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Reshaping Enterprise Work with Legalbook

How one of the world’s leading lift manufacturing companies reduced their contract reviewing turnaround time by 68% and tender extraction process by a whopping 83%

1.Reduced contract reviewing turnaround time by 68%
2.The tender extraction process was reduced by 83%
3.$4000 saved weekly on outside counsels.

Introduction of the Company
This global leader in the lift and escalator industry, with over a century of history, operates in more than 100 countries and generates multi-billion-dollar annual revenues. Headquartered in Europe, the company has experienced consistent growth, driven by increasing demand for its services worldwide.

With millions of installations, they process thousands of purchase orders monthly, and the number of new tenders continues to rise as they secure major contracts for installations in growing urban areas. As their business expands, so does the volume of contracts that require swift review and execution.

Connection Between the Company and Legalbook
As the company continued its rapid expansion, the surge in both purchase orders and tenders created a growing need for efficient contract management. With contracts ranging from purchase orders to NDAs and large-scale installation agreements, the manual review process had become a bottleneck, causing delays in execution and missed opportunities.

The company had been spending thousands of dollars on outside counsels to handle the increasing contract load. However, as the number of contracts grew, inaccuracies started piling up, resulting in missed deadlines and lost deals. Recognizing the urgency to reduce their dependency on external counsel and streamline contract workflows, they came across our cold outreach, which immediately seemed like a viable solution.

Following that, we engaged in several virtual and in-person meetings to better understand their needs and tailor our Legalbook product specifically to address their challenges. Legalbook’s AI-powered platform became the perfect fit, automating contract drafting, reviewing, and workflow management to keep pace with the company’s rapid growth.

Why Did They Choose Legalbook
The company chose Legalbook because it addressed their biggest pain point—time. With an ever-growing pile of contracts to review, their in-house legal team was struggling to keep up. Legalbook offered a solution that not only reduced their contract reviewing turnaround time but also empowered their legal team to work more efficiently without sacrificing accuracy.

What truly made Legalbook stand out was its ability to provide customized playbooks, tailored specifically to their company’s unique needs. No other solution in India offered this level of personalization. Whether it was a purchase order, an NDA, or a complex installation contract, Legalbook’s playbooks ensured that every document was reviewed with speed and precision.

The company felt confident in Legalbook’s approach from the very beginning. Their Legal Head, Mr. Ravindra, expressed it best when he said, “With Legalbook, Our sales team is closing twice the number of deals because they get the legal support that they need RIGHT AWAY.” After seeing how seamlessly Legalbook fit into their processes, they knew they had found the right partner to handle their growing legal workload.

Problem 1: Manual Contract Review Across Departments
The legal team faced significant challenges managing the high volume of contracts across various departments. The primary issue stemmed from the manual review process required for sales purchase orders, particularly for existing installations. Critical clauses such as financial terms, sales agreements, and operational details had to be manually identified and routed to the relevant departments, like finance or sales, for approval. Without an automated clause categorization system, this process created delays, increased the risk of errors, and caused inefficiencies in both contract execution and internal collaboration.

Problem 2: Inefficient Tender Extraction for New Installations
In addition to purchase order challenges, the legal team encountered difficulties extracting key information from tenders, especially for new installations. Reviewing and isolating specific clauses from tender documents was a labor-intensive and error-prone process. Without an automated solution, the team struggled to quickly identify key terms and conditions, resulting in missed deadlines, miscommunication, and slower response times in the bidding process. This inefficiency hindered their ability to compete in a timely and effective manner, particularly in securing new installation contracts.

Solution: PLAYBOOK
To address the company’s challenges with manual contract review, we implemented a customized playbook review system tailored specifically to their purchase orders for existing installations. This system automated the review process based on their unique contract guidelines and significantly improved efficiency.

Key features of the playbook review system included:

• Auto-redlining: Automatically flagged deviations from standard contract terms and provided alternative suggestions in line with the company’s review guidelines.
• Risk assessment: Potential risks were automatically highlighted for further review, allowing the legal team to focus on high-priority issues.
• Clause bucketing: Specific clauses, such as financial terms, sales agreements, and operational conditions, were automatically categorized and routed to the appropriate departments like finance or sales for approval.

With this solution, the company was able to reduce its contract review turnaround time by 68%. What once took hours now took under 2 minutes, allowing them to manage purchase orders more efficiently and focus their legal resources on strategic, high-impact activities.

Solution: TENDER EXTRACTION

To tackle the inefficiencies in the company’s tender extraction process, particularly for new installations, we implemented an AI-powered contract review system that could handle large and complex tender documents with ease. This system significantly reduced the time spent reviewing tenders, which was previously a bottleneck due to manual processing, and improved the company’s competitiveness in bidding for new projects.

Key features of the tender extraction solution included:

• Rapid data extraction: With the help of AI, the system could process and extract relevant data from lengthy tender documents up to 300 pages within just 10 minutes. This automated process drastically cut down the manual workload that previously took hours to complete.
• Custom data labeling: By using specific data labels provided by the company, the system accurately identified and extracted key clauses, including financial terms, deadlines, and bid requirements, ensuring that all critical information was highlighted for quick decision-making.

As a result, the company was able to reduce its tender submission time by a remarkable 83%. This improvement allowed them to meet tight deadlines and submit bids faster than their competitors, leading to increased success rates in securing contracts for new installations.

Results of Their Usage
After implementing Legalbook’s solutions, the company experienced the following key improvements:

1.Contract Review Turnaround Time
Before: Average contract review time was 6 hours.
After: Reduced to less than 2 minutes.
Impact: A 67% reduction in contract review time.

2.Tender Submission Time
Before: Tender submission time averaged 60 hours.
After: Reduced to 10 hours.
Impact: An 83% reduction in tender submission time.

3.Cost Savings on Outside Counsel
Before: $4000 spent weekly on outside counsel for contract reviews.
After: 90% of contract reviews are handled in-house using Legalbook, saving $4000 per week.
Impact: Significant weekly savings on legal costs.