Chuck Kellner and Kevin Clark, Everlaw: The Comprehensive Guide to Second Requests

Key Takeaways

• Second requests can delay mergers by weeks or months
• Everlaw's AI cuts e‑discovery time from weeks to days
• Deal data volumes now regularly exceed terabytes
• Faster compliance reduces deal‑break risk and costs
• Law firms adopting cloud platforms gain competitive edge

Pulse Analysis

The Hart‑Scott‑Rodino Act requires companies planning large mergers to file a notification and, if the FTC or DOJ raises concerns, a Second Request for extensive information. Historically, responding to these requests meant sifting through massive document repositories, often stretching legal teams over weeks and inflating deal costs. As deal values climb into the billions, any delay can jeopardize closing deadlines, prompting firms to invest heavily in specialized e‑discovery resources.

Enter modern cloud‑based platforms like Everlaw, which combine artificial intelligence, predictive coding, and collaborative review tools to automate much of the document identification and production process. By leveraging machine learning models trained on prior antitrust matters, Everlaw can surface relevant communications in hours rather than days, dramatically shrinking the timeline for compliance. The platform also offers built‑in analytics that flag privileged material, assess data relevance, and generate defensible audit trails, capabilities that were either manual or unavailable a decade ago.

The ripple effect is profound for the M&A ecosystem. Faster, more accurate Second Request responses reduce the uncertainty premium that buyers typically embed in offers, potentially saving hundreds of millions in transaction costs. Law firms that adopt these technologies can differentiate themselves, offering clients a faster path to closing while mitigating regulatory risk. As data volumes continue to explode and regulators tighten scrutiny, the competitive advantage will increasingly belong to those who can harness next‑generation e‑discovery solutions to keep deals moving forward.