AI Case Study
Elevate Services reduced contract review time by 55.5% using Kira automated document classification and data extraction
Elevate Services used Kira software to identify document types, identify base contracts in documents, identify foreign languages, and extract specified information (titles, parties, dates etc.) to reduce workload by 5,000 hours and overall review time by 55.5%
Industry
Professional Services
Legal
Project Overview
"To help get the review done on time and within budget, Elevate turned again to Kira Systems for innovative software. During the review phase 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. 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.
Reported Results
Elevate states it achieved the following for its client: "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. During the review phase, Kira reduced overall review time by 55.5%. 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.
Technology
"Kira automatically converts files into machine readable form, and then uses machine learning models to identify the concepts and clauses you specify. Kira is available with a large number of pre-built machine learning models for common contract review tasks such as due diligence, general commercial compliance, lease abstraction, ISDA schedules".
Function
Legal And Compliance
Legal
Background
"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. 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."
Benefits
Data
Text from over 75,000 pdf and scanned documents