Fieldfisher has launched an alternative legal services platform led by former Ashurst derivatives partner Christopher Georgiou.
The platform, called Condor, will initially focus on derivatives and securities financing and is aimed at banks, custodians, asset managers and insurers.
Services include a Belfast-operated trading documentation unit that will negotiate derivatives and financial markets agreements on a fixed cost basis. The firm has teamed up with a third party provider in the city to deliver documentation services and expects to make cost savings of between 40 and 50 per cent.
New technologies will also be used to support document reviews, data extraction and large-scale document projects.
“In-house counsel are under pressure to deliver efficiently,” said Georgiou. “What we would offer is to take the project from them, carry out the project management and partner up with one of our providers who could do the processing.
“This is instead of the old school method in which paralegals and high-cost lawyers manage the process from start to finish.”
Condor is being led by Ashurst’s new chief executive officer for Condor Georgiou, who joined Fieldfisher last September from Ashurst. He will work alongside Fieldfisher partners Guy Usher and Luke Whitmore to develop the product.
The launch follows the release of Allen & Overy’s MarginMatrix system last year, which was developed with Deloitte. Ashurst also teamed up with Axiom in a bid to support its financial clients.
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