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Managed Document Review for a Top Five Global Investment Bank

In the current economic climate, corporations everywhere are looking for ways to save money. This top-five global investment bank was no exception.

As with many financial organizations, its ever-increasing legal spend was high and it was critical for the company to find ways to control these costs by reducing the amount of work sent to outside counsel.

Integreon’s multi-shore, multi-lingual approach has helped the client review more than 5 million documents per year, while delivering savings of up to 80%.

  • 200
    peak associates in Manila, Philippines, and Fargo
  • 31M+
    documents reviewed since the project began
  • 80%
    savings compared to outside counsel review

To help the client significantly reduce its legal costs, Integreon initially set up a secured facility in Manila, Philippines, with a dedicated team of ten full-time employees (FTEs). The dedicated delivery center was built to client specifications, based on a demanding set of security and compliance requirements. Soon after, Integreon set up a similar facility in Integreon’s Fargo, North Dakota, location to deliver onshore document review services. The teams have since expanded to 50 FTEs in Manila and 16 FTEs in Fargo.

In addition to the dedicated FTE model, Integreon provides scalability through its team of project attorneys. During periods of high work flow, Integreon will add client-approved and cleared project attorneys to assist in the workload of the dedicated team. As of 2014, Integreon has more than 150 active project attorneys in its Manila location, assisting on a variety of projects.

Integreon review attorneys provide a first-line document review on the client’s selected platform, which is then followed by quality control (QC), with outside counsel performing the second-line review. The teams work in dedicated, locked-down areas of Integreon’s facilities and inside the client’s firewall to maintain security of the company’s confidential and proprietary information.

Integreon appointed a legal account manager (LAM) in its New York office, which is in close proximity to the client’s legal and compliance headquarters. The LAM serves as the relationship manager and ensures client satisfaction with delivery of Integreon’s services. The LAM is a fully dedicated non-billable resource and is responsible for the day-to-day management of the account across multiple locations.

Unlike outside counsel, where junior associates are juggling the multi-faceted tasks of document review in addition to many other responsibilities, the Integreon team is comprised of seasoned review professionals who are solely dedicated to this one function. This structure provides for greater efficiencies and quality, as well as allowing the attorneys to become experts in the banking/ regulatory matters which are typical of an investment bank. The dedicated legal team works three overlapping shifts, across centers in Fargo and Manila, providing the client with an essentially non-stop, follow-the-sun, document review process.

Expanding to Contract Review & Abstraction and Compliance Support

After years of success in legal document review, in 2012, Integreon added contract review and abstraction to the LPO services we provide to the client.

In the first such contract review, in support of an internal audit of vendor billings, Integreon’s attorneys in Manila reviewed and abstracted tens of thousands of the client’s vendor master services agreements (MSAs). In a subsequent contract review engagement, our FTE team abstracted pricing terms in vendor MSAs and supporting documents in support of the client’s external auditors. The results of both exercises were deemed “excellent” by the client, leading to larger scale contract review projects in 2013 and 2014.

In 2014, the client further expanded its relationship with Integreon in Fargo by engaging a dedicated team of five paralegals to support ongoing power of attorney compliance review. The dedicated team undertakes both a technical and substantive review of each power of attorney, and is currently conducting in the region of 500 reviews each week.

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