A member of the big four accountancy firm EY took a step worthy of attention towards the legal market with the acquisition of a legal process outsourcing business from Thomas Reuters.
On Wednesday the 3rd of April, it was confirmed by EY that an agreement to purchase the Pangea3 Legal Managed Services business was set to occur following the second quarter of 2019 for an undisclosed amount.
Within Pangea3, there exists more than 1,000 legal professional working in three continents with a total of eight locations within them. The focal point of Pangea3 is to aid their clients to mitigate legal risks, reduce costs and to provide continuity and scale to legal teams. Pangea3’s clients range from investment banks to members of the retail sector.
As stated by EY, the acquisition will enhance on greater scale the technology-enabled legal manages service in the three vital areas of contract lifecycle management, regulatory risk and compliance, and investigations and litigation. It would be appropriate to state that EY are set to rapidly grow its advisory service following on from its 2,400 lawyers in 84 countries.