LECAS for Corporate Legal Departments allows users to extract relevant specifics from contract documents based on pre-loaded fields (which are configurable) and assists them in addressing contractual obligations, assessing enterprise risks, analyzing contracts efficiently and reducing human effort involved in this process.
LECAS for Corporate Legal Departments
Key Features
| Feature | Description |
| Document Transformation | Transforming any document types including MS Office, PDF, Image PDFs, TIFF, Web Pages into a unified machine readable web-ready format - including image analysis for scanned documents and OCR error and format correction |
| Extraction | Users can input parameters and extract specific clauses and critical dates from relevant contract documents and generate an overview of critical dates and clauses |
| Automating topic-based intelligent information extraction from any type of legal documents including scanned images and a variety of information source formats | |
| Extractable Fields are pre-loaded in to the system | |
| Field/topic configuration can be done by client in-house team based on assistance and training by TAS team | |
| Risk Profiling | Risk profiling includes abstraction of relevant specifics within and across contract documents and capture their complex interdependencies to identify potential business risks to the enterprise |
| Amendment/Change Detection | Detecting amendment documents linked to master contract and identification of change history |
| Contract Analysis | Accurately assess the overall and specific impacts of each contract |
| Model the financial impact of alternate contracts |
top- Ability to reduce human effort for contract abstraction by as much as 80-90% (10-20% may need to be reviewed by humans)
- Allows lawyers and senior paralegals to focus on tasks that necessarily require human intelligence
- Ability to manage large volumes of legal contracts
- Expediting the analysis process by leveraging- the ability to transform input contract documents (in diverse formats such as PDF, Word, HTML, Excel, XML, Scanned Images etc) into a unified machine readable format ready for further analysis
- Facilitate legal counsels in assessing potential risks to the enterprise due to contractual obligations
- Ensuring that payment terms are observed
- Contracts are renewed or terminated on time
- Keeping track of contract documents, key clauses, critical dates
For a large corporation /Fortune 1000 organization
- Average number of documents (25 pages per doc) abstracted by 1 paralegal per day: 5-7
- Average number of documents (25 pages per doc) abstracted by 1 paralegal per day (with LeCAS ): 40-50
- Productivity increases by 8-10 times
- The enterprise can maintain existing productivity levels by retaining around 10-20% of paralegal staff
- Average annual legal spend (on contracts) of legal dept of a Fortune 1000 firm: USD 3 Million ( mainly on lawyer/ paralegal compensation)
- Potential annual cost savings (on contracts) due to LeCAS – around 50-60%
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