The good news is more and more enterprises are spending time and money to build out a true Legal Operations team to support their growth, scale their services, and be compliant with their global presence. Legal departments are building out multi-disciplinary functions within its department that allow for a truly optimized services delivery to all aspects of the business. Ready for the bad news? Poor contract organization habits and past mistakes are inescapable. Legal Operations teams are now being seen as a resource for other departments like, sales, finance, and HR, to go through the piles of neglected agreements and data to ensure they are current and defensible.
According to a Microsoft research report, legal practitioners spend 90% of their day in Outlook and Word. Instead of these critical resources focusing on meaningful, strategic work, they are manually reviewing Service Agreements for renewal dates and vendor agreements for SLAs. It’s seemingly impossible for anyone to get ahead of what’s in front of them if they’re spending so much time unwinding what has already happened.
Heretik helps your organization create actionable, structured contract data that aligns business expectations and opportunities. Both teams and individuals are freed up from endless searching, sorting, and gathering of these legal documents and can instead focus on the strategic work they were hired for.
Today’s organizations face complex, multifactorial problems that are a combination of legal dimensions, geography dimensions, and technology dimensions
The only scalable way to keep up with the ever-evolving legal and regulatory regulations is to have the best people and technology working together
You don’t just want to know what the assignment clause is or where it is located, you need to know can the client assign? Is consent required? Are there exemptions to consent?
Over the years, contract templates and renewals can cause multiple versions to be created across different platforms, without any single solution to consolidate all versions for review and interpretation
Learn how Clayton Utz has developed workflows for their contract analysis using Heretik that helps their lawyers review contract clauses more efficiently, saving them time and money.
Heretik was built with the Relativity API framework specifically so you can continue to administer review projects as you normally do in Relativity with fields, choices, layouts, and granular security permissions
Heretik’s machine learning models classify contracts and relate associated ancillary documents
Heretik’s classification, segmentation, and analysis workflow functionality isolates key clauses within a legal agreements and all associated agreements
Heretik finds patterns across contracts and legal records through the use of regular expressions to auto populate certain information such as dates, parties, square footage, premises description and many others
PowerBI is a data storytelling platform to process, organize, and understand your dataset. With its ability to connect to nearly any data source and to generate interactive reports , the platform provides ways to build step by step narratives starting with high level concepts and end with specific, actionable insights.
Often times, we see contract review and eDiscovery discussed and evaluated on opposite ends of the legal review spectrum. While there are significant differences between the two, innovative legal firms have already found a very profitable intersection point. In this post, we’ll go into detail on how tackling your first contract review project is easier than you might think.