AI Tools for Contract Metadata Extraction

Leveraging ML software to bolster contract review, lease abstraction, due diligence and compliance solutions, the company achieved a 40% reduction in contract review time while simultaneously improving the accuracy of initial contract review by 70%-85%.

Client:

Integreon offers a comprehensive range of support solutions in legal, document, business, and research fields to law firms, legal departments, financial institutions, and professional services firms worldwide. Founded in 1999, Integreon is owned by EagleTree Capital, a middle-market private equity firm headquartered in New York with over $5 billion in assets under management. With a team of over 3,500 professionals, Integreon delivers around-the-clock support across legal and compliance services through its global delivery centers located on three continents. The company is renowned for its technological innovations, including the implementation of AI-enabled solutions.

Problem Statement:

A global ride-sharing company involved Integreon’s team of legal specialists to undertake a significant project: reviewing more than 3,000 company contracts to support the transition to a new Contract Lifecycle Management (CLM) platform. The task was particularly daunting because the client needed it done fast. Migrating contractual data to CLM platforms can be time-consuming and costly, especially for already overloaded in-house legal departments. Recognizing this challenge, the company acknowledged that leveraging AI technology alongside expert resources could enhance efficiency and profitability beyond what they could achieve independently.

Results:

1. Achieved a 40% reduction in contract review time
2. Enhanced accuracy of initial review by 70%-85%
3. Reviewed 3,000 contracts within a six-week timeframe
4. Delivered higher quality work with significant time savings

AI Solution Overview:

Integreon’s approach to managing contract migration projects involves creating detailed playbooks, generating standardized delivery reports, and implementing multi-tier quality control and assurance processes.

By integrating Kira technology into their workflows, Integreon significantly improved their ability to conduct contract reviews within tight deadlines. Utilizing Kira’s built-in provision models, Integreon swiftly identified key provisions, while also employing Kira’s Quick Study feature to develop custom models tailored to client-specific needs. Kira’s software facilitated the search and analysis of contract data, offering pre-built ML models applicable to due diligence, contract lifecycle management platform migrations, general commercial, corporate organization, real estate, compliance and more. Initially receiving contracts via secure file transfer protocol (SFTP), Integreon seamlessly integrated them into the Kira system.

The software efficiently reviewed approximately 50 different document templates and provided the global ride-sharing company with Excel outputs ready for migration to the new Contract Lifecycle Management (CLM) platform.

References:

1. Integreon leverages Kira to help a global ride-sharing company reduce overall contract review time by 40%. https://kirasystems.com/resources/case-studies/integreon/
2. Integreon Launches New Online Resource, Integreon.ai to Provide Generative AI Insights and Solutions for Legal, Creative, and Business Professionals. https://www.integreon.com/integreonlaunches-new-online-resource-integreon-ai-to-provide-generative-ai-insights-and-solutions-for-legal-creative-and-business-professionals/
3. Integreon Adds Artificial Intelligence-Powered Contract Review Technology with Kira Systems Partnership. https://www.businesswire.com/news/home/20171024005613/en/Integreon-Adds-Artificial-Intelligence-Powered-Contract-Review-Technology-with-Kira-Systems-Partnership

Industry: Legal

Vendor: Kira Systems

Client: Integreon