The Client:
A US-based law firm specializing in services such as mergers and acquisitions (M&A), litigation management, corporate governance.
Scope of Work
- Contract management
- Contract review
- Contract abstraction and extraction
Challenges
Considering the volume of cases, the firm was facing severe time constraints for deep study of contracts and the associated laws, very often missing timelines, and dealing with significant backlogs.
Further, in the absence of any reference repository, the client spent undue time in referring to the whole contract for information / status of some of the clauses.
Cogneesol’s Optimization Solution
At Cogneesol, we prepared spreadsheet templates for respective contracts, including master services agreements, non-disclosure agreements, consulting agreements, and lease agreements to capture essential details such as client name, the effective date of master service agreement, length of the initial term, renewal/auto-renewal, termination, amendments, publicity language, right to use the logo, etc.
With thorough abstraction by our team and multiple levels of quality control, we are able to deliver highly accurate results, specifically extracted dates, and the purpose the agreement in formats suitable to the client. These have helped the firm to finalize legal documents with significant ease and complete accuracy.
Through their standardized templates, libraries, and databases, the team has increased our firm’s productivity by 50%.
Impact Delivered
We helped the client in:
- Clearing approximately 2000 backlog files
- Flagging due dates of renewals of contracts and important clauses regarding liability to keep a real-time check on risk factors involved in the contract
- Specific clause extraction to enhance access to key information, terms and provisions across all legacy contracts and agreements
- Building a standardized library of contract terms and provisions that serves as a ready reckoner for templates and checklists for any type of contracts
- Creating a searchable, organized, and accurate database after a thorough examination of all documents and extracting only the appropriate information
- Perform multiple levels of quality control to deliver highly accurate documents
Client Testimonials
It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.
I am a California-based lawyer. With workload increasing over the last couple of years, a friend recommended Cogneesol’s contract review and management services to me. They turned out to be just the perfect partner in my firm’s growth story. They do an immaculate job of contract examination, and have given me the bandwidth to expand my firm’s clientele.
Cogneesol has been our partner for contract review and management for some time now. Initially, we had started with assignments every other month. But over time, impressed with their timeliness and comprehensive output, we handed over 100% of our contracts to the team. This has worked best for us since it has freed us of valuable time which we would earlier spend in review.
Thank you Cogneesol for your valuable services in reviewing and managing our firm’s contracts. You have helped reduce our time spent on this activity by more than half. Also, the resulting cost savings have been great in these pandemic-struck times. We hope to strengthen our relationship with you in the future with more such assignments. Keep up the good work!
Cogneesol’s legal team is a real expert at handling day-to-day law practice management tasks including drafting agreements and contracts. They handle our document review and management, contract review and drafting. We strongly recommend their services to any firm that needs legal contract drafting done. They are accurate and error-free; submit their work on time. What’s more, they are experts with every U.S. law!
Cogneesol has been handling our document review and management, contract drafting and management services for the last two years, and we have been extremely satisfied with their comprehensive and immaculate service delivery. They are meticulous and leave nothing to chance. Further, the flexibility of their rate cards allows us the freedom to approach them with all requests of backend support.
