Working with Skadden allowed us to really stretch the boundaries of technology and help build a next-generation conflicts environment designed to accommodate Skadden's core business needs.
New York, NY (PRWEB) April 16, 2009
The Frayman Group, a leading provider of innovative risk management software and services for law firms, today announced the successful implementation of a conflict-of-interest reporting system for Skadden, Arps, Slate, Meagher and Flom LLP & Affiliates. The system is designed to quickly disseminate new business and risk-related reports to partners in order to facilitate timely and effective business decisions.
Law firms with foresight are, in spite of the economic climate, investing in overhauling their risk management practices with the ultimate goal of speed to new business while reducing risk. Conflicts vetting is not only required by law and a due diligence necessity, the process is also at the front line of any firm's risk mitigation. Skadden engaged The Frayman Group to develop and implement conflicts reports that integrate directly with the firm's LegalKEY Conflicts Management system.
"Skadden truly understands the strategic importance of conflicts reporting for new business intake," said Yuri Frayman, CEO of The Frayman Group. "Working with Skadden allowed us to really stretch the boundaries of technology and help build a next-generation conflicts environment designed to accommodate Skadden's core business needs."
Skadden's new conflicts reports have streamlined the firm's overall reporting process and enhanced efficiency through features such as use of filters, smart logic rules and rules-driven content based on the type of search and level of detail requested. These improvements not only eliminated manual and repetitive tasks, but also significantly reduced the voluminous paper-based conflicts reports, helping to support the firm's green initiatives. Most importantly, these new reports are helping Skadden reduce turn-around time to partners, allowing the firm to take on new business more quickly, while still adhering to the firm's risk management protocols.
"Working with Skadden, a firm clearly focused on making a long-term investment for the future, was an exhilarating experience," said Yelena Chervinsky, Senior Director of Risk Management and Consulting, The Frayman Group. "The combined business knowledge and risk expertise both parties brought to the table enabled us to build a state-of-the-art system."
About The Frayman Group:
The Frayman Group, a leading provider of software and services for law firms, combines industry expertise with innovative technology to help customers automate business processes, mitigate risk, manage compliance and improve competitiveness. The Frayman Group brings 18 years of experience supporting 150,000 lawyers and support staff in over 270 law firms worldwide. For more information, visit http://www.fraymangroup.com.