Outsource Function -
Contract Review and Management

The Client:

A US-based law firm specializing in services such as mergers and acquisitions (M&A), litigation management, corporate governance.

The Client:

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

Database creation and standardized templates clear legacy backlogs and increase the firm’s productivity by 50%.

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.

Get in Touch With Us

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