Challenge
A real estate leaser purchased a portfolio of 93 commercial properties, within which were 2,000 active leases. Many leases dated back decades– the oldest to 1895.To manage the new properties and understand the property rules and restrictions, the client first needed to review all the leases and incorporate them into their CMS.
Approach
Axiom originally placed a team of 4 junior associates and a real estate expert to review each lease and extract key data. However, the agreements turned out to be more complex and varied than anticipated, with each lease taking over an hour to process. To speed up the timeline, Axiom leveraged Legora to take over review of the remaining 1,400 leases. The AI software was so effective that it slashed the total review duration for each lease by more than half. After Legora, the 5-lawyer team turned into one subject matter expert to verify data accuracy and update the business teams.
Impact
- Digitized and extracted details from 2,000 contracts into modern database without detracting from internal legal support
- AI software lowered legal staffing from five to one while maintaining unprecedented combo of speed and accuracy
- Structured contract data equipped the client to manage and facilitate the sale of properties in their portfolio with full lease visibility
*Cost savings estimates are based on actual Axiom attorney and technology rates compared to equivalent rates with only attorneys staffed on project
