How MSA came to use AI to review and generate advisory for their contracts
Our Partner, Legal Sifter, have an interesting Case Study to share of how Artificial Intelligence was used by an inhouse legal department to:
Evaluate Contracts before signing
Obtain advisory on each contract ahead of signing
Organise their Contracts and generate valuable meta data from almost 20,000 fields for all their Contracts
MSA AT A GLANCE
Industry: Safety Manufacturer
Employees: 5,000+
Locations: 40+
Regions: US, Europe, Asia, Latin America
Revenue: $1.4 Billion (2021)
CHALLENGE
Manual operating process meant each lawyer at MSA selected their own contract language, sometimes using a shared PowerPoint with common contract clauses.
A decentralized system that lacked a comprehensive, efficient, or even a consistent way of doing things.
Signed contracts were stored everywhere. From a shared drive to a quasi-contract management system, MSA lacked a single source of truth about their contractual commitments. MSA knew buying a software solution like a contract lifecycle management solution (CLM) was not the answer, because the solution had to come with an improved and consistent process.