Selling to Veritext? Read This.

Veritext has become synonymous with the private equity (PE) model. It’s a model of buying, holding, and flipping companies for profit, often on a ten-year timeline, and occasionally loading the company up with debt via a leveraged buyout. Private equity companies seek out fragmented markets, seek a company in that market, and begin consolidating by buying up or merging with other companies in the business.

Court reporting itself is fragmented and the market is worth about $3 billion. Maybe 3,000 or 4,000 firms fight over that $3 billion and most of the money ends up going directly to stenographers. We’re in Jeffrey Hooke’s Myth of Private Equity book. That’s how cookie cutter this PE model is.

Media’s failure to report accurate information makes it harder for investors to make good decisions.

Succinctly, many of our agency owners are getting older. There’s nothing wrong with them selling to Veritext or any other company with big money.

What we must realize as a field is that big money only translates so well to big power. Big money is concerned with siphoning more money to the bottom line. People like me support the workers that make that bottom line possible. Put it this way. If you were facing murder charges, would you want $100 or 100 minds working on your case? This is why every dollar donated to me moves mountains versus digital court reporting’s decades-long “investor money bonfire.” Most of our money goes back into reinforcing our education and skills. Most of theirs goes into marketing. This means that any consumer actually looking at the facts is picking stenography.

Selling to Veritext? Enjoy the money. Feel free to shoot lots of information over to the stenographic free press.

13 thoughts on “Selling to Veritext? Read This.

  1. Received the other day for depos needing to be covered the SAME day as the email went out.

    The beat goes on….

    A message from Veritext to all members of Cover Depos (San Diego) on CSRNation!

    Please let me know if you can cover one of these jobs. Remember Christmas is just around the corner and we could all use the extra $$!

    1:00 Plaintiff divorce matter with video
    1:00 witness (possible percipient) wcab with video
    1:00 PI doctor depo no video
    1:30 Plaintiff PI no video
    4:00 PI doctor depo with video
    4:00 PI doctor depo with video – 2.5 hrs.
    4:30 PI possible percipient witness with video
    5:00 Sports matter 4hr. time estimate no video
    5:30 PI doctor depo no video 1.5 hrs.
    6:00 business depo with video – expedited daily
    6:30 EUO with video 2 hrs.

    Thank you!

    Mary Smith

    1. This is good info. 11 jobs. How many jobs does Veritext have in your state, do you think?

      If it’s more than 69, fewer than 16% of their jobs are going uncovered.

      Also, do you get these often or just occasionally? Often would speak to me as a constant need. Occasionally leans more towards some kind of game. I ask because one reporter reported to me that when they went to get one of these overflow jobs it magically disappeared. Could be a coincidence or not.

      1. Well, here’s a filter list on Mary Smith’s (Veritext) email… had to link it to view it here, I guess.

      2. No clue on the count…. I covered for Mary before the firm she worked for sold out to V…. had a nice relationship with her and even told her why I wasn’t covering anything else for her once V bought…c’est la vie

  2. These big boxes swooped in and took our clients. They do not have stenos where we were successfully covering this work. And now after the theft, they come begging for us to cover their book. “Shortage” my ass. It’s a choice not to help the people who put a stake through local businesses and robbed our book of business.

  3. Even if it were only 16% not being covered as you say, it seriously hurts those that really matter. The client! Costs to reschedule is substantial. It’s getting much worse and business owners are not going to sit by and just let it happen. They can’t afford to be like the government and run on a deficit year after year. Digital is filling the gap.

    1. A lot of businesses are getting clients to schedule ahead now. There are a lot of ways to alleviate the problem without getting rid of us.

      Some businesses can afford to run on a deficit year after year. It’s called a zombie corporation.

      I am happy you’re participating on my blog. If you have any skills that are transferable to my steno media empire let me know. If I figure out a way to get you paid, my aggressive expansion of the field doesn’t have to hurt you.

      1. You’re joking, right? You want the client to schedule a Deposition based on when a reporter could be available? I suppose that goes for a trial, public meeting and all sorts. That’s a serious indicator to me you’re not client focused or have a business mind. Why don’t you write an article and share that with the attorneys? I’m sure you would be one popular person and it would further your cause!

      2. “You’re joking, right? You want the client to schedule a Deposition based on when a reporter could be available … ”

        Hi, Brad… apologies that I don’t know who you are and have never heard of you (in case you’re a prominent person in the legal field), but I’ve had more than a handful of clients schedule depositions around MY schedule going back for the last 30+ years I’ve been a stenographic reporter. When you’re good enough at what you do and your realtime skills are in high demand, they do that kind of thing. And a few of the instances were in cases that featured some pretty high-profile clients whose names we’d all recognize. Just sayin’…..

        Harry (Pepper)

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