Former Axiom vice president and legal tech veteran Chris Iconos has joined legal spend management vendor Quovant as chief revenue officer, we can reveal. Iconos, who leaves Axiom after seven and a half years, joins the Nashville-headquartered company after what we’re told was an extensive, competitive executive search.
Corporate legal departments are increasingly turning to data and analytics to make business decisions and achieve greater visibility of their outside counsel spend. Quovant provides a tech-plus-services offering to enable corporate legal teams to measure law firm compliance and provides benchmarking data – including enabling in-house teams to compare law firm performance.
Quovant, which was previously called LegalBill, is entering a new chapter in its growth, according to Iconos, who has been brought in to help drive its sales and marketing efforts. Speaking to Legal IT Insider he said: “Customers love what Quovant is able to deliver, and I will be trying to accelerate our growth and accelerate the expansion of the business.” Quovant currently has around 100 members of staff. Iconos in 2018 took over as VP and general manager for the Southwest region at Axiom, growing it by a multiple of 10x.
Quovant’s managed bill review product notably applies its own categorisation to law firm bills to enable customers to compare them against one another. Iconos said: “Each firm has their own categorisation codes which means I can’t see trends across firms – you can’t compare apples to apples. The interesting thing in managed bill review is that we apply our own categorisation across firms so that you are comparing apples to apples and can say, for example, ‘last month our spend on drafting privacy agreements doubled’. Transparency is a really unique thing that unlocks valuable intelligence.”
There are new releases in the pipeline, so watch this space.