Quora, the question-and-answer platform where users can ask and answer questions on a wide range of topics, faced the challenging task of enhancing the efficiency of their contract review process. The team's focus on supporting key business and growth initiatives meant seeking an innovative solution that could handle counterparty paper requests efficiently. The ideal solution would have to flag key terms for review, possess a user-friendly interface, and not require additional resources or headcount.
The Search for an AI Contract Review Solution
In order to gain a comprehensive understanding of the AI contract review space, Quora performed an evaluation of 13 AI contract review solutions. Upon conclusion of the evaluation, the Quora legal team chose Ivo, a solution that promised configurability and a clear, intuitive checklist feature. Ivo's customizability meant that Quora could ensure Ivo was reviewing contracts for consistency with their bespoke requirements.
Implementing Ivo: A Seamless Experience
Adrie Christiansen, the Legal Operations Lead at Quora, oversees an array of pivotal functions within the legal team. Her role spans the creation and management of legal processes, spearheading vendor evaluations and implementations, and managing legal technology.
As Quora's primary liaison, her engagement with Ivo was marked by ease and efficiency from the start. A single demo session enabled her to start crafting playbooks, and the Ivo team's timely responses facilitated a quick setup process. The dedicated Slack channel and regular check-ins with the Ivo team further demonstrated Ivo's commitment to customer success and product improvement.
When I've shared feedback with the Ivo team, I can see that it's clearly being taken into consideration. Even during the evaluation phase, we felt that the Ivo team had a strong focus on continuous improvement.
Transforming Contract Review with Ivo
Although in the early stages of adoption, Quora has begun to experience the advantages of Ivo. The finalized NDA playbook has shown promising results in NDA reviews, and the team is enthusiastic for the deployment of additional playbooks for more complex negotiations.
The Impact of Ivo on Business Operations
With the introduction of Ivo, the Quora team can now reallocate its valuable resources, enabling team members to concentrate on higher-risk matters. Initially, Quora's small legal team, with only one part-time person dedicated to contract review, sought to leverage human expertise for complex tasks while streamlining routine reviews. Post-Ivo, these resources are now focused on more complex negotiations, and processes like vendor reviews have become more efficient, with improved turnaround times.
Ivo will help us better allocate our resources to allow the team to focus on complex and higher risk matters outside of contract review, and in turn better support business initiatives and growth. Further, utilizing Ivo will help the team stay consistent in negotiation responses and improve onboarding and training on Quora's stances for future team members.
Christiansen further noted that she feels empowered with a solution like Ivo in her day to day work as it enables her to help the legal team with their review processes.
I’m helping to manage the process of reviewing NDAs, despite not being an attorney or a paralegal. It's beneficial that I can utilize Ivo, which highlights the critical elements for us, and allow our team to concentrate on more intricate matters without being preoccupied with lower-risk items.
Conclusion: The Advancing Journey with Ivo
Quora's journey with Ivo is only beginning, but the early signs are showing promise. The team noted that they are looking forward to harnessing the full capabilities of Ivo, confident that it will enhance their efficiency and contribute to the company's continuous growth.
