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ClearyX managed a multi-faceted diligence project for the divestiture and reorganization of several business units. The team handled a broad range of duties including virtual data room management, document processing, development of a custom client deal portal, the review and analysis of contracts for certain commercial terms, and the redaction of sensitive and proprietary information.
Our client had thousands of customers, each with hundreds of contracts across various business units spanning decades of work around the globe. Due to the structure of the transaction, our client asked for a wide range of insights from the contracts, focused on determining which of those contracts would require action in certain potential scenarios.
To increase efficiency and streamline the review, ClearyX collaborated directly with our client’s internal legal and sales teams and utilized our machine learning technology to filter and target only the relevant documents, focusing on the documents that would require attention in the event of a divestiture, acquisition, or other corporate restructuring. After creative filtering, tranches of documents were processed with our AI-powered review tool. In order to manage the project, ClearyX created a custom client portal where analytical insights and the review status could be accessed in real time by the client.
ClearyX deployed a team of four analysts, who quickly became experts on the customer contracts. The team leveraged their extensive experience with similar document types and provisions, allowing for faster analysis and reducing review time with every subsequent set of documents.
ClearyX also used one of our technology solutions to redact hundreds of documents, remove sensitive data and anonymize filenames.
The more documents involved, the greater the value in categorizing and sorting the documents.
With a large volume of documents, reviewing every document with the same approach and prioritization would have resulted in increased review time and greater costs to the client. By establishing at the outset which documents were of critical importance based on the key needs of our client, we were able to reduce the review time by more than half with the first tranche of documents.
Extraction instead of summarization, and using multiple choice fields for analysis leads to efficiency and consistency.
By working with the client to narrow key questions to be answered at the outset, instead of spending time focusing on summarizing or paraphrasing provisions as in traditional diligence, ClearyX was able to provide the client with relevant provisions alongside responses to predefined multiple choice questions. By the end of the review, each document had clear and consistent answers to the key questions, such as whether consent or notice is required for an assignment. These answers were then used to filter the document set to only the agreements that required action.
Continuously adapt.
With the larger set of documents, the importance of continually finding new ways to make the review more efficient, adjusting processes to improve workflow, and applying knowledge gained during the process became even more pronounced. The client benefited from this approach through increased efficiencies and obtaining greater insights, sooner.
At ClearyX, we are striving to revolutionize legal services and provide efficient, tech-forward solutions for some of the most frustrating challenges experienced by legal teams and business leaders, such as contract management, document and process automation.
ClearyX is a division of Cleary Gottlieb Steen & Hamilton LLP.
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