Bank Holding Company Achieves Contract Efficiency With Contract Review & Migration

A bank holding company had over 42,000 legacy contracts that needed to be organized and migrated. The disorderly state of the contracts was resulting in time-consuming hunts for crucial data and overlooking of critical contractual dates. LegalEase provided a contract migration and organization solution within 19 days.

• Challenge

  One of the largest bank holding companies in the United States specializing in credit cards, auto loans, banking and savings products needed to organize its voluminous contract inventory. The disorderly state of the contracts was resulting in time-consuming hunts for crucial data and overlooking of critical contractual dates.

• Solution

  • The LegalEase team comprising of 60 expert attorneys
  • Developed a well-structured process including a three-step quality check and interactive sessions with the client
  • Performed contract review/abstraction of 42,000+ documents via a premier Contract Lifecycle Management software
  • Tagged 17 metadata fields in each document for better organization within the document repository
  • Validated and edited contractual provisions by means of metadata fields
  • Provided a short-term workforce consisting of skilled Project Leads, review attorneys, and a quality control team, that quickly executed the project, and at competitive rates

• Results

  • All departments within this global company can now easily and efficiently access the company’s contracts, thanks to the process that the LegalEase team designed and implemented
  • The in-house counsel of the company no longer needs to review thousands of documents
  • The empowered sales team of the company can negotiate new deals more effectively