In what it is positioning as a relaunch of the company, Axiom Managed Solutions, one of two companies spun-off last year from alternative legal services provider Axiom, is changing its name to Factor and launching a new website at www.factor.law.
The company also said that two of the original investors in Axiom, Benchmark Capital and Carrick Capital, “are doubling down on the newly branded organization and will remain long-term investors.” The company declined to provide details on the investments.
These moves, say the company, position it for rapid growth as it plans to expand its standing in the corporate legal market and double in size.
Chris DeConti, Factor’s chief client officer and head of strategy, told me yesterday that he considers this more than a name change or an attempt to create an identity distinct from Axiom.
“As we have been working on this over the last several months, we thought about it as something a lot more significant than coming up with a new name for the company,” he said. “It was really an opportunity to take stock of the legal ecosystem and think about where we fit within that.”
As DeConti sees it, that sweet spot for Factor is at the center between two very different extremes. At one extreme are the traditional law firms providing high-value, bet-the-company legal advice. At the other are the cluster of alternative legal services providers, legal process outsourcers, and technology companies focused on commoditized legal work.
“What’s left unaddressed is the big center where our clients spend most of their time,” he says. “We define that center as transactional legal work – getting contracts done. That’s where we specialize.”
The new name is meant to convey that – that the company serves corporate legal departments by bringing together the factors that are
