Challenge
A global leader in generic medicine production needs to review a batch of hundreds of agreements after recent M&A activity. The contracts are time-sensitive, but their law firm provides a quote far exceeding their budget. The client needs a cost-effective solution to complete their review ahead of the looming deadline.
Approach
With limited time and over 200 contracts to analyze, Axiom pairs an experienced M&A lawyer with leading AI capabilities. The Axiom lawyer calibrates AI software with a sample set of client documents, verifying accuracy of each output by hand. Once set up, the software instantly pulls 15 unique queries within each contract to identify time-bound obligations, categorize document type, pull summaries, determine governing law (many deals were international), extract specific clauses, etc. Within 2 weeks of receiving the request, Axiom completes the review and flags the contracts which require further action.
Impact
- Enabled the bootstrapped in-house team to focus on ongoing high-priority matters by shifting high-volume work to external Axiom resources
- Completed entire contract review project in under 2 weeks, a task which could have taken a lawyer manually reviewing the work nearly 2 months.
- Structured contract data provided client clear visibility on time-bound obligations within all of the agreements.
