Exigent combines machine learning technology with smart human resources lowering entry to automated document identification to suit any organisation.
Leading provider of outsourced legal and technology services Exigent has announced the launch of a new service allowing legal departments to leverage machine learning technology for fast and effective discovery and processing of contract and policy data. Using technology, analytics and smart human resources, the service offers organizations at any level of contract management maturity the opportunity to start sorting, analyzing and deriving value from their contract portfolio.
Powered by a partnership with Chicago-based technology firm LexPredict, the new service adds flexible extraction and identification to Exigent’s contract management solution, Chameleon™. The new technology is supported by lawyers and analysts trained in machine learning and natural language processing, making the service a scalable, modular option, with no need to commence large scale IT projects or hiring external resources. Material of any type, including emails, is fed to the system, which sorts them automatically and identifies legally relevant items and standard clauses. Exigent lawyers then train the system to recognize and classify custom or complex clauses, moving away from a simple yes/no binary identification so typical of other machine learning products on the market.
David Holme, CEO of Exigent, commented: “We weren’t interested in offering just another contract discovery tool, but in harnessing the power of machine learning to make contracts the cornerstone of strategic business decisions. People or technology alone are not the answer, but bundled together and as part of a broader value-based strategy, they can deliver a real shift in how the legal department works.”
“We realized there was a gap in the market: all of these AI tools rely on companies having a good, structured approach to contract management. The reality is that most organizations don’t even know where their contracts are and they find themselves stuck with technology that only works with a rigid set of rules that doesn’t meet their business needs. We offer companies the opportunity to start sorting out their contracts in a quick and sophisticated way, using both technology and clever lawyers to enhance the process. Once an organization has carried out solid contract discovery, it can set out a data strategy and apply analytics to make better, more informed business decisions.”
Michael Bommarito, CEO of LexPredict, remarked: “Our driving vision as a firm is that man and machine together are better than either alone, and we’re very excited to be working with the men and women at Exigent to bring this vision to legal departments around the world. While many vendors sell licenses for fragile “artificial intelligence” that frankly does not exist, we are focused on delivering solutions to pressing business problems using the best blend of resources and technology possible.”
One of the many use cases for Exigent’s machine learning service is the due diligence process in an M&A transaction. Exigent’s approach starts by searching through every document and communication, including emails, to identify relevant documents such as traditional agreements or policy and procedures. Every clause, term and detail is then tagged and made searchable, enabling the legal team to find the anomalies and exceptions that are likely to present a greater risk than the standard clauses, more efficiently. This saves time and helps the deal to progress more quickly, removing the likelihood of deal fatigue. In addition to that, aggregating data means that when deals with suppliers require renegotiation or when license agreements are due to expire, the legal team is alerted and new, better value contracts drawn up.
About Exigent Group Limited
Exigent Group Limited is a global legal services outsourcing organization, providing advice and delivering a range of legal services, contract management solutions and business analytical tools aimed at reducing risk, improving compliance and driving process and cost efficiencies for clients in the US, Canada, UK, Australia and South Africa. The company has a 400+ global workforce, comprising consultants, business analysts, attorneys, software developers and multi-skilled business professionals. Exigent currently has eight offices globally with three operating centers in Bangalore, Cape Town and Perth. For further information, go to:
About Exigent Chameleon
Developed by Exigent, Chameleon™ is an advanced proprietary contract management technology which simplifies the process of negotiating, organizing and enforcing contracts for clients around the world. Combining legal expertise, technology and analytics, Chameleon™ is the first solution to allow law firms to extract and aggregate unstructured data from legacy systems and reconcile contract reality with payment and cash flow reality. Chameleon’s focus on collaboration and efficiency ensures the legal function is integrated with commercial processes, allowing legal departments to deliver quantifiable value to their organization. Coupled with the legal expertise of established lawyers in different geographies, Chameleon™ offers unparalleled solutions to GCs and lawyers to manage corporate contracts, commitments and compliance.
About LexPredict
LexPredict is an enterprise legal technology and consulting firm, specializing in the application of best-in-class processes and technologies from the technology, financial services, and logistics industries to the practice of law, compliance, insurance, and risk management. LexPredict’s Data Science team is renowned in industry and academia for their custom machine learning and natural language processing solutions. For more information, please see https://lexpredict.com/
