Contract discovery and analytics for legal services.
Legal services firms are aggressively moving toward technology to empower their people and processes. Technology will never replace solid legal training, judgment, and counsel, but it can certainly assist in efficiently providing the information necessary to deliver high-quality work. It can also increase efficiency in the form of time and cost savings, which means better outcomes and satisfied clients.
In the corporate transactional and compliance services industry, challenges include:
- Template standardization and non-standard clause detection
- Creation of contract playbooks for alternative/fallback clauses
- Locating specific contracts that pertain to a relevant matter
- Customized clause extraction
- M&A due diligence
- General long-term contract management and maintenance
In addition, many legal services firms are asking themselves how they can improve the delivery time of high-volume contact reviews so they can take on additional projects and convert them to long-standing contract management relationships.
