Using Artificial Intelligence to Transform the Syndicated Loan Contract Review Process into a Revenue Generator for Financial Services

Key Challenges:

Contract reviews have long been a thorn in the side of investors and law firms, notorious for their labor-intensive nature and historically poor margins. Law firms, especially, find themselves in an uphill battle, as they must allocate senior attorneys – their most costly resource – to labor over complex reviews, resulting in low returns and diminished morale. Buchanan’s client faced the daunting task of improving the economics of the contract review processes to increase margins.

Solution:
In partnership with Buchanan, HIKE2 developing a revolutionary solution and introduced Artificial Intelligence to the contract review landscape. By leveraging AI to analyze contract agreements swiftly and accurately, HIKE2 automated numerous steps in the process, including information extraction from contract documents. This automation streamlined operations, reduced errors, and significantly improved efficiency. Redesigned workflows further enhanced attorney capacity management, balancing deadlines and demands more effectively. The introduction of AI not only brought a new level of consistency to document handling but also provided invaluable insights, which together successfully transformed the contract review process into a consistent revenue generator. Moreover, this spurred excitement in both Buchanan and their client, as the true potential of what AI can do to quickly modernize highly-regulated industries became apparent.

Results:
The Proof of Concept for the AI-driven solution has been successfully launched, which, in turn, elevated stakeholder sentiment that had previously been negative based on past project failure. Buchanan’s client now enjoys benefits such as a single source of truth for document location, consistency across various document types, and improved workflow management. Attorney time savings have been achieved, bottom line revenues in a traditionally low margin process have been increased, and the significant potential for much more AI-generated efficiency is now top-of-mind. 

“Our experience with HIKE2 was stellar. Their deep technical expertise in AI was evident from the start, and their mature team consistently met deadlines and commitments, leaving us (and our client) impressed every step of the way.” –

Scott Angelo, Chief Innovation Officer at Buchanan

In Conclusion:
In conclusion, HIKE2’s innovative application of Artificial Intelligence has not only transformed the contract review process but also highlighted the firm’s prowess in leveraging technology for impactful results. By addressing long-standing challenges head-on and delivering tangible benefits, the project has set a new standard for efficiency, profitability, and excitement in both legal and financial services.

About Buchanan Ingersoll:
Buchanan Ingersoll & Rooney is a national law firm with a proven reputation for providing progressive, industry-leading legal, business, regulatory and government relations advice to our regional, national and international clients. Our 450 attorneys and government relations professionals across 16 offices proudly represent some of the highest profile and innovative companies in the nation, including 50 of the Fortune 100.