Case Studies - Legal Data Extraction
Business 
The Minerva 
Features & Law firms, organizations, and government agencies go through a huge number of various documents. These documents contain an enormous amount of unstructured information. Therefore, obtaining all of the important data elements from legal documents is an arduous task. The process has largely remained manual, wherein professionals open each contract and search through the whole document to extract relevant information. Studies have shown that extracting detailed information takes nearly 2 minutes on average—i.e., 2 minutes/attribute. Extrapolating this statistic to fit a real-world case consisting of 10,000 legal documents and 30 attributes per document, we can deduce that as much as 5,000 man-hours will be consumed in this task.
The goal here is to automate information extraction to speed up the process and save a vast amount of time and effort.
The complexity of the task is mainly due to changing text layouts. As a result, a rule-based solution that implements a sophisticated "searching and matching" algorithm does not work.
Minerva solves this problem in a three-step approach:
- First, Minerva uses a robust embedding methodology to capture semantic information.
- Then, Minerva uses a state-of-the-art transformer (BERT-Bidirectional Encoder Representations from Transformers) to solve the core NER (Named Entity Recognition) problem.
- Finally, after completing the classification task, Minerva organizes all of the extracted information into a JSON format.
- Automated processing of legal documents speeds up many tasks for professionals, saving a lot of time and manual effort.
- Better contract management increases efficiency and productivity and saves on costs. An estimate shared by The Harvard Business Review showed that "inefficient contract management causes firms to lose 5% to 40% of the value on a given deal."
Rich, B. (2018, September 12). How AI is changing contracts. Harvard Business Review.
https://hbr.org/webinar/2018/09/how-ai-is-changing-contracts. - The solution provided by Minerva can be easily integrated with any business application.
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