Here’s an example of how Law firms can benefit from Intelligent Automation.
If you are a Law firm, steal this Automation process and get a 625% ROI 😱
What was implemented – Get your pen and paper ready 📝
The firm implemented an automation system to streamline the process of reviewing and analysing contracts, which are core to their legal practice.
Here’s the Automation Process…
Document Ingestion 📜
Contracts are scanned or uploaded into the automation system.
Text Extraction 🔡
The system extracts text from the contracts while preserving formatting and structure.
Clause Identification 📄
Natural Language Processing (NLP) algorithms identify key clauses, such as indemnity clauses, termination clauses, and payment terms, within the contracts.
Risk Assessment 🛑
The system assesses the identified clauses for potential risks based on predefined criteria and legal guidelines. It flags clauses that may require further attention or negotiation.
Reporting and Recommendations 📰
The system generates detailed reports summarising key clauses, highlighting potential risks, and providing recommendations for negotiation or amendments.
Cost Savings 💷
The yearly savings were in the 6 figures and came from a reduction in human effort and time savings.
Return on Investment (ROI) 💁♀️
625%
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