Latest news with #TransPerfect
Business Wire
7 days ago
- Business
- Business Wire
Citizens for Judicial Fairness Celebrates Introduction of Wheelspin in Delaware's Chancery Court, a Historic Win for Chancery Reform Advocates
WILMINGTON, Del.--(BUSINESS WIRE)--Today, following the announcement that Delaware's Court of Chancery will introduce randomized, automated case assignments – or 'wheelspin' – effective September 15, 2015, Citizens for Judicial Fairness released the following statement from TransPerfect Founder Phil Shawe 'For over a decade, TransPerfect has fought for basic fairness in the Chancery Court. Adopting a randomized 'wheelspin' method to decide what judge is assigned to a case--and taking that power away from the Chancellor's personal discretion--is a massive win for Delawareans and for all businesses who expect and demand impartiality in court. 'By joining the federal system, in which every court in the country uses randomized case assignment, Delaware's Chancery Court is finally leaving behind backroom deals and stepping into good government policies for the 21st century. 'This change may not fix everything, but it's a monumental step for Delaware toward a more predictable, transparent, and fair legal system. I'm beyond grateful to Governor Meyer, Speaker Brown, my TransPerfect colleagues, Citizens for Judicial Fairness and all those who help pushed this reform across the finish line.' Delaware Speaker of the House Rep. Melissa Minor-Brown added the following statement: 'Fairness and justice are the guiding principles of our judicial system, but we can't fully uphold them by standing still. We have to continually look at how innovation and improved systems can move us forward. Bringing wheelspin, or automated randomized case assignments, to our courts will improve their operations and ensure they remain a beacon of fairness."
Yahoo
27-07-2025
- Business
- Yahoo
Inside The Puerto Rico Land Grab: Millionaires Race To Beat Tax Deadline, Locals Sound Alarm
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Puerto Rico has become one of the most coveted destinations for high-net-worth individuals seeking aggressive tax breaks — and the effects are reshaping the island's real estate market and affordability landscape, according to the New York Post. The legislation, signed into law in 2019 and extended through 2055, offers qualified residents a 4% corporate tax rate and exempts them from U.S. federal capital gains tax, provided they spend at least 183 days a year on the island. "Ninety-nine percent of my clients are coming here for the tax advantages," San Juan-based Luxury Realtor Christian Kleiner told the Post. Don't Miss: Be part of the breakthrough that could replace plastic as we know it— $100k+ in investable assets? – no cost, no obligation. According to Kleiner, more than 3,500 wealthy individuals — many in finance, cryptocurrency, and tech — have moved to the U.S. territory to take advantage of Act 60. A Race for Tax Relief Hedge fund billionaire John Paulson and cryptocurrency investor Michael Terpin were among the earliest adopters of the program, the Post reported. For others, Puerto Rico has become a full-time business base. TransPerfect CEO Phil Shawe moved to San Juan in 2018 after a bitter legal battle in Delaware. He now resides in the Condado area, just minutes from his company's Hato Rey headquarters. "The infrastructure reminded me more of Florida than I expected," Shawe told the Post, citing Puerto Rico's U.S. legal protections and executive-friendly climate as major draws. Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — Real Estate Booms, Locals Priced Out Home values in Puerto Rico rose 11.6% year-over-year in Q1 2025, the highest rate in the nation, according to data from the Federal Housing Finance Agency. The spike in home values follows a 22% surge in the final quarter of 2024, the largest annual gain recorded by the FHFA since its inception in 1995. Short-Term Rentals Surge Short-term vacation rentals have boomed, with listings on platforms such as Airbnb (NASDAQ:ABNB) and Expedia Group (NASDAQ:EXPE) Vrbo growing from 1,000 in 2014 to over 25,000 in 2023, according to a 2024 report by the Hispanic Federation. A 2024 report from the Center for a New Economy found that a 10 percentage-point increase in short-term rentals as a share of housing units in a census tract is linked to a 23% rise in home prices and a 7% increase in median rents — even after accounting for local factors. "With so much to offer visitors, tourism will always be an important part of Puerto Rico's economy. However, it cannot come at the expense of Puerto Rico's residents and communities. Lawmakers in Puerto Rico are responsible for balancing the opportunities created by short-term rentals with their primary duty to protect the rights and needs of communities," said Frankie Miranda, president and CEO of the Hispanic group has recommended that vacation rentals register as businesses and that the current 7% room tax be raised to between 9% and 11%. A Global Shift in Wealth Migration Puerto Rico's transformation is part of a broader trend. According to the Henley Private Wealth Migration Report 2025, a record-breaking 142,000 millionaires are expected to relocate internationally this year — the largest movement of high-net-worth individuals since tracking began. The United Arab Emirates, U.S., and Singapore are the top destinations for these individuals, while the UK and China are expected to see the largest outflows. Within the U.S., Scottsdale, Arizona, has emerged as a surprise frontrunner. The Phoenix suburb saw a 125% surge in millionaire residents between 2014 and 2024, overtaking Austin as the country's fastest-growing wealth hub, according to the firm. Read Next: With Point, you can Image: Shutterstock This article Inside The Puerto Rico Land Grab: Millionaires Race To Beat Tax Deadline, Locals Sound Alarm originally appeared on Sign in to access your portfolio
Yahoo
22-07-2025
- Business
- Yahoo
TransPerfect Opens New Contact Center in the Philippines
NEW YORK and MANILA, Philippines, July 22, 2025 (GLOBE NEWSWIRE) -- TransPerfect, the world's largest provider of language and AI solutions for global business, today announced the opening of a contact center in Manila, marking the company's first entry into the Philippines and further strengthening its global service network. This new center of excellence will serve a wide range of industries, including finance, healthcare, legal, insurance, telecommunications, and technology. Equipped with modern, secure infrastructure, the facility is designed to support high-volume operations while fostering team member productivity and performance. With the addition of Manila, TransPerfect expands its global presence into Asia—joining locations in the US, Dominican Republic, Costa Rica, and France—to deliver around-the-clock support across time zones. 'Manila offers a dynamic and talented workforce with deep expertise in customer service,' said Steve Cheeseman, Vice President, TransPerfect Connect. 'This launch reflects our commitment to growing where our clients need us most and providing high-quality, human-centered support at scale.' TransPerfect President and Co-CEO Phil Shawe remarked, 'We are pleased to open in the Philippines and expand our contact center operations in Asia.' TransPerfect expects to hire more than 500 professionals in Manila over the next 12 months, with opportunities in customer service, technical support, live interpretation, and many back-office positions. The company offers competitive pay, comprehensive benefits, and a career development program tailored for long-term growth. For more information or to explore open roles, visit The Manila contact center is located at:17th Floor, Jollibee TowerEmerald Avenue, Ortigas CenterPasig City 1605PhilippinesEmail: info@ About TransPerfect ConnectTransPerfect Connect is a leading provider of global call center services, business process outsourcing (BPO), and remote interpreting solutions, including over-the-phone interpretation (OPI), video remote interpretation, and multilingual email and chat support. With services in over 200 languages and industry-specialized interpreters screened for subject expertise, TransPerfect Connect enables businesses to bridge communication gaps in seconds. TransPerfect Connect is a division of TransPerfect, the world's leading provider of language and AI solutions for global business. For more information, please visit About TransPerfectTransPerfect is the world's largest provider of language and AI solutions for global business. From offices in over 140 cities on six continents, TransPerfect offers a full range of services in 200+ languages to clients worldwide. More than 6,000 global organizations employ TransPerfect's GlobalLink® technology to simplify the management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. For more information, please visit our website at Contact: Ryan Simper +1 212.689.5555mediainquiry@
Yahoo
24-06-2025
- Business
- Yahoo
TransPerfect Legal Recognized as Band 1 by Chambers and Partners 2025 Rankings Guide Across Multiple Jurisdictions
High-Profile International Disputes, Client Testimonials, and AI Adoption Drive Independently Assessed Top-Tier Rankings NEW YORK, June 24, 2025 (GLOBE NEWSWIRE) -- TransPerfect Legal, the global leader in legal technology and advisory services, today announced its recognition in the Chambers Litigation Support 2025 guide. Band 1 – United Kingdom (eDiscovery Provider) Band 1 – Asia-Pacific (eDiscovery Provider) Band 1 – Canada (eDiscovery Provider) Band 2 – Latin America (eDiscovery Provider) Band 3 – United States (eDiscovery Provider) This year's results include both repeat top-tier recognitions and new rankings in key global markets, underscoring the strength of TransPerfect Legal's international offerings. The Chambers and Partners rankings guide represents the industry's most rigorous evaluation conducted by dedicated research analysts operating across 200 jurisdictions worldwide. The comprehensive assessment process includes extensive client interviews, peer evaluations, and independent market analysis, with rankings determined through year-round research that evaluates technical expertise, client service excellence, commercial awareness, and demonstrated results across the global litigation support sector. According to client feedback captured in the Chambers research, 'TransPerfect has the resources and expertise to best customize and meet deliverables. It provides a one-stop solution for litigation support with experts across each piece of the disclosure journey.' TransPerfect President and Co-CEO Phil Shawe remarked, 'We are honored to receive these recognitions from Chambers, particularly because they reflect our clients' trust in our global capabilities. Securing Band 1 status across three distinct markets is a testament to the TransPerfect Legal team's ability to serve the complex, multi-jurisdictional needs of our clients.' About TransPerfect Legal TransPerfect Legal is the global leader in legal technology, AI, and advisory services for Am Law 200 and Global 100 law firms as well as corporate legal departments. With offices in more than 140 cities worldwide, solutions include forensic technology and consulting, eDiscovery and early data assessment, managed review and legal staffing, language services, deposition and trial support, and paper discovery, all offered alongside the Reef Technology ecosystem, TransPerfect Legal's suite of proprietary applications that address the needs of legal and regulatory practitioners around the world. For more information, please visit About TransPerfect TransPerfect is the world's largest provider of language services and AI solutions for global business. From offices in over 140 cities on six continents, TransPerfect offers a full range of services in 200+ languages to clients worldwide. More than 6,000 global organizations employ TransPerfect's GlobalLink® technology to simplify the management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. For more information, please visit our website at Contact: Ryan Simper +1 212.689.5555mediainquiry@ in to access your portfolio
Forbes
23-06-2025
- Business
- Forbes
How This 'Tax Exile' Embraced AI And Became A Billionaire
'T here's an old story about the Rolling Stones being tax exiled in France,' billionaire Phil Shawe, 55, says by video call from a white-walled office in Puerto Rico, the tropical sun peeking through the shutters. 'I am tax exiled in Puerto Rico.' Shawe affectionately calls Puerto Rico the 'one legitimate tax haven' in the U.S. He relocated to the island in 2018—the same year he won total control of his translation and language services firm TransPerfect—to counteract the effects of taxes related to the deal. Now, his primary residence is a sprawling Old San Juan mansion that was formerly home to the French consulate. The move was also a symbolic end to an intense battle between Shawe and his former fiancée, cofounder and business partner of more than 25 years, Liz Elting. The pair had founded TransPerfect in a New York University dorm room in 1992 and continued to own and run it successfully for nearly two decades, even after she married someone else. Around 2011, though, things turned ugly, leading to legal battles in two states and lots of nasty allegations (battery by high heel, theft, break-ins). At various points, Shawe and Elting both wanted to buy each other out, but couldn't agree. 'Dysfunctional' was what a Delaware judge called the former lovers' relationship—just before he ordered the company's sale at a public auction in 2016. Elting declined to comment; Shawe underlined the company's financial success that year: 'By no measure was it dysfunctional … And the system that forced [TransPerfect] to spend $250 million in legal fees to run a forced unprecedented sale process is the one that is dysfunctional.' More than a dozen bidders competed over four rounds to buy TransPerfect. It came down to three finalists: Shawe, Blackstone (in conjunction with Elting) and private equity firm H.I.G. (which owns TransPerfect competitor Lionbridge). Shawe won with a $385 million for the 50% he didn't own, valuing TransPerfect at $770 million. Since taking over, Shawe has nearly doubled TransPerfect's revenue to $1.2 billion in 2024 in part via acquisitions, buying up nine companies for $40 million in just the last year; he's also succeeded by pushing into the AI realm. TransPerfect is using the technology in conjunction with humans to translate sensitive information and adapt content like websites to other languages and cultures (a service called localization). The company translates more than 7 million words a day on behalf of its hundreds of customers—including Microsoft, P&G, United and Pfizer. According to Katherine Zinger, senior program manager at Microsoft, TransPerfect's GlobalLink program, which automates multinational businesses' process of translating content like websites into different languages, has helped reduce costs for such work by around 30%. Profit margins in the industry are thin, roughly 7%, per Shore Capital analyst Katie Cousins. TransPerfect declined to provide specific profitability figures; as a private company, it isn't required to, but one of its financial advisors told Forbes that its margins are higher than the industry's average. Shawe has bigger plans and promoted longtime employee and potential successor Jin Lee as co-CEO last year to help him take the company to another level. Forbes estimates that TransPerfect—owned 99% by Shawe and 1% by his mother—is worth around $1.8 billion, 2.3 times its value at the time of the auction. He thinks it's worth even more: 'I'd be a billionaire twice over if I sold the firm, but I don't have any intention to sell the firm. Thirty-two years in, and I'm still working pretty hard.' T he earliest days of the company were exhilarating. Shawe and Elting were business students at NYU when they started the translation service out of Shawe's dorm room, bootstrapping the company with savings and credit card debt. Putting in 100-hour weeks, the then-couple created a network of freelancers to translate documents faster and better than competitors. The company grew quickly. They only took outside investment once, but later bought out the investors. 'We liked the freedom, being able to focus on the long-term vision and the lack of other decision makers,' Elting previously told Forbes . Even as the pair's relationship grew rancorous, the company kept growing, reaching revenue of just over $700 million in 2018. While Shawe was relieved when he finally got full control of the company, he was not happy buying it at auction, which he calls 'tax-stupid' and an 'unfair tax burden.' That's when he hightailed it to Puerto Rico. The U.S. territory has tax advantages that allow certain individuals—those who have relocated to the island in the last decade, donate $10,000 a year to a local nonprofit and establish residency, all of which applied to Shawe—to avoid taxes (including federal ones) on capital gains, dividends or interest. As four Congresspeople wrote in a 2023 letter, they are 'tax benefits that Americans could not obtain anywhere else in the world.' Shawe also reincorporated TransPerfect in Nevada in 2018, due to his growing frustration with the Delaware Court of Chancery, where he says he faced hundreds of millions in attorney's fees connected to the TransPerfect litigation that 'put the company at risk.' It's part activism, part revenge campaign: Shawe has sued attorney Robert Pincus, the custodian in the TransPerfect sale, at least three times—mostly over legal fees related to the sale—and appealed the rulings more than a dozen times between 2017 and 2024. (Most have been dismissed and in judgments as recent as last week; Pincus declined to comment.) Shawe was also the biggest donor to Delaware politics in 2024, giving more than $1 million to a political action committee and helping get the state's current governor elected. Further, he solely funds advocacy organization Citizens for Judicial Fairness, aimed at making the chancery court more transparent—and less powerful. H istorically, translation companies have been 'smaller mom and pop businesses' where it's difficult to 'achieve the scale to be attractive to public markets,' says one of TransPerfect's financial advisors. But lately a handful of companies have been grabbing more of the market including RWS, California-based private company LanguageLine and TransPerfect, the three industry leaders. TransPerfect now has 10,000 employees across 50 countries—up from 5,000 in 2018—who help translate everything from legal documents and patents to marketing materials and signage. Longtime employee Kris Marrero, senior vice president of production, says many staffers are extremely loyal to Shawe, crediting him for creating a unique culture that includes annual 'Avengers' strategy meetings that bring together top executives—held at locales ranging from Buddhist temples in Bhutan to waterfalls in Iceland. 'Phil says to us, 'Never make somebody do a job that you wouldn't do yourself,'' Marrero says. 'When I was an early manager, [I had] a backlog of projects and Phil came to my office and helped me work through them one by one.' Senior vice president of tech operations Joe Campbell recalls Shawe cold-calling linguists at 2 a.m. for assistance on a big translation project. Campbell, who has been at the company for 14 years, says he shared an office with Shawe for about a decade. He says Shawe doesn't like to have his own office in part because he likes to mentor people and have them sit in an office with him. Not everyone gives such glowing reviews. There are hundreds of reviews on Glassdoor complaining about low pay and long hours. 'Our compensation structure conforms to or exceeds the norms for each market,' Shawe wrote in an email to Forbes . 'TransPerfect staff worldwide are properly and fairly compensated.' Plus former TransPerfect employees filed a class action suit in 2019, alleging that the company failed to pay overtime wages; it included the 'hundreds' of employees paid less than $1,125 a week in TransPerfect's New York offices. (That's less than the minimum that they'd have to be paid to be exempt from overtime pay). Shawe, not one to stay out of the courts, sued the lawyer representing the class, Jeremiah Frei-Pearson, for defamation in May 2024. Frei-Pearson told Law360 that TransPerfect undertook 'intentional' wage theft, adding that 'instead of resolving this straightforward wage and hour case, TransPerfect has used every trick in the book to delay the day when it is forced to pay the workers it victimized.' Shawe sued again in February, this time for trademark infringement, accusing Frei-Pearson's firm of using a badly-altered version of TransPerfect's trademark in materials used to recruit additional members of the class. Frei-Pearson didn't respond to a request for comment. Both cases are ongoing. Shawe claims the class action is about attorney fees and says he won't settle despite negligible damages because he does not believe TransPerfect 'did anything wrong' and that doing so would bring 'more frivolous litigation.' It faces another class action stemming from a lawsuit initially filed in 2022 by a former contractor in California. The former contractor accuses TransPerfect of misclassifying her—and 'more than 100 putative class members'—as independent contractors and failing to provide 'timely payment,' overtime and rest breaks. ' The good news is, I have a lot of lawyers,' Shawe says—adding that those same lawyers could help Forbes access the court transcripts faster and cheaper. More than in almost any other industry, AI—particularly the rise of machine translation—has affected language services outfits, which began adopting the technology around a decade ago. Still, there's a difference between a company like TransPerfect and something like Google Translate, Shawe explains. With the latter, 'you basically give up the rights to whatever is in that document and Google is allowed to publish that document publicly, or use it to index.' In contrast, TransPerfect's customers include firms that have a great need for confidentiality and accuracy, including the U.S. Departments of Justice, Energy and Homeland Security and pharmaceutical giant Gilead Sciences. Depending on the client, employees still review almost all of TransPerfect's work. Shawe has been taking advantage of the AI boom by snapping up small companies in new areas. Among them: simultaneous interpretation platform TheSpeech and Switzerland- and Germany-based language services company The Apostroph Group. Shawe, who claims he reinvests most of the firm's profits back into the company rather than paying himself dividends, says he has still around $200 million set aside to acquire more. TransPerfect has also been working with Microsoft to pilot some new AI products, for example, says Zinger, and it's been casting about internally for other business opportunities. 'Translation is facing headwinds—mainly because more and more projects are suitable for automated solutions,' Shawe wrote. A ccording to Shawe, the company's fastest-growing lines of business include over-the-phone interpreter TransPerfect Connect, data collection and annotation arm DataForce and the electronic discovery subsidiary of TransPerfect Legal Solutions. The latter two—both of which are doing well, bringing in $49 million and $125 million in 2024 respectively—underscore Shawe's emphasis on internal innovation. For instance, DataForce, which employs contractors from around the world to help anyone from autonomous vehicle firms to pharma companies collect and label the data needed to train their specialized AI models, has evolved thanks to ideas at TransPerfect's annual hackathon. Meanwhile, the legal solutions business came about after Shawe learned that some customers weren't happy with their existing electronic discovery providers (the process of collecting and sharing electronic information in lawsuits). So it created its own. In Shawe's words: 'Cannibalize yourself. If you can bring a better solution by bringing a technology solution to them, even if it's going to mean a decrease in your services revenue, you bring it. Because if you don't, someone else will.' 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