NEW YORK & TORONTO--(BUSINESS WIRE)--Axiom, a recognized leader in the business of law and leading provider of technology-enabled legal and contracting services, today announced an agreement to acquire the General Counsel business of Toronto-based innovative law firm Cognition LLP. With operational synergies, a cultural alignment and a shared mission to modernize the legal market, this deal, expected to close in the first quarter, will unite the leading Canadian and American alternative legal providers and extend Axiom’s reach across the border.
For Axiom, Cognition’s corporate business represents an economically and culturally attractive gateway into the Canadian legal industry. Toronto’s corporate base skews heavily toward Axiom’s strengths in the financial services and technology industries, making it an ideal location for Axiom’s continued global expansion.
“Boasting a portfolio of almost 50 lawyers and a client roster that includes 60 leading global corporations, Cognition has been the undisputed ‘new law’ leader in Canada since its inception ten years ago,” said Will McKinnon, SVP of New Market Development at Axiom. “The ability to build on Cognition’s reputation and standing in the market validated our means of entry into the region. Indeed, the acquisition will give Axiom not only an immediate team of highly skilled and credentialed lawyers, but introduction to Canada’s most progressive and influential General Counsel, with whom Cognition already has trusted and long-standing relationships.”
Equally important, both Cognition and Axiom have long recognized the inefficiencies that plague the legal market and have leveraged technology to reengineer and modernize the delivery of legal services.
“As law firm associates, Mark Harris and I both had separate, but similar, ‘a-ha’ moments in realizing the extreme inefficiencies at work in a traditional law firm environment,” said Joe Milstone, Co-Founder of Cognition. “Since then, we’ve both made it our mission to rid the legal world of those inefficiencies. For years now, Axiom and Cognition have been collaborating on cross-border work. That collaboration led us both to another – this time, shared – ‘a-ha’ moment about formalizing our partnership. We’re thrilled to now officially be a part of Axiom’s mission to modernize the legal industry, both here in Canada and globally.”
As part of the deal, Cognition LLP will separate into two distinct entities: Axiom Cognition, an Axiom corporation serving corporate clients with in-house legal departments; and Caravel Law, a law firm serving small and medium sized enterprises without internal legal departments.
The Toronto office will be Axiom’s 6th international office, and 16th overall. Axiom’s global presence will introduce Cognition clients and lawyers to a broader respective lawyer and client base, allowing the firm to extend its mission on a more global scale. Indeed, the acquisition of Cognition’s General Counsel business, and Axiom’s resulting expansion into Toronto, represents a continued enlargement of the firm's global footprint. Upon acquisition completion, Axiom will comprise more than 1,500 lawyers, professionals, process engineers and technologists, serving over half the Fortune 100.
Axiom, a recognized leader in the business of law, provides tech-enabled legal, contracts, and compliance solutions for large enterprises. Axiom’s solutions combine legal experience, technology, and data analytics to deliver work in a way that dramatically reduces risk, cost and cycle-time. The firm comprises 1,500 lawyers, professionals, process engineers and technologists who serve over half the Fortune 100 across 16 offices and 5 centers of excellence globally. www.axiomlaw.com
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About Caravel Law
Building on 10 years of solid success as part of Cognition LLP, Caravel Law is an innovative legal solutions provider structured to deliver legal services exclusively to Enterprise Clients. At Caravel Law, we connect experienced, business savvy lawyers with organizations looking for dedicated, tech enabled and cost-efficient legal solutions. While the name may be new, the premise is the same: we focus on happy clients and happy lawyers. The kind of legal innovation that makes doing business so much more sensible.
Visit Caravel Law online at www.caravellaw.com and follow us on Twitter @caravellaw.