Huron Consulting Group Launches V3locity™
V3locity Revolutionizes the Business and Legal Environment by Significantly Reducing Document Production Costs
CHICAGO – January 30, 2008 – Huron Consulting Group (NASDAQ: HURN), a leading provider of financial and operational consulting services, today announced the launch of the Company’s litigation support initiative V3locity™, an unprecedented predictable fixed per page priced e-discovery service involving processing, hosting, review and production. V3locity (pronounced “velocity”) will save clients up to 60 percent in cost compared to similar e-discovery services.
“For law firms and general counsels, e-discovery has become a trying and inefficient process. They are facing costs that are spiraling out of control, dealing with multiple vendors and waiting months before seeing any results,” said Gary E. Holdren, chairman and chief executive officer, Huron Consulting Group. “Our new V3locity solution offers our clients a different approach based on cost savings, increased accuracy, and overall service delivered with high speed results. V3locity gives our clients a competitive advantage in litigation matters, investigations and second request/regulatory reviews.”
Electronic document discovery has become one of the single largest components of litigation, with the review portion accounting for up to 80 percent of the $3 billion a year e-discovery marketplace. Huron developed V3locity in response to market demand for cost efficiency and predictability, offering a pricing model based only on the number of pages actually subject to review with no separate hourly charges for processing, hosting or production. Huron’s V3locity model distinguishes itself from others with a combined services approach at significantly reduced cost with measurable results for clients.
“Huron's Legal Consulting business has experienced tremendous growth,” said Shahzad Bashir, vice president and practice leader for Huron Consulting Group’s Legal Consulting practice. “Huron’s growth has been largely fueled by our ability to act as the trusted business advisor to the Office of the General Counsel and their law firms. With V3locity, we are able to offer yet another market-driven, client centered solution which will revolutionize e-discovery services in large scale litigation or corporate document review situations.”
With V3locity, Huron offers law firms, corporate legal departments and government agencies a streamlined approach that combines cost savings, high speed, innovative technology and 600 on-demand experts working from six Document Review Centers around the country and in India.
COST SAVINGS – up to 60 percent compared to similar e-discovery services
V3locity is a radically different option guaranteeing streamlined support for every step of the process with up to 99 percent accuracy and savings of up to 60 percent. Unlike other firms or services that charge per hour or cost in excess of $2.00 per page, V3locity offers a predictable low cost per page fee with no other charges for processing, hosting or production.
“We are able to offer clients unmatched value, not just in cost savings but in overall service and accuracy because we have designed a system that tackles every aspect of e-discovery,” said Robert D. Rowe, managing director, Huron Consulting Group. “In contrast to our competitors, we guarantee our work and offer it at a fraction of the cost.”
NEW TECHNOLOGY – meaning-based computing goes far beyond keyword searching
A major component in the development of V3locity was the implementation of some of the most sophisticated search technology available, which incorporates meaning-based computing that actually comprehends the content of electronic documents. The technology understands and identifies the document’s content and finds related documents – even if they contain different wording. This allows for work with documents in virtually any language because the "meaning" is defined by the statistical similarity of text within documents.
“This technology allows Huron to take the computerized aspect of our review service far beyond the keyword searching currently available in the industry,” said James D. Zinn, managing director, Huron Consulting Group. “Our experts are delivering incredibly comprehensive results in a fraction of the time for our clients.”
HIGH SPEED – results in less than two weeks generate competitive advantage for clients
V3locity is able to generate significantly faster results than competitors because of its streamlined approach to the e-discovery process. This speed delivers a major competitive advantage during early case assessment to clients who can expect results within 10 days. In addition, the seamless integration delivers maximum defensibility of delivered documents.
“Today, the majority of time and money spent on e-discovery occurs during the review process. In fact, for every one dollar spent on legal discovery consulting, 80 cents is tied up in the review process which often takes several months,” said Christopher Getner, managing director, Huron Consulting Group. “The new Huron solution increases overall quality while significantly reducing the time spent on review, typically providing clients with results within ten days.”
PROFESSIONALS – 600 on-demand experts work from six Document Review Centers
Another key factor of the success of the service is the V3locity team. V3locity utilizes specially trained reviewers, each assigned to a specific subject area to maximize focus, accuracy and speed. V3locity is able to meet the timing requirements of any e-discovery project by utilizing an on-demand workforce that can be tailored to individual project needs. The V3locity experts operate out of specialized Document Review Centers, unique to the business and litigation support industry. At its launch, V3locity operates in six Document Review Centers (including resources in India and five domestic facilities) and is supported by a global Digital Evidence Laboratory. These facilities are specifically designed for e-discovery to ensure maximum review performance and security.
“We see the professionals who make up the V3locity team as integral to the breakthrough success of the new service,” said Rowe. “Unlike traditional legal staffing or consulting alternatives, they have specific professional training in the review process, work out of high security Document Review Centers and can be available to clients across the country at 24 hours notice.”
Huron’s V3locity ends the days of the unpredictable e-discovery costs and results. It offers guaranteed low cost per page pricing, up to 99 percent accuracy and a meaning-based computing technology unlike anything available in the industry. V3locity is a strategic addition to Huron’s Legal Consulting business which provides innovative solutions developed by battle-tested professionals for law firms and Fortune 1000 companies.
For more information on V3locity, visit www.huronconsultinggroup.com/V3locity.
E-discovery refers to any process in which electronic data is sought, located, secured, and searched with the intent of using it as evidence in a civil or criminal legal case. Traditionally, legal consultants support law firms, corporations and government agencies by handling the various stages of e-discovery including processing and collecting data, hosting data online, reviewing data for use, and producing data in a usable format for litigation matters, investigations and second request/regulatory reviews.
About Huron Consulting Group
Huron Consulting Group helps clients effectively address complex challenges that arise in litigation, disputes, investigations, regulatory compliance, procurement, financial distress and other sources of significant conflict or change. The Company also helps clients deliver superior customer and capital market performance through integrated strategic, operational and organizational change. Huron provides services to a wide variety of both financially sound and distressed organizations, including Fortune 500 companies, medium-sized businesses, leading academic institutions, healthcare organizations and the law firms that represent these various organizations. Learn more at www.huronconsultinggroup.com.
Jennifer Frost Hennagir, Director
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