The Law Firm Leverages AI for Major Contract Migration Project

V G • Oct 04,2024

Summary:

By combining AI-driven technology with their legal expertise, the company was able to deliver a high-quality, cost-effective solution that met their client’s needs and set a new benchmark for contract migration efficiency.

Client: 

Cognia Law, a global provider of legal services, specializes in helping law firms and in-house legal teams streamline their operations and reduce costs through innovative legal solutions. 

Problem Statement: 

Faced with a growing demand for high-volume contract review and migration services, Cognia sought to enhance the efficiency and accuracy of their process to meet client needs while maintaining a high standard of quality.

 

Results: 

  • Ability to lower the overall project cost, offering the client significant savings.
  • Time savings of 40% per contract.
  • Exceeded 90% accuracy, compared to the 65% accuracy typically achieved in a traditional review.
  • Delivered a higher quality product for a client.
  • Greater visibility and functionality for all throughout the entire process.

AI Solution Overview:

Cognia utilized Kira Systems’ machine learning-powered contract review tool, Kira, to assist their global pharmaceutical client, Clinigen Group, in the implementation of a contract lifecycle management (CLM) system. This involved reviewing around 2,000 legacy contracts.

Cognia’s skilled legal team combined their specialized knowledge with a well-structured project management approach and Kira’s AI technology to accelerate the CLM implementation process for Clinigen Group.

By leveraging Kira’s pre-configured provision models and its Quick Study feature for custom provisions, Cognia swiftly and accurately identified and extracted the necessary contract data, facilitating a seamless CLM migration.

References: 

  1. Cognia Law Leverages Kira for Major Contract Migration Project. https://kirasystems.com/resources/case-studies/cognia-law/

Industry: Legal Services

Vendor: Kira Systems

Client: Cognia Law

Publication Date: 2024

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