Analyze and Review Legal Contracts Quickly & Accurately using AI
Contract Intelligence, powered by RAVN, combines AI & search to improve visibility into legal risk within your contracts allowing legal teams to do what they do best, providing insight into business and contractual risk to make better business decisions.
With Contract Intelligence you can:
Response strategies and best practices for dealing with contract disruption
Organisations are implementing response strategies and new processes to support their teams and customers dealing with the fallout and extreme levels of contract disruption.
In this blog we share six response strategies and best practices for contracts and legal teams.
“Cut 50% off the expected review time to find clauses impacted by LIBOR reform in Loans”Fortune 500 Global Company
“We needed a solution to get inside the data, find the latest contract, and compare it with the invoicing data, so whatever sold is what is invoiced. iManage RAVN will likely save us tens of millions of pounds in lost revenue”Multinational Telecommunications Corporation
“Using RAVN technology has not only saved me hours or weeks, but months of work”Global Financial Services Firm
“iManage RAVN Extract is able to quickly and accurately capture the specific pieces of data from the raw documents within our document estate. Extract will significantly improve our efficiencies and help reduce the claims processing time”BLM
“Products like iManage Extract and iManage Classify are a unique value-add that we can offer clients – a real competitive differentiator”-Dene Rowe, Partner and Director of Product Development, Keoghs
“Our 'contract robot' can now finish in less than two seconds work which would have taken a team of people 100 days to complete.”-Matthew Whalley, Head of Legal Risk Consultancy, Berwin Leighton Paisner
“Sky are committed to using the latest innovations to ensure our customers receive the best possible viewing experience. iManage’s AI component has allowed us to successfully automate the EPG review process which has dramatically reduced the review time as well as ensuring we maintain robust and compliant information.”-Angus Gairdner, Head of Content Planning Operations, Sky
Key clauses to consider when responding to COVID-19 contract disruption
In the current situation, there are many impactful data points organisations will need to understand from their contracts. These points will change as we move away from thinking about the urgent and concentrate more on the important. A considered response is going to require an understanding of various positions in a contract. Furthermore, as the landscape within which we operate continues to shift, organisations will need tools at their fingertips to interrogate contract portfolios to provide contract intelligence to support business decision-making.
– Is there a one-size fit all approach?
– How can technology identify and extract contract intelligence and how does this create insights that support decision making?
– What are the key clauses to consider?
Here are some examples of contract intelligence considerations and the associated key clauses that may be considered for extraction.
Global Legal Practice Director - Stephanie’s career spans over 10 years of managing and delivering successful large scale complex financial and regulatory projects for many of the major financial institutions and corporate organisations. In her previous role as a Senior Associate at a Magic Circle firm Stephanie was instrumental in helping both the firm and its clients extract value from technology.
AMER Legal Practice Lead: Knowledge Unlocked - Lucy has 8 years of experience managing complex due diligence, regulatory compliance, and discovery projects. She led the substantive matter as well as the technology and people process approach for client projects.
EMEA Legal Practice Lead: Knowledge Unlocked - Ian has led a number of successful contract intelligence projects for both law firms and in-house teams. Before joining iManage, he was a litigator at a Magic Circle law firm where he specialized in investigations and complex contractual disputes.
EMEA Legal Practice Lead: Contract Intelligence - Jenny is an experienced technology, outsourcing and contracts lawyer. Jenny’s experience in working with both in-house and private practice teams coupled with her working knowledge of technology deployment and adoption means she is uniquely placed to help our clients get the real returns they want from RAVN technologies.
AI University helps our customers to create a Centre of Excellence
AI University is a virtual or in person 2-day session where you will be hands on with the solution and learn all the transferable skills from the iManage RAVN experts. In this session we will apply the various AI techniques to support your contractual review and solve an actual problem using your contracts. Attendees will leave with a clear view of how Contract Intelligence can solve a variety of different legal operations problems and with the skills to leverage the investment long after the session.
If you are interested in an AIU or learning more about how iManage RAVN can help your organisation, request more information here.