Axiom Global Inc. is kicking off the new year with a sizeable amount of funding.
The Wall Street Journal Law Blog reported yesterday that the legal services company, which is celebrating its 13th year, will receive $28 million in funding from growth-equity firm Carrick Capital Partners. The company will use the money to expand its customer base—which already includes big names such as Hewlett-Packard Co., American Express Co. and Morgan Stanley—and to launch new offerings.
According to Axiom, lawyers at the New York-based company perform legal services—including M&A, technology licensing, investment advisement, contracting and more—for clients at lower prices than traditional law firms. Many of the company’s 550 lawyers come from Big Law firms. Axiom’s goal, according to CEO Mark Harris, is to perform tasks that will free up in-house clients’ time and allow them to focus on bigger-picture issues. The company also offers software products that help streamline operations.
Watch for more about Axiom and other alternative legal service providers in the April issue of InsideCounsel.
For more InsideCounsel stories about using legal service providers, read:
3 cost-cutting tips for legal departments
How to cut outside counsel spend
4 key concerns of corporate legal process outsourcing and provider responses
