I’ve never been so excited about electronic data discovery until I saw the video that Huron Consulting Group (NASDAQ:HURN) has posted, with its new pay-per-page electronic data discovery service called “V3locity.”
Before I comment any further, you’ve got to watch the video for this new service, more information from Huron on this service at LegalTech in three weeks (February 5th through the 7th). Are you out of breath after watching the video? If the music doesn’t get you, the irony of high-bpm house music should get you pumped while you watch pictures of the seated reviewers scroll by. Enough tongue-in-cheek, but it is amusing.
Pay-per-page, what a great concept. Companies have terabytes of data, but what ends up in front of Attorney’s is the most important data, think of it as precious metals or gems from a mine. No one pays for rocks next to them, just the metals or gems themselves. Doing some fact finding revealed that Attenex and DiscoveryReady, LLC were the first pair to reveal this pricing model. When I reached out to Attenex, their PR Manager confirmed they had been working with clients on the price per document-page for a number of years, at least on the sales front, with DiscoverReady, LLC. Currently, it seems that Huron and Attenex are the only companies interested in tackling these pricing issues.
Furthermore, George Socha and Tom Gelbmann have finished a project, dated May 24th, 2007, on collecting “metrics” on electronic data discovery. They are working on a new project for metrics called “metrics 2” When I spoke to George in December he implied users can expect them to deliver on quantifiable measurements, which can help manage budgets and justify the lower cost technologies designed to manage preservation, collection and processing ahead of review. George verified that review consumes the largest subset of electronic data discovery budgets.
Review budgets are where money is coming from to fund projects related to information management and intelligent collection. However, there is a very elusive set of services done
in “processing” that range in price from $700-$1500 per gigabyte. The next step will be understanding how Huron or Attenex quantify processing costs within the document-page review pricing, if it can even happen.
DCIG has been evaluating both processing costs per gigabyte and document-page-review costs for a few months. Our goal is compare current processing and review pricing against the probabilistic-subset of corporate data at risk for electronic data discovery, where appropriate. We expect to publish at www.dcig.com the value of certain technologies used for information management and pre-review processing.