DiscoverReady PrivBank® Hits 10 Million File Mark

November 13, 2008 – New York, NY – DiscoverReady LLC, a leading discovery management services company that develops technology and performs outsourced document review for Fortune 500 corporate counsel and law firms, announced today that its PrivBank™ automated privilege screening software-as-a-service (SaaS) has officially processed more than ten million files for the company’s corporate and law firm clients.

PrivBank, which DiscoverReady formally released in October 2007, is the most comprehensive automated technology available to help manage the identification and segregation of potentially privileged files at an enterprise or case level. In addition to being faster and more thorough than traditional document review techniques, the PrivBank process dramatically reduces the cost of privilege review for DiscoverReady’s clients, which are under more pressure than ever to cut legal expenses, given the current economic climate.

According to James K. Wagner, CEO and co-founder of DiscoverReady, “Corporations today are facing an array of significant challenges in the world of e-discovery. At the top of that list are two principal needs – to enhance the defensibility of their processes and to achieve overall cost savings. The PrivBank is a perfect fit for these objectives, providing the industry’s most comprehensive and strategic method for managing the privilege screening process and at the same time significantly reducing costs associated with identifying privileged information.”

Accuracy in privilege screening is critically important to any litigation, since inadvertent disclosure of privileged evidence can lead to expensive litigation over partial or total waiver of privilege, or to malpractice claims from the lawyer’s own client if the mistakenly-released information damages the case at hand.

In October 2008, Congress passed new legislation including a new Federal Rule of Evidence – Rule 502. Rule 502 aims to reduce the cost of privilege screening by limiting the consequences of inadvertent disclosure of privileged information. In order to avail itself of the protections of Rule 502, responsible counsel must demonstrate that it took “reasonable steps” to identify potentially privileged files. The DiscoverReady PrivBank process greatly enhances defensibility of any review through its sophisticated automated privilege screening, in conjunction with a complementary review workflow for files that have been identified as containing potentially privileged information.

Amy Hinzmann, vice president of legal strategy and head of DiscoverReady’s Financial Services team, says, “The first choice and objective for any lawyer is to avoid the production of potentially privileged information. To that end, the PrivBank process provides a tremendous safeguard and starting point for any enterprise or law firm embarking upon a review of data for potentially privileged files. At the same time, in the instance of a large-scale production where privileged data is inadvertently produced, the execution of the PrivBank process should be recognized as a strong factor in demonstrating the ‘reasonableness’ of the privilege review and supporting a clawback under Rule 502.”

Wagner explained that the system is universally applicable to all types of discovery projects, and can be used for any litigation or regulatory matter. He commented, “The innate intelligence and effectiveness of the PrivBank, which has been developed through the investment of thousands of man hours and the analysis of millions of files, is inspiring. We can typically identify a very high percentage of potentially privileged files in a data set with little to no input from our clients. In most cases we are able to identify nearly 100% of privileged communications with responsible counsel without any input or interviews. When used – and re-used – consistently at an enterprise level, the PrivBank becomes even more effective, rendering both greater accuracy in privilege review and tremendous efficiencies. Our clients have reduced both their costs and anxiety by using PrivBank, and we believe our solution truly represents a cornerstone in the developing future of automated document review.”

About DiscoverReady LLC

DiscoverReady is a professional services company focused exclusively on streamlining the document review process and reducing discovery costs. DiscoverReady provides law firms and legal departments with effective Discovery Management solutions delivered by highly skilled professional resources. Founded in 2005, DiscoverReady is headquartered in NYC. Call 212-699-3965 or visit www.DiscoverReady.com.

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