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Client Story
Automating Client Work Tracking for Law Firms: Streamlining Research and Improving Efficiency
Impact
Research coverage gradually increased from 100 to 400 law firms with the same level of effort.
Reducing turnaround time from 10 hours to 5 hours. in the process of updating mandates for priority firms has been optimized,
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Client
A leading BI company
Products
Law Firm’s Mandates update
Industries
Legal
target geo
Global
business objective
The client seeks Cognition’s assistance in developing a solution that would:
- Automate the identification of relevant mandates from law firms’ websites based on predefined keywords related to capital market transactions, M&A, and corporate restructuring. This aimed to improve efficiency by reducing the manual effort involved in searching, filtering, and tracking relevant mandates.
- Extract the required data fields from the identified mandates and populate the client’s database seamlessly. The objective was to ensure data accuracy while significantly reducing the time spent on manually summarizing and organizing mandate information.
The overall goal is to expand the research scope to over 300 law firms and reduce the time required to publish mandates for priority law firms (~50). The client sought to scale their mandate tracking process without increasing resources, ensuring the database remained up-to-date and efficiently managed, particularly for priority firms.
Context
- The client was manually tracking ~100 law firms’ websites to identify and summarize their client work (mandates) pertaining to capital market transactions, mergers and acquisitions (M&A), and corporate restructuring, among others. This approach required labor-intensive research, with the client manually identifying relevant mandates, summarizing them, and extracting data fields, all of which took substantial time and effort.
- Due to the constant need for real-time updates, the manual approach became inefficient and could not scale to meet the client’s growing demands. It was also prone to errors and delays, especially when handling a large number of mandates.
Our solution
The Cognition team developed an ‘AI + HI’ solution to automate and streamline the client’s process for tracking and extracting mandates.
- News Curation: Identifying relevant mandates from press releases on designated law firms’ websites, aligned with the client’s areas of interest or themes.
- Summarization and Data Extraction: Summarizing selected mandates, extracting required data fields, and conducting additional research to address gaps, if necessary.
- Metadata Tagging: Tagging all extracted data with appropriate themes, topics, and categories based on the client’s requirements.
- Stringent Quality Control: A robust quality control process was implemented to ensure the accuracy, consistency, and thoroughness of both research and data extraction.
- Publishing: Uploading all summarized mandates and extracted data to the client’s database in compliance with defined SLAs.
Our Methodology
The Cognition team employed a progressive approach, gradually transitioning from manual to automated processes, ensuring high-quality results throughout.
- Initial Manual Research: The engagement began with manual data collection to familiarize the team with the process and create a process manual for automation experts, including:
- Collecting data on law firm website source codes and templates, determining scraping capabilities, and identifying alternatives for restricted sites.
- Creating a comprehensive keyword library and mapping for metadata tagging.
- Introduction of AI and Automation: Our automation experts developed code using AI technologies, such as Large Language Models (LLMs), to automate tasks like mandate identification, summarization, and data extraction.
- Human Intelligence for Quality Control: Human Intelligence was involved in areas like gap-filling, data validation, and ensuring the accuracy of the AI outputs.
- Continuous Monitoring and Feedback: A feedback loop was established to monitor AI performance, allowing continuous adjustments and ensuring the LLM model accurately identified mandates and extracted relevant data as per the client’s requirements.
Outcome
- Over the course of six months, research coverage gradually increased from 100 to 400 law firms with the same level of effort.
- The process of updating mandates for priority firms has been optimized, reducing turnaround time from 10 hours to 5 hours.
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