Formlabs, a leading developer and manufacturer of 3D printers based in Somerville, MA, faced significant challenges in managing its contract review processes efficiently. With a small yet robust legal team of four (three attorneys and one paralegal), Erica Jutras, Assistant General Counsel at Formlabs, found herself spending nearly half of her day reviewing contracts, notably NDAs and DPAs.  This inefficiency sparked the search for an innovative solution, leading Formlabs to explore AI-driven technologies to enhance and expedite the contract review process.

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Identifying the Need for an Advanced Solution

The initial hurdle for Formlabs was the time-consuming nature of their contract review process. Their existing method was cumbersome, with a heavy reliance on manual reviews and reference guides. This not only slowed down operations but also posed risks of inconsistencies in contract assessments. The need for an innovative solution became apparent as they sought to allocate more time to higher-value tasks, enhancing overall legal operations efficiency.

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The Selection Process: Choosing Ivo

In their search for a solution, Formlabs evaluated multiple options but found Ivo to be unparalleled in terms of features and accuracy. What set Ivo apart was its comprehensive toolkit, including support for clause libraries, a robust checklist functionality, and superior customer service. These features, coupled with Ivo's ability to significantly reduce false positives and negatives in contract reviews, made it the clear choice for Formlabs.

It quickly became apparent that Ivo offered the best customer service (compared to its competitors), a fact that has consistently proven true. Essentially, every time an issue has arisen, the team has gone above and beyond to resolve it for us, which has been truly outstanding.

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Implementation and Usage: A Seamless Transition

Implementing Ivo at Formlabs was straightforward, with the legal team quickly adapting to its intuitive interface. The solution's ability to automate initial reviews for NDAs, DPAs, and customer contracts drastically cut down review times and enhanced consistency across transactions. With playbooks for nine contract types and the ability to generate new playbooks as needed, Ivo has become an indispensable tool for Formlabs' legal operations.

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Realizing Benefits: Quantitative and Qualitative Gains

Since integrating Ivo into their workflow, Formlabs has observed significant improvements in both the speed and quality of contract reviews. The tool has halved the time spent on reviewing NDAs, allowing the legal team to focus on more complex matters. Beyond time savings, Ivo has instilled a newfound confidence in the team, ensuring major contract points are consistently addressed, and risks are minimized.

Ivo has reduced the time it takes me to review contracts by 50%.

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Transforming Business Operations

Ivo has not only optimized contract review processes at Formlabs but also reshaped how the legal team allocates its resources. By automating routine reviews, the team can now dedicate more attention to strategic initiatives, supporting business growth more effectively. The tool's impact on organizational efficiency and risk management has been profound, marking a significant step forward in legal operations at Formlabs.

I'm more confident knowing that I'm not overlooking anything crucial within the contract (by utilizing Ivo). Especially considering the complexity of the contracts I review, where each requires a thorough manual examination.

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Insights for Potential Ivo Users

Formlabs' experience with Ivo offers valuable insights for other organizations considering this solution. The minimal upfront effort required for implementation and the intuitive nature of the software underscore its ease of integration into existing workflows. More importantly, Ivo's ability to save time on basic contract reviews empowers legal teams to invest more in high-value work, enhancing overall productivity and effectiveness.

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Conclusion: A Partnership for Growth

The collaboration between Formlabs and Ivo exemplifies how innovative solutions can transform legal operations, streamlining processes while enhancing accuracy and efficiency. As Formlabs continues to leverage Ivo's capabilities, their journey underscores the significant benefits of embracing technology in legal workflows, setting a benchmark for industry peers aiming to optimize their contract review processes.