Accurately forecasting work for a proposed project often requires the ability to comprehend many data points and confidently understand the path required to deliver. By having a proven forecasting process, you win more deals and maintain stronger margins.
A global enterprise has put out to bid a project to review and consolidate all of their media agreements between multiple third parties with the goal of a single and consistent agreement template. They have provided their ideal version of what they want all the agreements to reflect and are looking to understand the cost for completing this project.
On average, a paralegal would spend eight hours manually copy and pasting each of the current media agreements and then highlighting the differences of each agreement compared to the client’s ideal agreement. All this effort so that the partners managing the client can easily understand the section differences compared to the ideal agreement. The hours spent doing this work is not only high, but also not billable since the project has not been approved yet.
With Heretik, all of this manual work and reporting is automated, drastically cutting down on the amount of work from hours to minutes.
Using Heretik’s powerful analysis and section-level database, each section of the media agreement is labeled and parsed out for the team to easily filter, batch, and compare each section across the entire corpus of contracts against the ideal client agreement.
All those hours wasted doing the manual comparison and labeling differences in each agreement are now automated through Heretik Compare. In this use case, the team was able do the agreement analysis to understand the difference of key contract sections and ultimately the entire agreement with a few clicks.
Exporting the data in a format required by the lawyer to review is now not only automated, but greatly simplified with Heretik’s configurable reporting. The report will include the redlines, similarity scores, and other key information. With all the agreements indexed, our flexible project structure allows the team to easily add additional data at any point throughout the project.
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