Jeroen Plink is a name familiar to many in the legal information and technology fields. The CEO of Practical Law US until its acquisition by Thomson Reuters, he now works as an advisor to and sits on the boards of a number of law-related companies, including Casetext, Kira MeWe, Compliance.ai, HotShot, Leopard Solutions, ShiftCentral, Allegory and others.
Now, another company Plink has been working with is coming of stealth mode to launch the first phase of a global compliance platform for law firms and legal departments. The company is called Corpman Global Compliance and the product it is launching tomorrow is Entity Compliance Solution.
Similar in concept to Practical Law, Entity Compliance Solution provides practical guidance regarding the recurring obligations for common forms of business and corporate entities in more than 50 jurisdictions around the world, with more jurisdictions to be added. Each compliance module shows the applicable rules, filing requirements, filing deadlines, and meeting requirements. Modules also show information such as the rules for appointing and removing directors.
In an interview last week, Plink and Corpman CEO Sylvester Gooijers told me that the company has spent more than a year developing the content for these modules. In addition, the content for each jurisdiction has been vetted by leading lawyers within that jurisdiction, they said.
If a customer has an entity in a country Corpman does not cover, Corpman will add that country’s rules within 2-3 weeks.
Before year’s end, Corpman will also launch its entity management software product. The software will be fully integrated with the compliance jurisdictional modules and will include a compliance calendar, automated calculation of filing deadlines, and reminders for recurring corporate events. Among the functions the software will perform:
- Send automated reminders for corporate events and filing deadlines.
- Provide a comprehensive dashboard with overview compliance status of the group.
- Serve as a centralized location for all relevant entity information.
- Allow users to create organizational charts.
- Allow users to generate compliance reports.
Although there are other compliance programs on the market, Plink says that Corpman’s application will be significantly less expensive and will be the only one to marry the local-rule modules with the calendaring software.
When the software launches, Corpman will market it directly to corporate legal departments but also sell it as a white-label product for law firms, accounting firms and corporate service providers.
Both the Entity Compliance Solution launching tomorrow and the compliance software launching later this year will be sold on a subscription basis. The annual subscription price for the Entity Compliance Solution will be $120 per entity type per year.
For the software, the company will offer three subscription levels, all of which include the content from the compliance modules. The cheapest, at $250 per entity per year, will be a do-it-yourself version where the subscriber enters its own data. The middle tier, at $500 per entity per year, will include assistance with entering data and an account manager to help with the system. The top tier, for which pricing has not been set, will be a concierge model that will include hands-on help with filings and other matters.
Plink said he came up with the idea for Corpman many years ago, after working for a computer company that had subsidiaries in 13 countries.
“Keeping track of corporate obligations was a nightmare,” he said, “and the cost of non-compliance was high. This is a problem that most multi-national companies face.”