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Axiom Marks First Full Year of Innovative Law Firm Practice, Now Offers Industry’s Broadest Array of Law Firm Services and Solutions
From secondments to full-service legal support across 12 practice areas, Axiom now serves more than 60% of the Fortune 100 with 95% client satisfaction
NEW YORK, Jan. 23, 2024 /PRNewswire/ — One year ago today, Axiom launched Axiom Advice & Counsel (AA&C), a modern law firm that leverages Axiom’s highly qualified, on-demand attorneys across 12 practice areas—all at a fraction of the rates charged by national law firms. The creation of AA&C, an Arizona law firm, extends Axiom’s 23-year history of legal services innovation, creating a new type of firm that can work with Axiom’s thousands of lawyers—many of whom are Am Law 100 alumni—and all who are unencumbered by billable hours requirements and the traditional partner pyramid.
AA&C has seen steady momentum during the past 12 months, hiring four partners and four additional team members. The firm has been engaged by clients of all types—from Fortune 50 enterprises to growing startups, for a wide range of use cases and matters ranging from interim general counsel services to privacy, litigation, M&A, and more. AA&C is a prime example of the impact Arizona’s pioneering Supreme Court decision1 is having on enabling alternative business structured (ABS) law firms.
“Axiom offers exactly the new paradigm the industry needs,” said James Turoff, Senior Vice President, General Counsel, and Secretary of The Hershey Company. “We greatly value the relationships we have with our traditional outside counsel, and they will always play a key role in our legal strategy, but Axiom’s innovative model—focused on value and flexible service delivery—is ideal for our everyday legal needs. With Axiom’s addition of AA&C to its portfolio, there’s now a single vendor who can provide the full spectrum of services that in-house legal departments need today: partner-level expertise at favorable rates, plus access to an ecosystem of thousands of vetted legal professionals.”
Axiom now provides the industry with the broadest range of high-quality legal talent across a spectrum of In-House Solutions and Law Firm Services, all of which help companies better manage their risk and the variability of work requirements to increase capacity and optimize their budgets:
In-House Solutions, Delivered by Axiom
- Top-quality talent drawn from Axiom’s global network of legal professionals with in-house and Am Law 200 experience. Only 3% (3 out of 100) of attorneys who apply are accepted through Axiom’s rigorous vetting process.
- Secondments to fill strategic, temporary talent needs, with talent available on full or part-time basis.
- Specialized advice from experienced, world-class lawyers who average 18 years of post-qualified experience (PQE). Clients can send work as needed and get on-demand availability of legal talent.
- Large projects that require teams of lawyers and coordination by an experienced leader.
Law Firm Services, Delivered by Axiom Advice & Counsel
- A law firm built to fit today’s in-house budgets, with rates 25% lower than national law firms, extending Axiom’s decades-long focus on unbeatable client value.
- Partner relationships with oversight and accountability.
- Managed teams providing quality outcomes, delivery management, and enhanced reporting.
- Scalability and affordability working with Axiom’s network of experienced lawyers, including many in-house counsel and Am Law 100 alumni.
- Fractional or full-time General Counsel services.
- Support across 12 practice areas, including litigation.
With more than 1,500 clients across North America, Europe, and Asia, Axiom today serves over 60% of the Fortune 100 with 95% client satisfaction. In fact, 90% of clients surveyed say Axiom lawyers are as good or better than their law firm lawyers.
“Our accelerating momentum is driven by our clients’ need for a new, value-based delivery model from their law firms and legal service providers,” said Catherine Kemnitz, Chief Strategy and Development Officer at Axiom. “It’s clear that clients are in pain. Big law rates keep going up, in-house budgets keep going down. Companies recognize that the old model, which focused on profits per partner supported by ever-increasing rates, is out of step with today’s business realities. Our clients need an agile legal services partner who can help them manage their risk and legal matters in a far more cost-effective way, and that’s exactly what we’ve built Axiom to do.”
Indeed, despite relatively flat demand, Big Law continues to drive sharp hikes in billing rates, according to analysts at Wells Fargo’s Legal Specialty Group. Law firm rates rose, on average, by 7.9% by the third quarter of 2023, the highest percentage rate uptick since the Great Recession 15 years ago.2 Meanwhile, workloads and regulatory complexity for enterprise, mid-sized, and small business in-house legal teams continued to rise while budgets shrank. Legal departments are under immense pressure to do more with less, with 70% reporting higher matter volumes, and 66% reporting their budgets are flat or declining.3
“You no longer have to do more with less,” said Kimberly Burke, General Counsel of Cerapedics Inc. “Companies today need to do more for less, and Axiom is heeding that call. They’ve become a true extension of our in-house team. They offer outstanding, experienced in-house attorneys who are skilled in the practice areas we need and able to speak the language of our business, and they’re far more cost-effective than the traditional big law firm. With their help, we’ve been able to undertake a large volume of strategic projects while meeting our budget goals this year.”
Today’s Axiom provides a simple, technology-enabled, AI-enhanced process to help companies of all sizes—with or without in-house counsel—quickly find the most efficient and effective way to meet their immediate or long-term legal needs.
“Axiom is uniquely positioned to help legal organizations thrive,” said David McVeigh, CEO of Axiom. “Our north star has always been to drive disruptive innovation, improve access to quality counsel, and spur value realization in law. Today, with the largest and most comprehensive portfolio of solutions and services in the market, we’re doing just that. We’re giving business and legal leaders a full array of in-house solutions and the industry’s first and only on-demand law firm that puts their business and budget first. We’ll continue to invest in the technologies, solutions and services, and quality talent that our clients need, as the industry continues to evolve.”
About Axiom Advice & Counsel
Located in Arizona, Axiom Advice & Counsel (AA&C) is setting a new standard for the modern law firm. From prioritizing clients and the lawyer experience, to finding the right legal talent for the right legal matter, AA&C’s approach to the law firm model provides clients with better value for every dollar spent on outside counsel. AA&C represents a diverse set of clients, ranging from growing mid-market businesses to global multinationals with large in-house teams. The firm focuses on corporate law including general counsel services, real estate, labor and employment, mergers and acquisitions, data privacy, intellectual property, and regulatory matters. For more information, please visit https://www.axiomadviceandcounsel.com.
About Axiom
Axiom is where high-caliber legal talent meets full-service law firm work. We invented the alternative legal services industry 23 years ago and now serve more than 1,500 legal departments globally, including 60% of the Fortune 100, with 95% client satisfaction. Axiom gives small, mid-market, and enterprise clients a single trusted provider who can deliver a full spectrum of legal solutions and services across more than a dozen practice areas and all major industries at rates up to 50% less than national law firms. To learn how Axiom can help your legal departments do more for less, visit www.axiomlaw.com
1 https://www.natlawreview.com/article/arizona-s-new-alternative-business-structures-law-alive-and-kickin
2 https://www.law.com/americanlawyer/2023/11/16/billing-rates-accelerated-again-big-law-will-likely-keep-foot-on-the-pedal
3 https://generalcounselnews.com/legal-departments-see-higher-matter-volumes-but-flat-or-declining-budgets-thomson-reuters-2023-legal-department-operations-index
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View original content:https://www.prnewswire.co.uk/news-releases/axiom-marks-first-full-year-of-innovative-law-firm-practice-now-offers-industrys-broadest-array-of-law-firm-services-and-solutions-302041525.html
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Statement From Universal Music Group N.V.
HILVERSUM, Netherlands, Nov. 9, 2024 /PRNewswire/ — “We have taken note of Bill Ackman’s post in relation to Pershing Square and UMG on X yesterday. Neither UMG nor any of its other board members were involved in the formulation of the views in that post. As disclosed in UMG’s listing prospectus, Pershing has the right to request a listing in the US subject to a Pershing entity selling at least $500 million in UMG shares as part of the listing. Pershing does not have any right to require UMG to become a US domiciled company or delist from Euronext Amsterdam. While the company will endeavor in good faith to comply with its contractual obligations with respect to undertaking the process of a US listing at the request of Pershing, any actions or decisions beyond those necessary to comply (including any decisions to change the domicile of the company) will be based on an analysis taking into account what is value maximizing and in the best interests of all the shareholders of the company.”
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View original content:https://www.prnewswire.co.uk/news-releases/statement-from-universal-music-group-nv-302300565.html
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Manulife Investment Management aligns capabilities across regions under the newly created role of Global Emerging Market Equities CIO
LONDON, Nov. 8, 2024 /PRNewswire/ — Manulife Investment Management today announced enhancement to its equity organization in leveraging expertise across its Asia and Emerging Markets teams to improve investment experience for its clients. Charlie Dutton, an equity investment leader with substantial experience in Asia, is named to the newly created role of Chief Investment Officer, Global Emerging Market Equities. In this new role, Charlie will oversee and align our Asia ex-Japan and emerging market equity capabilities, ensuring we leverage local resources and insights across the organization.
Manulife Investment Management has operated in emerging markets for more than a century. Today, it has one of the largest equity teams based in Asia with over 90 investment professionals located across 10 markets in the region. By combining local insight with deep investment expertise, Manulife Investment Management will be able to leverage deeper information advantage over other asset managers based outside of Asia. The combined Emerging Market Equities organization manages over US$25 billion in AUM across Asia and emerging markets equity strategies.
“Collaboration and engagement have always been at the heart of our investment culture, and our emerging markets and Asia equity teams have participated in a variety of forums to exchange ideas and insights. The closer alignment of the Asia equity team with the global Emerging Markets equity organization formalizes the longstanding sharing of ideas and insights between our Asia and our emerging markets equity teams. We believe this alignment will translate into improved research sharing and investment decision making, and will enhance our ability to create custom-tailored solutions to meet client needs,” said Colin Purdie, Global Chief Investment Officer, Public Markets, Manulife Investment Management.
Charlie will be spending a considerable amount of time in Asia with the extensive investment teams across the region in the coming months. He will continue to be based in London, affording him the opportunity to work and communicate with the investment teams in London and across Asia effectively, ensuring connections between each.
Charlie brings more than 27 years of investment experience to this role, including over 25 years of Asia equity investment experience with seven years in Hong Kong as well as South Africa and London. Prior to joining Manulife Investment Management’s Emerging Markets Equity team earlier this year, Charlie was a fund manager at Ninety One as part of the Global Quality Capability team that managed assets across five strategies.
Before Ninety One, Charlie was a founding partner at Coupland Cardiff, an Asian investment firm, where he spent 10 years managing Asian focused equity funds. Prior to that, he was based in Hong Kong and served as director of Asia-Pacific research at JPMorgan and as a Hong Kong/China consumer analyst at JF Securities. Charlie started his career at HSBC based in Hong Kong as a HK/China Analyst.
“We are confident Charlie’s deep investment experience, including over 25 years investing in Asia equity, makes him ideally suited to take on the role of CIO, Emerging Markets Equities. We look forward to his leadership, combined with the support of our Asia investment teams, in building upon our strong foundation in the region, and leading our Asia business into the future,” said Steve Medina, Chief Investment Officer, Global Equities, Manulife Investment Management.
At the same time, Manulife Investment Management announced that Kathryn Langridge, Senior Managing Director, Senior Portfolio Manager, and Head of Emerging Markets Equity team, has shared her intention to retire effective October 31, 2025, after an impressive investment career spanning over 40 years. Meanwhile, Ronald Chan, CIO, Asia ex-Japan Equity, is departing Manulife Investment Management.
“The alignment of the Asia and the Emerging Markets equity teams is a testament to the critical role Asia plays in today’s equity markets, and further draws attention to the deep pool of talent in Manulife’s investment organization,” said Charlie Dutton, Chief Investment Officer, Global Emerging Market Equities. “By globalizing and strengthening this capability, Manulife Investment Management is better positioned to deliver for its clients while expanding the pipeline of research and insight the Emerging Markets equity team can deliver for other capabilities at the firm on a global basis.”
About Manulife Wealth & Asset Management
As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide. Our mission is to make decisions easier and lives better by empowering people today to invest for a better tomorrow. As a committed partner to our clients and as a responsible steward of investor capital, we offer a heritage of risk management, deep expertise across public and private markets, and comprehensive retirement plan services. We seek to provide better investment and impact outcomes and to help people confidently save and invest for a more secure financial future. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
Media contacts: Carl Wong, Manulife Investment Management Asia, +852 2510 3180, [email protected]; Elizabeth Bartlett, Head of Wealth & Asset Management Public Relations, North America & Europe, Manulife Investment Management, +1 857 210 2286, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/manulife-investment-management-aligns-capabilities-across-regions-under-the-newly-created-role-of-global-emerging-market-equities-cio-302300146.html
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Palm Jebel Ali Project Surges Ahead in 2024: Milestones Achieved in Record Time for Dubai’s Most Anticipated Development
DUBAI, UAE, Nov. 8, 2024 /PRNewswire/ — Nakheel, a member of Dubai Holding’s pioneering real estate arm Dubai Holding Real Estate, has marked significant progress in the development of Palm Jebel Ali in 2024, with the project progressing at pace to meet 2025 milestones.
The development masterplan was approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in May 2023, who said at the time; “Palm Jebel Ali will further strengthen our urban infrastructure and consolidate the city’s emergence as one of the world’s leading metropolises. This new groundbreaking project reflects our strategic development plan centred on raising the quality of life and happiness of residents.”
The Palm Jebel Ali area received further recognition this year when His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, approved the master plan for the 6.6 kilometre development of Jebel Ali Beach. The project includes a five-kilometre sandy beach, to be developed by Nakheel, as well as a 1.6-kilometre-long Mangrove Beach, to be developed by Dubai Municipality.
Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said; “At Nakheel we believe in developing dreams, inspired by the vision of our leaders and the hopes of our people. The rapid progress we are currently witnessing on ground at Palm Jebel Ali is testimony to the grand success of our key partnerships and our joint endeavours to ensure we deliver on our commitments.”
Several key contracts for the project were awarded throughout 2024, including the construction of a new 6-kilometre road, the contracts for the island’s marine works, dredging, land reclamation, beach profiling and sand placement, directly supporting the construction of villas. The first eight fronds of the project are expected to be site-ready for villa infrastructure and civil works by the first quarter of 2025.
Crucially, the contract for the construction of exclusive ultra-luxury villas on the first six fronds of the project has also been awarded and are scheduled for completion by late 2026. Nakheel recently announced their partnership with Dubai Electricity and Water Authority for the development of two substations on Palm Jebel Ali.
Video: Palm Jebel Ali
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