Digital White Papers

I L T A W H I T E P A P E R | T E C H S O L U T I O N S 45 names of associated parties, such as client competitors or affiliates that have been specifically called out in the engagement terms; giving notice of existing waivers | waiver requirements or other impactful terms. Get started Not surprisingly, all of this is easier said than done. In parallel with establishing the repository of active client agreements, the team responsible for the review of client commitments must develop a lexicon to categorize the materials. Firms must take care to ensure that this lexicon is unambiguous and provides the right level of detail. Where SMEs maintain overlapping responsibility, they must reach agreements regarding which team assumes responsibility for each area of classification. Get assistance from artificial intelligence processing Categorization of relevant terms proves to be the most time-consuming step in the management of client commitments. AI-assisted categorization — a newly added feature used to manage client commitments identifies and classifies key terms in client commitments automatically, thereby reducing the amount of time required for this task. AI uses machine learning; it's initially trained via the manual application of the lexicon against the client commitments. As the body of classifications increases, the AI categorizations become more accurate. Move forward on two fronts Many firms struggle to proceed on two fronts simultaneously: tackling a repository of several thousand executed commitments ("backlog") that need to be categorized, and addressing new client commitments as they're received or generated by the law firm ("in process"). Intapp recommends the following approach. Prioritize backlog processing. Common criteria include: • Active versus inactive clients (focusing first on active clients) • Commitments in an accessible format (as some might be so old as to require conversion) 1 • Client importance (based on revenue, industry, or practice area) • Critical terms (e.g., billing arrangements, unusual definition of client, onerous data security) • Umbrella | panel terms that apply to multiple client entities • Time frame (recently executed versus oldest first) • Type of commitment (e.g., OCGs, nonstandard firm-authored engagement letters, and requests for proposal) Test the suitability of the lexicon for clarity, level of detail, and comprehensiveness against a variety of commitment types, jurisdictions, and practice areas. Most firms identify a surprising number of revisions through the testing. Don't skimp on this essential task; use it to train the AI. 2

• Cover