Afternoon Coffee: Fed ‘Patient’ on Rate Hikes; Legal Services Firm Axiom Plans IPO, Spins Off 2 Units

slasnyi/Adobe Stock

Minutes from the most recent Federal Reserve Board meeting were released Wednesday afternoon, and the Fed signaled a “patient” approach on raising interest rates, CNBC reports.

The Fed also favors ending its balance sheet runoff by year’s end, a move that gave the stock market a bump, CNBC reports.

"Almost all participants thought that it would be desirable to announce before too long a plan to stop reducing the Federal Reserve's asset holdings later this year. Such an announcement would provide more certainty about the process for completing the normalization of the size of the Federal Reserve's balance sheet," the document said.

Knowable, Axiom Managed Services Spin Off

Axiom Global Inc. — a leading player in the emerging New Law legal services and technology space — announced that it has registered with the U.S. Securities and Exchange Commission to proceed with an IPO. The date for going public has not yet been set.

The company also announced, effective Feb. 12, the spinoff of two business units, Knowable (a contract intelligence technology business) and Axiom Managed Services (a legal services process outsourcer, also known as AMS). According to the press release, “AMS empowers clients to rationalize legal spend by providing new delivery models for legal projects and processes.”

The spinoffs would seem to leave three main legal solution offerings: Regulatory Response and M&A Due Diligence/Integration engagement-based services along with Talent Platform, a temporary lawyer solution. According to the company, Talent Platform provides access to “a bench of 1,300+ select lawyers enabled by tools and performance management support” and it can save businesses “50-75% (vs. law firms) and avoid the fixed costs of full-time hires.”

In the project-based services and temporary lawyer categories. Axiom has a number of competitors, including Lawyers on Demand (LOD), Elevate, Riverview Law and more recently The Big Four.

Spend Matters has written about the emergence of an alternative legal services and technology ecosystem — comprised of alternative legal services providers (ALSPs) — and what it means for legal services procurement practitioners.

Winter Storms Disrupting Mid-Atlantic, Midwest

Snowstorms are disrupting daily life across the Midwest and stretching into Pennsylvania and New York, the Associated Press reports. Schools have closed and travel has been snarled by the storms, the AP said. And in Washington, some government offices were closed or activities were curtailed. The Fed didn’t give early access to its meeting minutes to journalists before the afternoon release of the documents, creating a flurry of breaking news in the afternoon.

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