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Prevalent and Theorem Legal Partner, Dramatically Reducing Vendor Risk Assessment Time and Cost for the Legal Community

With the Prevalent Legal Vendor Network, Theorem customers can quickly meet client cybersecurity and compliance requirements
April 28, 2020
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PHOENIX, AZ — April 28, 2020 – Prevalent, Inc., the company that transforms how you manage third-party risk, and Theorem LTS, the leading legal technology marketplace, today announced a partnership providing law firms and corporate legal teams with immediate access to a comprehensive library of risk-assessed vendors. Based on the Prevalent Legal Vendor Network, the legal industry’s preferred third-party risk management platform. Theorem customers can quickly and cost-effectively search for and gain insight into the security postures of vendors in the marketplace.

Although law firms are considered essential businesses in many states, the majority of lawyers are working from home. Successfully practicing remotely may require using new technologies, such as collaboration tools, secure remote access products and business continuity solutions. These vendors must meet certain firm and client cybersecurity and compliance requirements, which can be a long and costly undertaking, significantly effecting productivity.

“Our partnership with Theorem provides legal teams with the information they need to onboard vendors quickly, especially technology providers needed to remain productive, secure and competitive while working from home,” said Brenda Ferraro, vice president of third-party risk at Prevalent, Inc. “We are committed to continuing to find ways to help remote workers meet cybersecurity and compliance standards during this unprecedented time.”

With this partnership, law firms and corporate legal teams have the ability to quickly understand the cybersecurity postures of new vendors prior to onboarding them. The marketplace also gives technology providers the opportunity to request self-assessments to be properly vetted, earning them a preferred spot on the Theorem marketplace. Once companies are assessed using the Prevalent solution, a badge will be awarded, providing easy identification for Theorem customers. There will be two types of badges indicating the level of assessment, based on the Standard Information Gathering (SIG) questionnaire from Shared Assessments.

“Our partnership with Prevalent is a key step in our commitment to deliver secure technology stacks in a consolidated environment, so firms and corporations can have access to loads of alternatives that meet acceptable standards — it’s all about efficiency and compliance,” says Theorem CEO, Joshua Maley.

The Prevalent Legal Vendor Network

The de facto standard for legal assessments, Prevalent’s Legal Vendor Network delivers an efficient, scalable third-party risk management platform to satisfy client compliance requirements and reduce risk. Its automated approach leverages standardized content to provide immediate access to vendor survey data and monitoring intelligence, saving time and ensuring a fast return on investment. With nearly 50% of the top 100 US law firms as members, the Network promotes enhanced vendor security across the legal industry. With the Prevalent Legal Vendor Network, members can:

  • Meet client compliance requirements with a standards-based approach
  • Instantly access shared vendor survey and monitoring data
  • Automate TPRM to zero-in on risks and control failures
  • Drive collaborative risk review and remediation with vendors
  • Select from flexible licensing options tailored to the desired level of vendor oversight

About Theorem LTS

Theorem LTS builds the legal tech platform that powers contextual awareness and adoption of digital solutions for the legal industry. It is a secure platform that provides legal technology needs at every step. Theorem is bringing law firms and corporate legal departments into the future by enabling them to accelerate the adoption of AI and other new technologies. The platform combines an integrated marketplace for legal technology with a powerful workflow engine – making it easier to deliver legal services at scale. To learn more, please visit www.theoremlegal.com.

About Prevalent

Prevalent helps enterprises manage risk in third-party business relationships. The company delivers the industry’s only purpose-built, unified platform that integrates a powerful combination of automated assessments, continuous monitoring, and evidence sharing for collaboration between enterprises and vendors. No other product on the market combines all three components, providing the best solution for a highly functioning, effective third-party risk program. To learn more, please visit www.prevalent.net.

Media Contact

Angelique Faul, 513-633-0897, angelique@silverjacket.net