Contract Metadata Extraction
Published by Wiley, AI for Lawyers is the definitive guide to AI in law. Order this Wall Street Journal Bestseller today.
Contract Metadata Extraction
Cognia Law (Cognia) continues redefining the delivery of legal services including the way contract life-cycle management can be streamlined by combining artificial intelligence (AI) technology and expert service delivery with a team based offshore in South Africa.
Cognia leveraged Kira Systems’ machine learning contract review software, Kira, to support their international pharmaceutical client’s (Clinigen Group) implementation of a contract lifecycle management (CLM) system, which included the review of approximately 2,000 legacy contracts.
Cognia was selected as a finalist in the African Legal Awards – Innovation Award (In‑House Project) category for this project
legacy contracts reviewed during implementation
LESS time to complete a review with Kira compared to a manual review
accuracy delivered by machine learning models
Cognia’s highly-qualified legal professionals combined their practice-specific expertise with a solid project management methodology and access to Kira’s machine learning technology to speed up the implementation of a contract lifecycle management system for Clinigen Group.
Using a combination of Kira’s built-in provision models and the Quick Study function for the unique provision requirements, Cognia was able to quickly and easily identify and extract the required contract data for the CLM migration process.
The contract review took 40% less time than a manual review and the machine learning models delivered 90% accuracy.
Cognia, leveraging the power of Kira’s machine learning software, provided their client with significant time and money savings; and were able to cost-effectively manage deliverables while meeting aggressive deadlines.
Cognia’s client, Clinigen Group, an international pharmaceutical group, sourced Cognia to aid in their large corporate restructure and implementation of a CLM system. Cognia tailored an innovative solution for their client that combined the benefits of legal service outsourcing with the ingenuity and versatility of Kira, a machine-learning contract analysis and review software.
The implementation of a bespoke CLM included the review of approximately 2,000 legacy contracts. Migrating data from large volumes of legacy contracts into CLM platforms can be a large process for any legal team. Typically, migration of contractual data to a CLM platform involves the review and abstraction of key contractual terms such as parties, termination, renewal, contract value, among others. Tracking additional terms for financial, delivery and compliance obligations may exponentially increase the scope for review. Without the combined assistance of technology and highly trained, expert resources, this can be a time-consuming and expensive project for any corporation.
Clinigen Group’s goal was to have all their contracts, with summarised key terms, stored in a central location. This allows ease of access across multiple corporate sites, to gain meaningful insights into their contracts, and take proactive action for renewals - resulting in efficient contract management and service delivery.
Using a combination of Kira’s built in provision models and the Quick Study function, for the unique provision requirements, Cognia’s team of reviewers were able to quickly and easily identify and extract the required contract provisions into Excel format. Kira allowed for immediate identification duplicates within the contract data set and its built in OCR tool digitised contracts for ease of review. Further analysis was performed on the extracted information before being uploaded to the client’s CLM.
Cognia was able to quickly and easily review contracts for additional information requirements which were identified much later by the client, thereby exceeding client expectations and adding value through the use of legal technology.
Michelle Rothuysen, Head of Legal Service Delivery, Cognia Law
By using Kira, the project was a great success in that it was both delivered significantly ahead of time and under budget. Cognia’s use of a skilled team of legal professionals, coupled with Kira technology to expedite the contract extraction, resulted in significant savings for Clinigen Group.
Cognia’s initial pricing assumptions proposed one hour per contract, but by using the Kira technology to improve efficiency, there was a time savings of 40% per contract, which expedited completion and resulted in cost savings.
Melanie Wood, Clinigen Group