Transforming Contract Review with AI at an International Law Firm
Legislation
Summary
An International Law firm contacted BuildPrompt during the Beta release. at the end of 2023. Having already tested other AI tools, they were keen to see how BuildPrompt would compare. The AI tools they looked into were not quite what they were expecting. They required more involvement from the team than has been planned, however the overall experience of using AI was positive.
Challenges
There were a number of areas identified were AI it was believed that AI could streamline processes. The primary challenge was the time-consuming nature of manually reviewing contracts and generating review reports, which could take a paralegal up to half a day per contract. it was also identified that with the correct application an AI tool could also drive increased revenue. For the Pilot the main focus was streamlining the contract review process. Each contract is reviewed following a prescribed template, which identifies any areas of concern with in the contact. This process can take a paralegal upto Half a day to review the contacts and generate their review report.
BuildPrompt Solutions
BuildPrompt set out to overcome challenge with their PromptStack feature. Using this feature the legal team were able to automate the full review of each contract and the output of the review created a concise summary report of the extracted data, all from a single click. To enable the pilot users to verify the accuracy of the responses, the origin view feature was utilised alongside the PromptStack to provide the team with a side by side view of the original document and the responses. The Origin view highlights the specific text in the original document which were used to formulate the response.
“During BuildPrompt’s Beta release in late 2023, we tested their Stack feature, which dramatically streamlined our contract review process. Previously taking half a day, reviews now take less than 10 minutes with a 90% reduction in time, thanks to the automation and accuracy of the tool. This efficiency has enabled us to profitably expand our services to include smaller contracts, boosting profitability and client satisfaction. BuildPrompt has proven to be a game-changing addition to our legal operations”
Senior Lawyer, Major UK Law Firm
