International law firm Hogan Lovells and global business advisory firm FTI Consulting have teamed up to launch a combined offering for contract intelligence and other data governance solutions. Through the arrangement, FTI Technology and Hogan Lovells will collaborate to provide technical and legal expertise for the collection, review and analysis of contracts and additional critical data for both firms’ clients, the companies claim.
Mine information from contracts
FTI Technology and Hogan Lovells will assist multinational corporations looking to mine information from large volumes of contracts and other data stores to meet obligations, ensure compliance with data privacy legislation, navigate risks and gain business insights. The size and complexity of corporate deals, the demands of post-deal integration and the need to leverage post-merger value pose additional challenges for corporates, which the two will seek to address. Leveraging Hogan Lovells’ legal acumen, along with technology such as machine learning from FTI Technology’s contract intelligence practice, this dual offering will provide both firms’ clients with broader, more cost-effective and strategic data tools.
'Law firm and consultancy clients are increasingly asking for strategic guidance on proactive data management and information governance while looking to streamline costs,' said Kathryn Hardie, head of the contract intelligence practice and a senior managing director at FTI Consulting. 'Contract intelligence is also a rapidly growing need among corporations, particularly as they work to navigate regulatory changes such as Brexit and Europe’s General Data Protection Regulation. Hogan Lovells and FTI Technology have made an important step to meet the market’s diverse and evolving needs, and we look forward to bringing this innovative offering to clients.'
FTI Technology’s contract intelligence practice provides advanced technology and unique workflows to ensure efficiency and accuracy of corporate data analysis, which will underpin Hogan Lovells’ offerings and allow firm lawyers to focus on providing legal services. The offering will include leasing transaction experts, contract process experts, forensic experts, corporate investigation specialists and technology professionals who have led some of the largest and most complex regulatory response, information governance, mergers and acquisitions, litigation and investigative engagements.
Unlocking business value
'Helping clients get their data under control and unlocking business value from that data is increasingly important for our firm,' said David Hudd, deputy chief executive officer of Hogan Lovells. 'This collaborative offering with FTI Technology means that both firms’ existing and future clients will have 360-degree coverage across any data challenge, from the industry’s top practitioners.'