Bloomberg, the financial news company, is building a comprehensive e-discovery service in addition to its recently expanded legal research service, Global Business Manager Harald Collet said.
As Bloomberg rival and legal industry stalwart LexisNexis bolsters its own e-discovery goals -- and with e-discovery overall growing into a multibillion-dollar market, according to recent Gartner and Socha-Gelbmann reports -- the sector is "definitely an interesting space and you can imagine with my background we have insight into that market," Collet said.
Few details are public. Collet observed that Bloomberg has more than 3,000 engineers on staff, so the new features will be developed in-house, not acquired from other companies. Whether the software will be ready this year or in 2012 isn't yet determined, he said. He declined to say how far the technology may expand into the Electronic Discovery Reference Model and whether it will ship in parts or as a full system.
But it's something that financial services customers want. "The market is definitely evolving very quickly. What we hear from our clients is they want us to assist them with their e-discovery needs. We're definitely planning to continue to support that workflow with even more capabilities," Collet explained. Any such technology could also be useful in other industries that have government regulation, he said.
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Source: law.com
By: Evan Koblentz
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