Contract Abstraction

At any given time, a company may be managing hundreds – or even thousands – of contracts, each with unique terms. Legal departments need a user-friendly system for keeping track of the key terms in each contract without having to review individual agreements by hand. Contract abstraction is the process of pulling out dates, payment terms, and other critical information from these documents. By implementing a centralized platform for contract management, a legal team can easily access and review details about ongoing deals.

At QuisLex, we take a comprehensive approach to the contracting process. Applying the framework of contract lifecycle management (CLM), we can reduce our client’s workload and automate time-consuming tasks. From review and negotiation to execution and archival, we offer process improvements at each step of the contract lifecycle. Using a CLM model, our clients reap the following benefits:

• Reduced variance from contractual standards
• Fewer negotiation cycles
• Operational cost savings
• Improved insights into deal flow
• A reduced administrative burden on in-house staff

We always tailor our services to our client’s needs, approaching contract management in the context of the businesses it supports. The team at QuisLex is proud to have been recognized by Chambers and Partners, earning a Band 1 ranking for Contract Lifecycle Management in their annual review of alternative legal service providers.

Leveraging our proficiency in multiple technologies, QuisLex can incorporate artificial intelligence (AI) tools to automate the contract abstraction process. Because we are technology agnostic, our experts can advise you on a host of different tools, helping you understand how different CLM technologies can integrate into your existing workflows. We walk our clients through the advantages of each tool, providing straightforward advice to help them make the best decision. In addition to data abstraction, many legal software platforms feature capabilities such as:

• Optical character recognition (OCR)
• Bulk export of documents and metadata
• Document de-duplication
• Boolean search capabilities
• Document batching

With a team of programmers, technologists, and data specialists, QuisLex can maximize out-of-the-box functionality to avoid over-configuration and make it easier for you to implement new tools. And with our advanced analytics competencies, we can track, analyze, and report on a wide range of key performance indicators (KPIs), such as contract types, volumes, cycle times, and statuses. With these insights, we can drive continuous improvement within your organization.

Using a proactive approach to CLM and our technological expertise, we make it easier for companies to manage their contractual relationships while simplifying execution, compliance, and agreement renewals or closures.

Across all our managed services, QuisLex is committed to providing the highest level of security to protect client data. Our operations centers feature 24/7 IT support and CCTV monitoring to ensure your privacy is protected. Additional security measures include:

• Biometric access controls
• Intrusion detection and prevention systems
• Secure private offices for visiting attorneys
• Segregated project networks
• Soundproof project rooms
• Secure private lockers

We use the HITRUST Common Security Framework (CSF) and hold ISO certifications for information security (ISO 27001:2013) and quality management (ISO 9001:2015).

When you choose QuisLex, your company will benefit from our dedication to process rigor, operational excellence, and measurable outcomes. With an experienced staff of over 1,000 permanent attorneys, project managers, statisticians, and analysts, we offer an unparalleled capacity to deliver effective contract abstraction, negotiation, and review. Beyond contract management, QuisLex provides managed services to help our clients reduce legal spend, optimize operations, and execute mergers, acquisitions, and corporate restructurings.

Our global presence allows us to support major corporations and law firms across multiple industries. To learn more about our outsourced legal services, contact QuisLex.