How AI-Powered Contract Analysis Platform Revolutionized Contract Review for an International Law Firm

V G • Nov 04,2024

Summary:

The adoption of an AI-powered contract analysis platform at the international law firm has reduced the time required for contract review by an average of 30-90 %.

Client: Morris, Manning & Martin, LLP is an international law firm headquartered in Atlanta, GA

Problem Statement: 

Morris, Manning & Martin, LLP found itself handling a substantial number of contracts as part of its daily operations. Contract review is integral to ensuring compliance, reducing legal risk, and managing client expectations. However, manual review processes were time-consuming and prone to human error, posing challenges in keeping up with the fast-paced needs of the firm’s clients.

They needed to review 1200-1400 documents in a more than 1 billion M&A transaction. To address these challenges, the firm sought a solution that would enhance the efficiency, accuracy, and consistency of contract review across various practice areas.

 

Results: 

  • Reduced the time required for contract review by an average of 30-90 %.
  • Reduced the risk of missing crucial details by 10-60 %. 
  • Ability to handle a significantly higher volume of contracts without additional staffing.
  • A reduction in operational costs, ultimately making services more cost-effective for clients.

AI Solution Overview:

Morris, Manning & Martin, LLP partnered with eBrevia, an innovative provider of AI-powered contract analysis tools. eBrevia’s platform leverages natural language processing (NLP) and machine learning to analyze and extract critical information from contracts at speeds and accuracy levels that significantly surpass human capabilities. 

The platform’s AI is trained on millions of contract clauses, allowing it to recognize and process complex legal language with precision.

The integration of eBrevia’s platform into Morris, Manning & Martin’s workflows was swift and minimally disruptive. 

eBrevia provided the firm’s legal teams with extensive training, demonstrating how to use the platform for optimal results. 

After a simple 30-minute training, the legal team was able to integrate eBrevia’s platform into their contract review processes, benefiting from the automation and improved efficiency it offered.

eBrevia’s AI extracts specific clauses and key terms automatically, such as indemnity, liability, confidentiality, and renewal terms, enabling legal teams to focus on high-level analysis and strategy.

References: 

  1. How Our AI Contract Analytics Platform Accelerated a 1$ B M&A Transaction for an International Law Firm. https://static1.squarespace.com/static/65e8f6d096a9882535151536/t/66051c52e6b838629c8b7dda/1711611085206/eBrevia_Case_Study_Morris+Manning+_+Martin.pdf

Industry: Legal Services

Vendor: eBrevia

Client: Morris, Manning & Martin, LLP

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