NEW YORK, March 25, 2021 /PRNewswire/ -- Factor, the leader in solutions for complex legal work at scale, today announced that Andrew Ballheimer, recently retired Global Managing Partner at Magic Circle firm Allen & Overy (A&O), has joined the company as a member of its board of directors. During his tenure at A&O, he oversaw strong growth in both revenues and profits per partner, driven by a strategy rooted in exceptional client service and industry leadership in innovation.
As Factor strengthens its position bridging the worlds of traditional law and New Law, Ballheimer adds an invaluable depth of perspective and leadership experience from the traditional law firm sector. Ballheimer retired in 2020 from his position as Global Managing Partner at A&O, where he spent over three decades. During his tenure, A&O built a reputation for market-leading innovation, with the successful expansion of the firm's Belfast shared services center; flexible resourcing arm, Peerpoint; legal tech innovation lab, Fuse; and a number of tech-enabled regulatory remediation solutions.
"We are building a new kind of legal services firm. A firm that thrives in business and in law, that brings together traditional law and New Law capabilities, so our clients aren't forced to choose between expertise or efficiency, safety or speed, risk or cost," said Varun Mehta, CEO of Factor. "This requires assembling the best leadership and talent at all levels. Our clients and our people will greatly benefit from Andrew's focus on impeccable standards of quality and his experience in attracting and developing the best legal talent in the market."
Ballheimer has been the recipient of numerous industry awards and client accolades, recognizing his accomplishments in advising on significant corporate and capital markets matters and as a respected senior adviser to CEOs and boards around the world. He has worked in London, New York, and Tokyo, advising both multinational corporations and global financial institutions on public takeovers, IPOs, rights issues, restructurings, and corporate governance.
"Factor often works with or alongside law firms at the forefront of change in the industry and has a well-earned reputation for delivering real results for clients in handling sophisticated work on a large scale. I'm aware of the market's appetite for legal innovation to move from hype to reality, and feel Factor is extraordinarily well-positioned to drive this," said Ballheimer. "The company is a great cultural fit for me, and I'm delighted to be joining such a diverse and impactful board and leadership group at Factor."
The announcement comes as market penetration is notably high for alternative legal service providers (ALSPs,) and the likelihood for more collaboration between traditional and new providers increases, according to a new Thomson Reuters/Georgetown Law report. Some 79% of law firms surveyed are using ALSPs, along with 71% of corporate law departments. As greater acceptance within the ALSP space continues, the market is now valued at nearly $14 billion, which indicates a "tipping point" for the industry.
Corporate legal departments are reacting favorably to this announcement and the broader strategy of which it is a part. "As the rate of change accelerates, the market has become much less tolerant of compromised solutions and experiences. It's promising to see a former law firm leader like Andrew helping shape Factor. The prospect of adding his insights and experience from the world of traditional law with the emerging capabilities of New Law could open up a world of new possibilities," said Jeff Langlands, General Counsel at BT Global.
Mehta echoed earlier sentiments: "Andrew's addition to the Factor team is further affirmation of our mission. Andrew is a trailblazer who offers tremendous leadership skills and strategic insight. I am thrilled to work with Andrew on bridging the worlds of traditional law and New Law."
About Factor Factor is the leader in 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 of Traditional Law, 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 https://www.factor.law or LinkedIn.