Fieldfisher has launched a tech-centred alternative legal services platform led by former Ashurst securities and derivatives partner Christopher Georgiou.
Condor Alternative Legal Solutions (Condor) offers clients a range of lower cost technology-efficient and process-efficient services, initially focussing on the derivatives and securities financing markets.
The initial range of services includes:
Trading Documentation Unit: a specialist trading documentation negotiation unit operating out of Belfast for negotiating derivatives and other financial markets agreements on a fixed cost basis.
Data Extraction and Analytics: bespoke technology-assisted solutions for legal, regulatory or documentation reviews and issue identification based upon document digitisation, data extraction and data analytics.
Large-Scale Documentation Project Delivery: delivery of large-scale documentation and documentation remediation projects combining legal and regulatory advice and documentation negotiation with project/process management and technology-assisted counterparty outreach.
In the future, Fieldfisher is looking to expand its range of services beyond financial services and to offer it to clients across all sectors of the firm.
Commenting on the launch, Georgiou said: “Fieldfisher has always looked at new and innovative ways to support clients more effectively. Condor uses an intelligent allocation of resources and technology to deliver highly cost-effective fixed price solutions to our clients.
“Our Variation Margin Managed Service – a comprehensive offering which helps clients implement the new requirement to exchange variation margin for non-centrally cleared derivatives – has garnered a lot of interest. We’ve already secured engagements from global investment banks on this and other regulatory developments.”
Guy Usher, a partner and head of the derivatives & structured finance Group, added: “This is the first step in the evolution of Condor and our alternative legal services model. In these changing times, with endless amounts of regulatory change, clients are looking for ever faster and cheaper solutions.
“Some technology platforms already in the market can capture data from standardised industry documents – but Condor has additional value by also providing legal input. This means that more sophisticated and bespoke data models and analytics can be developed, even for less standardised documents.
“With Brexit, MiFID II, bank ring-fencing and other regulatory changes looming we see a huge demand for this product.”