Case Study
FTI Technology Reduces Reviewable Contract Population by 90% to Beat Data Deadline in Corporate Restructuring
In an ongoing restructuring engagement for a global client of FTI Consulting’s Corporate Finance segment, FTI Technology’s Corporate Legal Operations practice was tapped to assist with scoping of tens of thousands of contracts during the restructuring.
The project was to be completed within a six-week timeframe. FTI Technology’s Contract Solutions experts provided an on-time and under budget data deliverable that met filing requirements and served as a useful input for downstream commercial applications for the client.
Situation
In response to disruption in its markets, FTI Consulting’s client needed to restructure its business to preserve its cash and liquidity position. As part of the restructuring, the company needed to quickly identify and scope relevant contracts in support of filing requirements. Contracts had been created, stored and owned across multiple business units all with unique and varied contract management practices.
The files themselves contained minimal, or no, reliable identifying data. As a result, the team would need to review and analyze more than 50,000 electronic files to locate and understand the content of all relevant contracts. The client was under a six-week deadline to complete the work.
Our Role
FTI Technology’s Contract Solutions team understood that the document population would need to be reduced to only relevant and potentially relevant files in order to complete a thorough review within the timeframe. As a first step, the team leveraged machine learning-powered processing techniques to eliminate documents that were not in scope. Then, the team’s customized metadata-based file identification process enabled another two-fold of files to be removed from the review population. For the remaining files, FTI Technology developed a series of natural language search and artificial intelligence clustering techniques that further de-scoped a significant subset of documents, resulting in a rapid reduction of 90% of the population as irrelevant documents and contracts.
With the dataset refined, the team designed workflows to review the remaining relevant contracts, which was at that point narrowed to a manageable volume in the thousands. This included implementing a custom protocol to extract data in compliance with the filing requirements, allowing the team to quickly capture the relevant provisions and produce an accurate and complete record of the analysis.
Our Impact
FTI Technology produced an on-time and under budget contract data extraction that met filing requirements.
The automated, custom processes FTI Technology designed and implemented reduced the reviewable contract population by over 90% to save the client time and reduce document review costs significantly.
The output of this exercise aided the client in related corporate commercial applications and initiatives.
FTI Technology produced an on-time and under budget contract data extraction that met filing requirements.
The automated, custom processes FTI Technology designed and implemented reduced the reviewable contract population by over 90% to save the client time and reduce document review costs significantly.
The output of this exercise aided the client in related corporate commercial applications and initiatives.