Accountancy giant EY this week took another significant move into the legal market with the acquisition of a legal process outsourcing business from Thomson Reuters.
EY confirmed yesterday it had agreed to buy the Pangea3 Legal Managed Services business for an undisclosed amount. The acquisition is expected to go through in the second quarter of 2019.
This move comes on the back of EY Law acquiring the technology-based legal business Riverview Law.
Kate Barton, EY global vice chair for tax, said: ‘The EY Law practices will connect the practice of law with the business of law globally. Legal departments recognise that the future lies in aligning more closely with broader business transformation and we are uniquely positioned to offer a globally consistent, leading approach across the enterprise.’
Pangea3 has more than 1,000 legal professionals working in eight locations on three continents, The business model is to help clients mitigate legal risks, reduce costs and provide continuity and scale to legal teams, with clients including leading investment banks and members of the retail sector.
EY says the acquisition will greatly enhance its technology-enabled legal managed services in the three core areas of contract lifecycle management, regulatory risk and compliance, and investigations and litigation. In addition, EY Law, with more than 2,400 lawyers in 84 countries, plans to continue to rapidly grow its advisory services.
Global chairman and chief executive Mark Weinberge added: ‘This new enhanced offering will make EY one of the leading professional services organisations for global legal advisory services and legal operations services, including legal function advisory, managed services and technology.
‘The acquisition is an example of how EY is working to provide clients with holistic solutions, which are enabled by technology.’