April 06, 2020

 Dr. Daniel Martin Katz

ai and data science user interface contract analytics contract analysis coronavirus force majeure covid-19 daniel katz natural language processing artificial intelligence technology and digital machine learning ai law company contracts legal tech

The spread of COVID-19 has already had a significant impact on the lives of millions. Here in the legal industry, both law firms and law departments are beginning to assess their priorities in light of the ongoing disruption caused by coronavirus. We are doing our part during these tough times. As I noted in an earlier post, the multidisciplinary teams here at Elevate are actively working to help our customers navigate through some of the emerging legal business challenges.

ContraxSuite is a powerful contract management, analysis, and data extraction platform that can accomplish a multitude of tasks. It is very much a suite of tools to help organizations manage contracts, extract data from them, and deploy that data to other applications. One of the tools in our suite is the Document Explorer User Interface (UI), which can help you rapidly transition from looking at a body of unstructured documents to looking at organized, structured contractual data.

From Unstructured Documents to Structured Contractual Data

Right now you are probably looking through documents for Force Majeure clauses, business disruption insurance, and other key contingencies like liquidation costs and potential new expenses. A client might hand you a body of unstructured documents, and many of those documents might not even be contracts. The Document Explorer UI can help you quickly explore and organize these documents, and it also allows you to prepare the data within those documents for further analysis by legal professionals.

You don’t have to interact with the Document Explorer UI directly. We know how hard it can be to leverage new software tools on even a good day. The Document Explorer UI is designed to be run by Elevate’s team of data scientists and legal experts, who are trained to use this software tool to quickly sift through a large body of documents and find everything you need. That saves a lot of time, especially if you want to run term searches, lateral searches, and conceptual searches, but don’t necessarily know where to start.

The Document Explorer UI is particularly useful for a lateral search across a body of documents. For example, you may want to find a particular clause in one document, and want to determine whether similar clauses reside in other documents.

In the ContraxSuite Document Explorer, a user can find associated definitions or clauses in seconds.

Combining People, Process and Technology to Solve A Wide Range of Problems

Right now, law firms and law departments are looking for proven, cost-effective solutions. We have already served customers by combining our Document Explorer UI with managed services, deploying quick and efficient solutions to help manage risk related to COVID-19. We have been doing so for quite some time, in fact, delivering high-fidelity results on previous projects related to GDPR, Brexit, LIBOR, and many other acute problems.

At Elevate, we deploy multidisciplinary teams of data scientists, legal professionals, and other experts to work directly with you to find what’s most important in your contracts. Tools like the Document Explorer UI, combined with our managed services teams, can help your organization navigate the travails of the coronavirus pandemic.

Conclusion

What makes Elevate ContraxSuite unique is that it truly is a suite of different tools, and these tools can be deployed alongside managed services to support your team. The world is changing, and keeping costs down and efficiency up is more important now than ever. At Elevate, we believe that Humans + Machines is the way to achieve the best outcomes in legal. We want our customers to find the high-fidelity results they need. And we have the people and technology to make it happen.

Economic fundamentals are changing the way organizations operate. A smart mixture of managed services, consulting and technology can help organizations unlock the economic benefits of automation. Now more than ever, combining people, process, and technology can bring immense benefits to your organization.