more efficient
  • Improved the consistency of decision making and reporting
  • Created capacity within its existing investigative team even in the face of growth
  • Embraced new BSA/AML innovation which regulators are encouraging

“With QuantaVerse, there has been a meaningful improvement in the overall capabilities of our compliance department,” explained Michele Fernandez, Managing SVP Head of Compliance and Regional Compliance Officer at Bci Miami. “Insights into the technology’s capabilities markedly improved and our confidence in leveraging the technology to consistently adjudicate cases is higher today than ever before. We are enthusiastic about our partnership with QuantaVerse and will be examining additional ways to improve through innovation.”

Bci Miami’s use of QuantaVerse FCIRs led the bank to explore the adoption of the QuantaVerse High-Risk Entity Report (HRER) to improve the accuracy and consistency of its high-risk entity review program. The QuantaVerse HRER is an entity-specific FCIR that assists financial institutions in efficiently conducting periodic risk reviews required by regulators. Key information presented in this report includes adverse media, jurisdiction, transactional relationships, typologies that indicate potential money laundering, and more.

“We are proud to extend our relationship with Bci Miami,” explained David McLaughlin, CEO and Founder of QuantaVerse. “Through the use of the QuantaVerse Financial Crime Investigation Platform, Bci Miami has proven how a smart, innovative AML compliance program can leverage data science to make improvements across the board.”

Bci Miami is the U.S. branch of Banco de Credito e Inversiones, a Chilean Bank operating for over 80 years. Bci Miami was established in 1999 and was the first step of Bci’s strategic plan for internationalization. The Branch’s mission is to serve Chilean and Latin American customers in their international businesses, as well as their globalization process, especially in the U.S. Through customer-centric service and a highly experienced team, the Branch serves and advises personal and corporate clients, mainly from Chile, Peru, Colombia, Mexico, Brazil and the U.S. Bci Miami offers a wide range of banking products and services, including time deposits and transactional accounts in major currencies, cash management, online banking, credit lines, foreign trade services, factoring, and forfaiting, among others.

About QuantaVerse 

QuantaVerse is the leader of artificial intelligence (AI) and machine learning solutions purpose-built for identifying financial crimes. QuantaVerse utilizes its validated and proven AI Financial Crime Platform to reduce financial crime risk by identifying patterns and discerning anomalies that current approaches and systems regularly miss.  The QuantaVerse solutions have helped customers more efficiently comply with AML (Anti-Money Laundering), KYC (Know Your Customer) and FCPA (Foreign Corrupt Practices Act) regulations. Most importantly, QuantaVerse is helping to rid organizations of money laundering and other financial crimes that support our greatest global ills – the drug trade, human trafficking, terrorism, and political corruption. For more information, contact QuantaVerse at (610) 465-7320 or visit http://www.QuantaVerse.net.

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Indian River Crime Lab Will Use STRmix


STRmix™, sophisticated forensic software used to resolve mixed DNA profiles previously thought to be too complex to interpret, has been approved for use by the Indian River (Florida) Crime Laboratory.

The Laboratory, which is overseen by local law enforcement agencies within the 19th Judicial Circuit, will use STRmix™ in its scientific testing of crime scene evidence.

Since its introduction nearly a decade ago, STRmix™ has established a highly successful track record of producing usable, interpretable, and admissible DNA evidence in a wide range of criminal cases.

“Relying on proven methodologies routinely used in computational biology, physics, engineering, and weather prediction, STRmix™ has been used to interpret DNA evidence in more than 220,000 cases worldwide,” explains John Buckleton DSc, FRSNZ, Forensic Scientist at the New Zealand Institute of Environmental Science and Research (ESR) and one of the developers of STRmix™.

According to Dr. Buckleton, STRmix™ has been particularly effective in the resolution of violent crime, gun, and sexual assault cases, as well as cold cases in which evidence originally dismissed as inconclusive was able to be reexamined.

STRmix™ works by running DNA test data through a wide range of probability models. Using more of the DNA profile than ever before possible – including low-level, degraded, or mixed DNA samples – STRmix™ calculates a likelihood ratio (LR) which is then weighed against coincidence to resolve complex DNA mixtures with an extremely high degree of accuracy.

The success STRmix™ has had to date in contributing to case resolution has led to its widespread adoption in forensic laboratories around the world. STRmix™ currently is being used in 65 local, state, federal, and private labs throughout the U.S., including the FBI and the Federal Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF). It is also in use in all nine state and territory labs in Australasia and labs in 13 other countries, including England, Scotland, Ireland, Finland, Denmark, and Canada.

Late last year, Dr. Buckleton and his fellow STRmix™ co-developers, Jo-Anne Bright (also of ESR) and Dr. Duncan A. Taylor of Forensic Science SA (FSSA), introduced STRmix™ Version 2.8 following nearly a year of extensive development and testing.

STRmix™ v2.8 features a top-down approach that enables users to set the number of major contributors to a mixed DNA profile in which there is interest, and then obtain the LR only for those contributors. This approach allows users to tackle more complex profiles faster. The new version of STRmix™ also contains improved modelling and memory usage.

The STRmix™ team also recently launched two other products: an update of DBLR™, an application used with STRmix™ that allows users to undertake superfast database searches, visualize the value of their DNA mixture evidence, and carry out mixture to mixture matches, now allowing kinship analysis; and FaSTR™ DNA, expert forensic software that rapidly analyzes raw DNA data generated by genetic analyzers and standard profiling kits and assigns a number of contributors (NoC) estimate.

Together, STRmix™, FaSTR™ DNA, and DBLR™ complete the full workflow from analysis to interpretation and database matching. For more information, visit http://www.strmix.com.

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CAL-FIJA LAUNCHES PROJECT “Free The Innocent”


CALFIJA.ORG

California ranks among the top five in states with the highest numbers of incarcerated prisoners who were wrongfully convicted, according to the National Registry of Exonerations, and subsequently exonerated.

According the National Registry of Exonerations, since 1989 there have been 241 exonerations of wrongfully convicted victims in California . The states of Texas, Illinois, and New York make up other states where exonerations are at or well above these high levels. Estimates of the wrongfully convicted range between a low of 2% to as high as 15% of the current U.S. prison population, and estimates in some states could be higher according to National Registry of Exonerations .

CAL-FIJA Launches Project “Free The Innocent”

Today, CAL-FIJA announced the launch of one of its priority projects in California. Project “Free The Innocent”. Spokesman and State Director, James Harnsberger stated, “Our nation, our state and every community suffers from a growing epidemic of distrust and frustration with the criminal justice system. A large part of that distrust comes directly from the growing numbers of wrongful convictions of innocent men and women who were serving prison terms for a crime they did not commit .”

Project “Free The Innocent” (FTI) is a multi-tiered public awareness and outreach program aimed at educating every citizen in California of the tragedy of wrongful convictions. It also is a platform for engagement in public speaking opportunities, fund raising efforts for organizations that are defending wrongfully convicted victims such as the California Innocence Project of a failed criminal justice system.

In addition to these efforts, Project “Free The Innocent” will serve as CAL-FIJA’s primary banner as it begins organizational efforts in California to establish Chapters within each county statewide.

Mr. Harnsberger went on to add, “Our mission is focused on the problem of wrongful convictions and the engagement of the public at-large to right every wrong produced from a failed criminal justice system and serve as a model for activists nationwide.”

FOR MORE INFORMATION CONTACT

CAL-FIJA

James Harnsberger, State Director

http://www.CALFIJA.Org

Info@CALFIJA.org

(619) 592-2708

ENDNOTES – References Cited

http://www.law.umich.edu/special/exoneration/Pages/Exonerations-in-the-United-States-Map.aspx

https://www.law.umich.edu/special/exoneration/Pages/Counting-Exonerations.aspx

https://www.law.umich.edu/special/exoneration/Pages/about.aspx

https://californiainnocenceproject.org/

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CAL-FIJA PROJECT “Free The Innocent” Adopts First Case


CALFIJA.ORG

Enter Jermaine Smothers. One of thousands of victims who allege their claim of innocence from a criminal justice system that has not only failed in cases of proven exonerations according to the National Registry of Exonerations, but one that remains indifferent to admitting it got it wrong.

Jermaine Smothers was convicted in San Diego North County Superior Court of shooting and killing Ernesto Flores on May 11, 1995 in Oceanside California, a community in San Diego County. Jermaine now has the legal assistance of the California Innocence Project .

CAL-FIJA Project “Free The Innocent” adopts Jermaine Smothers Cause

“Our banner project, “Free The Innocent” (FTI) has adopted the cause of CIP on behalf of Jermaine Smothers and his continued efforts to win exoneration of the murder conviction from the 1995 case here in San Diego County,” stated James Harnsberger the California State Director for CAL-FIJA.

Mr. Harnsberger went on to add, “project Free The Innocent will serve as voice for exonerated victims of the criminal justice system here in California who have been exonerated. In addition we plan to work very hard to support the efforts of the California Innocence Project and their advocacy on behalf of Mr. Smothers in his claims of innocence.”

FOR MORE INFORMATION CONTACT

CAL-FIJA

James Harnsberger, State Director

Info@CALFIJA.org

(619) 592-2708

ENDNOTES – References

https://www.law.umich.edu/special/exoneration/Pages/Counting-Exonerations.aspx

http://courtindex.sdcourt.ca.gov/CISPublic/casedetailr?casenum=SCN023159&casesite=NC&applcode=R

https://californiainnocenceproject.org/read-their-stories/jermaine-smothers/

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MotorGospel Ministries Brings After School Auto Shop Club to LAPD Rampart Division


5-Time Champion Aaron Schwartzbart

Schwartzbart is quick to credit visionary Sergeant Marcela Garcia of LAPD Rampart Division and her Captain, Al Lopez for their willingness to try innovative programs…

MotorGospel Ministries is pleased to announce the latest milestone in their endeavor to see young people make it to adulthood without killing themselves or anybody else behind the wheel. Based on the success of the After School Auto Shop Club that they offer at the Granada Hills-based MotorGospel Youth Center, they are innovating a mobile version of the program where students can get hands-on with MotorGospel Ministries’ race cars at police stations throughout Los Angeles. The successful program has had robust support from LA City Councilmember John Lee, La Mirada Mayor John Lewis and has been featured in multiple media outlets including Fox 11, CBS, ABC, Spectrum One, and Sky News.

If prior experience is any indicator, some of the youth in the program will demonstrate passion, commitment and tenacity that will earn them a fast track into employment opportunities at the likes of Galpin Ford and educational opportunities in the Cal State University Northridge (CSUN) Mechanical Engineering program. One of the distinctives of the CSUN major is Formula SAE racing; a national race series among collegiate engineering students.

Aaron Schwartzbart, President and Pastor of MotorGospel Ministries left the space program after 28 years as a rocket scientist to devote full time to the ministry. With degrees in physics and theology, he is a 5-time champion race car driver and an ordained minister. Schwartzbart is quick to credit visionary Sergeant Marcela Garcia of LAPD Rampart Division and her Captain, Al Lopez for their willingness to try innovative programs designed to both discourage illegal street racing and encourage legitimate vocational opportunities within professional motorsports. Schwartzbart and the cadre of motorsports professionals supporting his program are volunteering their time so the mobile version of the auto shop club can be offered at neither cost to the taxpayers, the LAPD nor the cadets.

For more information, contact Officer Larry Covington at 31347@lapd.online, 213-484-3072 or Tere Schwartzbart at motorgospel@gmail.com, 818.620.7132.

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FourQ Establishes Global Partner Program to Streamline Intercompany Financial Management Efforts of Multinational Companies


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“There is tremendous opportunity to address the challenges that multinational corporations are facing through our partner program,” said May Ma, VP of Transformation, FourQ. “Collaboration with strategic partners will enable us to seamlessly deliver innovative and interoperable solutions at scale.”

In response to increased demand for intercompany financial management (IFM), FourQ has launched a global partner program designed to drive collaboration and engagement with technology providers, consulting firms, and professional services firms. The partner program will promote and develop joint best-in-class intercompany solutions in areas of tax, billing, vendor payments, and financial transformation.

“Corporations operating across various tax jurisdictions with multiple ERP systems are burdened with intercompany complexity and overhead,” explained May Ma, Vice President of Transformation at FourQ. “There is a tremendous opportunity to address the challenges that multinational corporations are facing through our new FourQ partner program. Collaboration with strategic technology and consulting partners will enable us to seamlessly deliver innovative and interoperable solutions at scale.”

The FourQ partner program encompasses four distinct channels, including:

  • Technology Partners. Companies that offer financial close and automation solutions (such as e-invoicing) that complement and enhance FourQ’s technical capabilities to provide customers with comprehensive solutions.
  • Managed Service and BPO Partners. Outsourcing providers of standardized back-office processes that leverage FourQ’s platform to differentiate their service offerings and maximize clients’ investments.
  • Consulting and Professional Services Partners. Services firms that bring a wealth of knowledge in tax, financial advisory, process controls, and industry expertise.
  • Referral Partners. Firms that serve and educate those involved with managing intercompany risk and intercompany financial management processes.


FourQ streamlines operations and eliminates the complexity inherent to conducting global business. Providing automated intercompany processing seamlessly integrated with global vendor invoice management, FourQ processes over $34 billion annually across 110 countries. FourQ’s intercompany financial management platform, comprising of two integrated solutions include Paymaster which provides universal vendor invoice management and OneBiller which automates intercompany accounting for billing and tax optimization.

As defined by business technology research and advisory services firm, Ventana Research, IFM is a discipline for structuring and handling transactions within a corporation and between its legal entities. IFM is designed to maximize staff efficiency and accounting accuracy while optimizing tax exposure, minimizing tax leakage, and ensuring consistent tax and regulatory compliance. Ventana Research predicts that by 2025, one-half of organizations with 10,000 or more employees will have implemented IFM to achieve tax, risk management, and financial close benefits.

To learn more about FourQ’s partner program, please contact us at: partnerships@Four-Q.com.

About FourQ

Built by finance, accounting, and tax experts, FourQ is Intercompany Financial Management software that streamlines the global operations of the world’s largest companies. Providing automated intercompany processing seamlessly integrated with global vendor invoice management, FourQ helps multinational companies increase efficiency and improve global business operations. This increases operational productivity while saving millions of dollars annually through improved intercompany billing and payment and tax optimization. Discover why FourQ processes over $34 billion annually across 110 countries and how it can transform global operations at your organization. Learn more at http://www.FourQ.com.

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QuantaVerse Introduces Fast Start Program to Speed and Improve the High-Risk Entity Review Process


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“The new HRER Fast Start makes it easy for banks to improve the accuracy and consistency of their high-risk entity review program,” explained David McLaughlin, CEO and Founder of QuantaVerse.

QuantaVerse, which uses AI and machine learning to automate financial crime identification and investigations, is offering HRER Fast Start to banks interested in cutting costs and improving the accuracy and consistency of their high-risk entity review program. In no more than 60 days,* QuantaVerse can launch HRER and return the first month of QuantaVerse High-Risk Entity Reports.

The QuantaVerse High-Risk Entity Report documents risk discovered by the QuantaVerse Financial Crime Investigation Platform. The platform automates the research work required to accurately assess entity risk, such as adverse media, jurisdiction, transactional relationships, and typologies that indicate potential money laundering. QuantaVerse offers HRER Fast Start so customers can quickly realize the benefits associated with automating this area of their AML process.

In just two months, QuantaVerse High-Risk Entity Reports can be launched in an institution and begin returning reports that cut HRER costs while improving the accuracy and consistency of their high-risk entity efforts. There are five steps to improving HRER outcomes for AML/BSA teams with QuantaVerse:

  • Configure bank-specific risk settings (jurisdiction, line of business, etc.)
  • Review bank file formats and build mapping if necessary
  • Accept secure file transfers of high-risk entities and relevant KYC data
  • Run analytics and produce reports
  • Return monthly HRER reports for each analyzed entity

“The new HRER Fast Start makes it easy for banks to improve the accuracy and consistency of their high-risk entity review program,” explained David McLaughlin, CEO and Founder of QuantaVerse. “QuantaVerse HRERs make the entity review process more efficient while getting complete analysis with fewer errors.”

The manual nature of high-risk reviews make them a time-consuming cost sink for AML/BSA teams. Human investigators manually sift through customer data and a multitude of disparate databases, then conduct research on the web in an attempt to accurately evaluate customer risk. The process is especially laborious when evaluating highly active customers, but even dormant or declining accounts deemed high-risk demand regular attention. In addition to being costly, the HRER effort demands the attention of more experienced and higher-compensated members of AML/BSA teams.

CCOs and AML/BSA leaders using the QuantaVerse Automated Investigation solution have experienced first-hand how the QuantaVerse platform and Financial Crime Investigation Reports (FCIRs) were streamlining and creating consistency across their alert investigations. With some modifications, they recognized that QuantaVerse FCIRs could also make their HRER efforts more efficient.

One QuantaVerse customer conducting approximately 1,200 high risk entity reports each year was averaging 10 hours on each high-risk review. Leveraging QuantaVerse, the average time required for HRERs was reduced to three hours per investigation. Not only did automating HRER investigations cut 60% of the time allocated to high-risk entity reporting, but it also improved accuracy and enabled experienced investigators to be deployed to their highest and best use in the organization.

To learn how to improve HRER efforts and demonstrate that your organization is employing the innovations that regulators and FinCEN are expecting, please visit: https://quantaverse.net/try-ai/#HRER.

*60-day implementation assumes file format mapping

About QuantaVerse 

QuantaVerse is the leader of artificial intelligence (AI) and machine learning solutions purpose-built for identifying financial crimes. QuantaVerse utilizes its validated and proven AI Financial Crime Platform to reduce financial crime risk by identifying patterns and discerning anomalies that current approaches and systems regularly miss.  The QuantaVerse solutions have helped customers more efficiently comply with AML (Anti-Money Laundering), KYC (Know Your Customer) and FCPA (Foreign Corrupt Practices Act) regulations. Most importantly, QuantaVerse is helping to rid organizations of money laundering and other financial crimes that support our greatest global ills – the drug trade, human trafficking, terrorism, and political corruption. For more information, contact QuantaVerse at (610) 465-7320 or visit http://www.QuantaVerse.net.

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Mid-Sized Private Equity Firms are Outperforming Larger Rivals in Controlling Legal Costs, finds Comparative Analysis by Apperio


One in five large PE firms are “often shocked” by the size of legal invoices.

Sheer buying power allows you to wrangle favorable pricing, but costs still accrue quickly when matters are fluid, and the budget isn’t being closely monitored.

Private equity (PE) firms spend millions annually with law firms to manage high-end legal matters such as fundraising, merger and acquisition (M&A) transactions and litigation – but not all private capital firms are effective at managing those costs. That’s according to a new report by Apperio titled, Scale vs. agility in private equity: Mid-sized PE firms are edging out their larger competitors with better management of legal expenses.

While large PE firms, which this report classifies as those with greater than $10 billion in assets under management (AUM), glean some benefit from their volume of spending on legal services, the study found mid-sized PE firms are generally more proactive about legal spend management. Mid-sized PE firms, those with between $3 billion and $10 billion in AUM, put significantly more effort into process and technology to control the cost of outside counsel.

“This study demonstrates the limitations of relying solely on scale to control the growth in cost of legal services,” said Apperio Founder and CEO Nicholas d’Adhemar who is both a former lawyer and PE investment manager. “Sheer buying power allows you to wrangle favorable pricing, but costs still accrue quickly when matters are fluid, and the budget isn’t being closely monitored.”

Some of the key findings in the study include:

● Scale in legal spending has certain advantages. Large PE firms outspend mid-sized firms on legal services. That does provide some advantages with legal service suppliers in certain matters. For example, large PE firms spend less on legal as a percentage per M&A transaction than mid-sized firms even as they tend to work on larger deals that cost more overall to execute.

● One in five large PE firms are “often shocked” by the size of legal invoices. That shock has effects on the internal organizational dynamics that are problematic. More than half (55%) say higher than expected invoices cause them to reforecast budgets, which leads to widespread internal friction among legal, finance and investment teams.

● Some large PE firms make no effort to control legal costs. About one in five large PE firms (22%) say they make no effort to actively manage legal costs compared to just 4% of mid-sized firms. Seven in 10 large PE firms reported they were billed for legal work that was, in hindsight, considered unnecessary or redundant.

● Mid-sized PE firms place a sharper focus on spending. The difference in legal spend management approaches between mid-sized and large PE firms becomes more pronounced in a comparison of business processes. For example, 74% of mid-sized PE firms enforce a formal budget approval process for new matters, compared to just 55% of large PE firms.

● Interest grows in specialized legal spend technology. The majority of both mid-sized (70%) and large PE firms (65%) are reliant on manual data collection and spreadsheets for managing millions in annual legal spend. However, that reliance is down from 91% compared to an earlier survey published in July 2020. Across PE firms of all sizes, most either have specialized legal spend management software in place or have plans to introduce it within their organization.

“It’s important to note that PE firms of all sizes recognize this is a material concern,” added d’Adhemar. “Nearly three quarters of mid-sized PE firms (72%) and large firms (77%) say legal spend optimization is a priority for their organization in 2021.”

The report points to EQT, one of the world’s largest private investment firms, as a model to follow. In a case study, EQT noted, before implementing legal spend management, there could be a gap of weeks between law firm status and time-entry updates – and fees would suddenly and unexpectedly jump in that period.

Now their legal spend management efforts enable them to see exactly what’s happening without having to ask law firms for such granular updates. In turn, this provides the opportunity to prevent costs from mushrooming.

About the Report

This report is a new analysis based on a specific data set from an independent survey of PE firms of all sizes. A complimentary copy of the report is freely available for download here – or simply email marketing@apperio.com to request a copy.

# # #

About Apperio

Apperio is a legal spend analytics and matter tracking platform which effectively transforms how corporate legal departments function, bringing clarity, control and confidence to their operations. The platform provides complete real-time certainty on legal spend, aggregating data from all connected law firms and providing consistent, up-to-date information on all work-in-progress (WIP) and billed legal matters. Apperio visually represents for legal teams, finance and other corporate departments exactly what has and will be spent on legal fees, accurately measuring the performance of its external law firms. Quick to install, cloud-based Apperio requires no on-site IT team. Currently, the platform is used daily by more than 50 in-house legal teams including Epiris, EQT, Network Rail, Royal London, Monzo and Farfetch.

Apperio is based in London, England. For more information, please visit Apperio.com or follow Apperio on LinkedIn or Twitter.

Media Contact:

Frank Strong

for Apperio, Ltd.

+1 202-352-5920

media@apperio.com

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