EY and Thomson Reuters have announced an agreement for the acquisition of the Thomson Reuters Pangea3 Legal Managed Services (LMS) business by various firms in the EY network.
Following the recent acquisition of Riverview Law, EY Law practices are broadening its depth and capacity to serve corporate legal departments around the world. The acquisition is expected to help bolster the ability of EY Law practices.
Pangea3 is an award-winning group in legal managed services, with more than 1,000 legal professionals across eight service delivery locations on three continents. The firm helps clients mitigate legal risks, reduce costs and provide continuity and scale to budget-strapped legal teams.
The acquisition is expected to enhance EY’s technology-enabled legal managed services in the three core areas of contract lifecycle management, regulatory risk and compliance, and investigations and litigation. In addition, its practices, comprising more than 2,400 lawyers in 84 countries, will continue to grow its legal advisory services.
Mark Weinberger, EY global chairman and CEO, said: “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.”
Pangea3 claims to be the original pioneer in the alternative legal services space and has grown significantly within Thomson Reuters. Clients will continue to receive the same services they did under Thomson Reuters and will gain access to more through the acquisition.
Brian Peccarelli, chief operating officer, customer markets, Thomson Reuters, added: “As we sharpen our focus on our core strengths – bringing new technology and workflow solutions together with our leading legal research, content and software solutions to our customer base – we believe the LMS business will be even better positioned to define the next evolution of alternative legal services with EY.”
The transaction is expected to close in the second quarter of 2019, subject to the satisfaction of various closing conditions.