Elevate Services, a top legal services provider, was retained by a Fortune 500 Global Pharmaceuticals company to help with contract review in support of their spinoff. To help get the review done on time and within budget, Elevate turned again to Kira Systems for innovative software.
Using Kira Diligence Engine and advanced workflows, Elevate was able to reduce the review volume exponentially and accelerate the contract review and analysis of tens of thousands of documents in 13 languages. Ultimately, Elevate was able to save the client a minimum of $500,000 and eliminate a minimum of 5,000 additional review hours compared to doing a pure manual review for the task. "With Kira, Elevate was able to avoid the time consuming, page-by-page review of each document and produce much faster results—all without sacrificing accuracy," said Kunoor Chopra, Elevate VP of Strategic Accounts.
saved from eliminating over 5,000 hours compared to a pure manual review
documents reviewed including 1,200 foreign language contracts
reduced overall review time
The client delivered Elevate over 75,000 pdf and scanned documents in myriad folders and subfolders. Among these documents were over 10,000 final contracts to be identified and abstracted (among many related documents), of which 1,200 contracts were in foreign languages. Elevate’s tasks were to determine which of these documents were relevant contracts that required notification of the pending transaction; extract the appropriate information for population into the corresponding notice of assignment template for each contract; and coordinate the printing, mailing and tracking processes for the notices.
Kira enabled us to deliver greater value to our client in the form of cost savings through global right sourcing of due diligence tasks and diligence review.
Elevate’s senior project team foresaw a multi-phase challenge. Team members would need to cull the contracts from the non-contract documents. The reviewers would have to analyze each sub-folder representing a single contract record and identify the base contract from among the many related documents. For the extraction phase, Elevate reviewers would need to abstract client specified information from each of the contracts (including foreign language contracts) into a master document that would be used to prepare notices of assignment and to ensure their proper and accurate delivery.
During the preparatory phase, Elevate used Kira to automatically identify which documents were not contracts and which documents were in identified foreign languages. Elevate also used Kira’s automated summaries to determine the base contract for each contract set. The advanced workflows and summary reviews reduced the total number of contracts to be reviewed from 76,167 delivered documents to 10,446 base contracts — an 85% reduction in review volume, right at the start.
Kira’s automatic language detection enabled the Elevate team to quickly identify the volume of foreign language contracts and then route them rapidly to the right native language experts for review.
Kira learned to identify French text quite quickly. The extraction of contractual provisions was surprisingly accurate: a great tool!
During the review phase, Kira reduced overall review time by 55.5%. Kira Diligence Engine automatically recognized title, parties, date and term, including from scanned documents. Elevate’s reviewers utilized Kira Quick Study to teach the software to recognize and extract additional provisions needed for the project. For the foreign language documents, Elevate’s foreign language reviewers also used Kira Quick Study to recognize and extract provisions in French, German, and Spanish.
One native French senior reviewer that used the software said, "Kira is user-friendly and reliable. It learned to identify French text quite quickly. Based on my experience, the extraction of contractual provisions was surprisingly accurate: a great tool!"
Through this combination of built-in provision models and Quick Study provisions, Kira reduced review times from 45 minutes to only 20 minutes per contract record. When complete, Kira’s software enabled Elevate to easily export of the results into Excel to populate the master document used to manage the notice sending process.
A minimum cost savings of $500,000 and elimination of a minimum of 5,000 additional review hours
"Kira enabled us to deliver greater value to our client in the form of cost savings through global right sourcing of due diligence tasks and diligence review," said Chopra.
Kira helps professionals complete contract review and analysis faster and more accurately than conventional methods. Our customers, who include some of the world’s largest corporations and professional services firms, have trusted us on over $100 billion of transactions to date. Kira automatically identifies and extracts relevant provisions from contracts in virtually any format. Summaries are created in seconds, and analysis that normally could take weeks can begin in only a few minutes. We offer pre-built provisions for due diligence, lease abstraction, and contract management. And with our proprietary Quick Study system, anyone can rapidly teach the software to identify virtually any provision.
Elevate is a next generation legal service provider helping corporate legal departments and law firms improve efficiency, quality and outcomes through consulting, managed services, technology and talent. With offices in the United States, United Kingdom, India, Philippines and Australia, Elevate supports clients across the world. For more information, visit elevateservices.com.