Law firm COBALT has become an exclusive Lithuanian and Latvian partner to the new innovative legal service ChangeBoardMember.com (CBM), a global website on a country-by-country-basis with all relevant information regarding board member changes in each jurisdiction throughout the world for M&A coordination purposes.
“Nowadays the legal market is becoming more and more competitive. For meeting the changing needs of legal market we need to search for innovative legal solutions. Ten years ago, much of the revenue generated for law firms was through established long-term existing clients, and new business was attributed to partner networks and direct connections. The introduction of legal startups and client demand for better value force us to differentiate ourselves in order to win new business” – says Dr Juozas Rimas, Head of M&A practice at COBALT Lithuania.
CBM is a legal service created to address challenges in coordination among law firms when changing board members in different countries. Changing board members in one jurisdiction is easy, however, coordination of board member changes in several jurisdictions with different rules, timing and documentation requirements (e.g. following a takeover of a company group) is troublesome, inefficient and time-consuming. In order to solve this issue, the CBM site provides an overview of requirements for changing board members (including timelines, checklists etc.) in currently 19 European jurisdictions, more jurisdictions are added every month.
To ensure the data is always up to date CBM has partnered with 19 exclusive partners so far – all top tier rated law firms. Lawyers looking for a local law firm to help execute the change of board members can easily request a fee quote from the exclusive CBM partner in the relevant country.
“The concept is very simple. Just choose the relevant country and either read a comprehensive description on the domestic legislation concerning board member changes or simply choose a check list and see a quick overview of the relevant documents needed and a timeline” – explains Søren Munk Hansen, director ChangeBoardMember.com.
By promoting efficiency, CBM is saving law firms hours of work allowing them to focus on value creation for their client.
“At COBALT we are supportive to new digital services that can create value for both our clients and our lawyers. CBM in just 3 clicks enables us to gather information that would take us days earlier. It saves time improves work efficiency which are essential for top level legal services” – says Dr Juozas Rimas.
Knowledge of board changes in numerous jurisdictions is not stored from time to time. Accordingly, every coordination process is back to square one. For this reason, comprehensive and regular updates of legal aspects are essential.
“We are delighted to have COBALT as our Lithuanian partner adding to our partner community already including for instance Taylor Wessing, Plesner and of course COBALT Latvia. We are looking forward to generating many users to the Lithuanian part of the site and by that many new potential clients to COBALT” – says Søren Munk Hansen, director ChangeBoardMember.com.
CBM is a startup founded in 2013 by two former Danish M&A Lawyers and is committed to innovate the legal business and to simplify, inspire and create value for both our users and partners.
The main focus of CBM is to provide lawyers and companies with a one-stop-shop for all necessary information concerning how to change board members throughout the world. Instead of spending hours and money to retrieve information on what actions that are needed to change a board member in a certain territory, you will be able to find such information on CBM free of charge.