Epiq Launches Next-Gen Service to Assist Clients With Contract Analysis
Service Addresses Growing Contract Issues Related to COVID-19
Epiq, a global leader in the legal services industry, announced the expansion of its artificial intelligence (AI)-enabled legal solutions to include Contract Analysis. The new global Contract Analysis offering combines expertise with machine learning and natural language processing to enable faster, more intelligent contract analysis by legal teams, with the ability to supplement and scale this analysis with experienced Epiq team members.
Epiq has deep expertise applying advanced, technology enabled analytics to legal processes, including using AI in over 1,000 eDiscovery matters for law firms and corporate legal teams in the past year. Epiq is now applying its experience to help organizations better understand, organize and optimize their contracts. The platform doesn’t take the human component out of contract analysis, but it can make those humans faster and more effective, reducing overall costs by as much as 50%.
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“Market and environmental forces, including new laws and regulations, mergers and acquisitions, digital transformation, information security, and more recently the COVID-19 global pandemic, have increased the need for organizations to understand what is in all of their contracts and to prioritize review. Our clients can utilize Epiq’s platform without ramp up time and having to invest in their own people, processes and tools,” said Roger Pilc, president and general manager, Epiq legal solutions. “This is critical in today’s environment in which there are newly increased demands on already stretched legal and IT teams.”
Epiq is leveraging Diligen for the machine learning portion of the platform to provide high quality and efficient contract analysis through its ability to ingest, review and pinpoint data in hundreds of contracts within minutes. Epiq’s highly experienced teams manage the review, provide scale when needed, define quality control, extract clauses requiring manual intervention, and provide detailed reporting and metrics about client contracts.
“We are excited to partner with Epiq with the goal of providing law firms and legal departments with more efficient, fast, accurate and affordable ways to gain insight into their contracts,” stated Laura van Wyngaarden, Diligen co-founder and COO. “Epiq’s project management expertise and review capabilities, combined with Diligen’s machine learning contract analysis capabilities, enables clients to experience the power of AI tools and get more done with less.”
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Particularly relevant today due to COVID-19, the platform’s pre-built force majeure algorithms can be utilized by enterprises who want to determine risk/liability for not being able to fulfill contracts, including provisions for timing to provide notice; enterprises who want to determine response for suppliers not being able to fulfill contracts, with special consideration for determining jurisdiction; and law firms who want to provide contract review for impacted enterprises.
Additional applications for this new platform include helping legal teams analyze contracts for compliance with new laws and regulations such as GDPR, due diligence support for mergers or acquisitions, creating a lease catalogue, exporting essential contract characteristics for loading into a Contract Lifecycle Management (CLM) system, and preparing for the elimination of LIBOR clauses.
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