Carrick Capital Partners to Expand Investment in Factor, Become Majority Shareholder in Rapidly Growing Legal Innovator

NEW YORK and LONDON, Aug. 18, 2020 /PRNewswire/ — Factor[1], the leader in next-generation solutions for complex legal work at scale, today announced a significant new investment to be provided by Carrick Capital Partners (Carrick), an investment firm focused on software and software-enabled businesses with over $1B in assets under management. As part of the deal, Carrick would be multiplying their original investment to become the majority shareholder of Factor. The deal, expected to close by October 2020, represents one of the biggest net new investments in the global legal solutions market.

Company officials said the infusion of capital will allow Factor to immediately expand its presence in the global marketplace and accelerate its development of innovative, large-scale, customized, legal solutions for clients in the Enterprise, Life Sciences and Financial Services sectors. Factor will also draw upon Carrick’s proven track record of growing technology-enabled services businesses. Carrick’s increased investment in Factor comes at a time of transformative change and rapid growth in the legal solutions market. Alternative providers are disrupting the traditional law firm model, and corporate law departments continue to look for help solving increasingly complex legal and business problems that require advanced technology and process expertise on a massive scale.

“Our move to become majority shareholder of Factor was a strategic decision based on the company’s unique track record of delivering differentiated solutions to the legal market,” said Jim Madden, Co-Founder of Carrick and Founder of business process outsourcing (BPO) provider Exult. “With their vision, deep domain expertise, and gold-plated client list, the Factor team combines sophisticated expertise, technology adoption and business process optimization with a nuanced understanding of how lawyers and business leaders think. Their singular focus on bringing legal innovation to more complex work is unique in the market.  With lots of players focused on the commoditized bottom, Factor has a huge growth opportunity in the much larger sphere of more complex work. Rather than innovating around the periphery, they are helping GCs and businesses where they need it most.”

The announcement is the latest milestone in a journey that began more than a decade ago when Factor, then part of Axiom, began offering corporations a combination of efficient, technology-enabled legal managed services and expert legal resourcing. In a strategic move, the company successfully spun off from Axiom last year, rebranded to Factor, evolved its core enabling infrastructure and has gained strong market momentum.

The new investment by Carrick follows a series of recent significant business achievements by Factor.

  • In early 2020, the Factor brand launched with a deep focus on bringing process efficiency and tech-enablement to more complex, transactional work like contract negotiations.
  • Factor will retain the powerhouse leadership team assembled since the hiring of new CEO Varun Mehta—former founding team member and CRO of Clutch Group—as well as senior executives from Accenture, Mercer and EY Law. Axiom Founder and Knowable CEO Mark Harris will remain as Factor’s Chair of the Board.
  • Factor has since shown sustained market momentum with huge client wins and new logos across Financial and Technology clients. This includes the single largest regulatory mandate in Factor’s history for one of the world’s largest banks.
  • Factor has developed strong partnerships in the legal ecosystem, including legal technology providers, and Magic Circle law firm Allen & Overy, focused on helping large banks transition away from LIBOR.

“Carrick has already demonstrated it is a committed and trusted partner of ours,” said Varun Mehta, CEO of Factor. “The new chapter in our partnership with Carrick positions us to bring new client solutions to the market at unprecedented scale, and fuel even faster growth than we achieved in our first six months as a rebranded company. Factor has the geographic reach, domain expertise and financial backing to provide our clients with the industry’s most innovative solutions. We fully expect to leverage this investment into larger opportunities, and more focus on our customers and our mission in transforming the way legal solutions are delivered for General Counsels and the companies they serve.”

About Factor
Factor, formerly Axiom Managed Solutions, is the leader in next-generation solutions for complex legal work at scale, ranging from deadline-driven regulatory projects to long-term managed services. Factor combines expert legal resourcing and market know-how with the process efficiency, smart legal technology, and data-driven project management of New Law to bridge a huge gap in the market. The company is comprised of more than 500 lawyers, legal specialists, technologists, and process consultants with offices in New York, Chicago, London, Belfast, and Poland. Factor is not a law firm and does not provide legal advice. For more information, go to[2]or LinkedIn[3].

About Carrick Capital Partners
Headquartered in San Francisco and Newport Beach, Carrick Capital Partners is a growth-oriented investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast-growing, technology-enabled businesses. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment. Leveraging decades of experience, Carrick helps scale great companies that deliver excellent returns for investors, stimulating economic growth and positively impacting the industry landscape. Working directly with CEOs and entrepreneurs, Carrick fulfills a vital need for investment capital and growth expertise. For more information, please visit[4].

Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements regarding Factor Law Inc.’s business, financial condition, and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

Media Contacts
Erin Harrison (U.S.)
[email protected][5] 

Nick Jones (U.K.)
[email protected][6]

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