The information which is generated and can potentially be accessible to efficiently run a business is increasing exponentially. The masters of the business universe will be those that can tame the onslaught of that information and efficiently maximize its use. To do so requires new approaches which are made available by new solutions driven by emerging technologies. That is the culture in which Legal Outsourcing 2.0 lives and thrives.
Breakthroughs in efficiency in the legal vertical are a result of innovations in software and Artificial Intelligence, which uses both Natural Language Processing (NLP) and Machine Learning (ML). Not only is Legal Outsourcing 2.0 comfortable in using these latest innovations to drive client value, we partner with innovators and help create it.
Legal Outsourcing 2.0 helps Legal AI clients by performing the annotation work which is used in creating the algorithms which form the backbone of any Legal AI solution. Our lawyers perform the cutting edge legal analysis which forms the basis for the models which are developed for legal concepts. If you have used a legal concept search, as opposed to a word search, you may have already touched our work.
What Legal Outsourcing 2.0 tries to do, when analyzing a business opportunity is determine the best solution for the client, not what maximizes Legal Outsourcing 2.0 revenue. We are into partnerships, not overpriced one-night stands. A couple easy examples make the point.
In the world of document review, current technology allows a prospective determination of the most likely documents that will yield relevant information and the documents which need to be reviewed but are less likely to yield relevant information. The process is sometimes referred to as early case assessment or predictive coding. The response of the document review industry, which bills on an hourly basis, has been to allocate the same high-priced review team to do both. Our solution allows the lower value documents to be reviewed by our team of lawyers in India for about half the cost, driving down the total cost of a review dramatically.
In the world of contract extraction, used to populate data fields in software programs from unstructured sources, we do things differently. Others review the documents by either reading the document multiple times and typing the necessary information into an excel spreadsheet or OCR the documents and use keyword searches to help navigate the contracts after the first few times of reading the contracts. Those efforts result, for a 20-page contract from which about 20 fields need to be extracted, in an individual going through an entire contract with about 2-3 contracts being completed an hour and, if charged on a per piece basis, a cost of about $10-$15 per contract.
Our approach to contract extraction, for the same 20-page contract and 20 field assignment, results in about 6-7 contracts being completed per reviewer per hour by using enhanced technology and a factory model as opposed to an artisan model. We are able to pass the increased efficiency benefits on to our clients and the cost to return the data to them is about $6-$8 per contract.
We enter into each potential relationship and drill down to see what is the most efficient way to solve the problem using the latest tools. After we figure that out, we propose solutions which may, or may not, involve our services. We know that if put your interest first, you will keep us in mind and from our perspective that is what drives real partnership.