Legal Outsourcing 2.0 News
New Office for LO2
Legal Outsourcing 2.0, Inc is pleased to announce that Legal O2, the Indian operating company of LO2, has closed on a new office in Noida, a suburb of Delhi. Namrata Dutta, the Manger of Contracts and one of the Directors of Legal O2 has moved from Kolkata and will be heading up the new office. Nakul Nasa, Assistant Manager of Contracts will continue to work from Kolkata. Both will continue to head up LegalSifter projects from their respective offices.
Legal O2’s Kolkata office will continue to be led by Navonil Bhattachrya, who heads up Reviews and Technology teams. He is currently preparing for his CEDS exam. Tanmoy Sukul, who manages the data breach teams, will also continue to work from Kolkata.
Legal O2 currently has about 30 employees working remotely from the Delhi area who will be working from the Noida office when it is fully operational in May. Additionally, many of the other vendors who provide services in the data breach space, such as UnitedLex and Integreon, have offices in the area and many of their employees have expressed a desire to join Legal O2 once the Noida space is available.
The Noida office seats more than 120 employees and will help accommodate the expected growth of an additional 100 employees in 2022, many of which will be filled on the data breach teams responding to cybersecurity incidents.
ACEDS AI Series - Part IV: The Process of Innovation in the Legal Space
Come join us as our CEO Harry Buck moderates a discussion on modern innovation in the legal field. This series provides a glimpse into the future and how we will all be performing legal work in the years to come. You can register here.
The interview of Canopy by Harry Buck
Another article by Derek Stegelmeier on data breach and the technology to curb it.
In the #Spotlight: High Performance Counsel Interviews the Leadership Team of Legal Outsourcing 2.0 (LO2)
In the #Spotlight: High Performance Counsel Interviews the Leadership Team of Legal Outsourcing 2.0 (LO2) | #hipcounsel #spotlight #legal #leadership
Data Breach and Document Review News
What is New at Nuix?
One of the challenges of US companies using legal technology vendors incorporated abroad is the challenge of keeping up with developments. Nuix is an Australian-based provider of software used in legal big data matters and has the self-described handle of “finding truth in a digital world”.
It appears there is some truth in the Nuix world that they might not want you to be finding.
Nuix, which trades on the Australian Stock Exchange under the symbol NXL, has seen their stock price crater from $8 per share when it debuted about a year and a half ago to about $1.50 today. The stock performance is not only based on the fundamentals of their business, but it also faces headwinds from an investigation by the Australian version of the SEC and couple class action lawsuits by investors.
Motley Fools’ Australian counterpart has the news:
“Then came the real trouble. Nuix was the subject of an intense media campaign that began in May. Over the course of the campaign, Nuix was accused of poor governance, questionable financial reporting, and a controversial options package given to the company’s founder.
Since then, Nuix has been the subject of an Australian Federal Police investigation, watched its CEO and CFO walk out, and, now, it’s being investigated by the Australian Securities and Investments Commission (ASIC).
Despite the bad press, Nuix welcomed 100 new customers over FY21. Its average new order value rose to $240,000. Additionally, its customers were generally willing to enter into multi-year contracts, which accounted for 36.3% of Nuix’s revenue for FY21.” https://www.fool.com.au/2021/08/30/nuix-asx-nxl-share-price-down-on-realised-fy21-guidance/
Everyone has their own tolerance for risk, but if you are thinking of a long-term license with Nuix, you may want to do some due diligence before doing so. I am not so sure that all of those entering into multi-year contracts were fully informed of those risks when they did so.
Just sayin’.
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