Cape Town, South Africa, September 14, 2018 --(PR.com
)-- Leading legal technology and alternative legal services provider, Exigent, has won the Innovation Award at the African Legal Awards for the second time in two years. Exigent secured the innovation accolade for its approach to due diligence projects with international supply chain management leader, Imperial Logistics, which achieved cost savings of up to 75 percent with reduced timelines from 3 weeks to 10 days.
After winning last year, thanks to its contract optimization work with mining company Anglo American, Exigent has this year been recognized for successfully challenging the traditional view of due diligence for legal departments. Historically, considered a crucial, yet costly corporate exercise, due diligence not only can be done efficiently, but can also be a source of opportunity for the future.
With Imperial Logistics, Exigent’s ability to upscale quickly meant the joint due diligence team grew nine-fold overnight reviewing an average of over 100 contracts per day and reducing timelines by over 50%. Exigent’s approach of combining efficiency with accuracy meant the business saved 75% on the overall cost of due diligence.
Beyond speed, cost savings and risk management, Exigent helped Imperial Logistics to extend the value of due diligence by quantifying the commercial implications of a number of key terms included in the contracts that were reviewed during the process. With a combination of technology, data analytics and legal expertise ─ Exigent turned due diligence from cost to opportunity.
Exigent’s due diligence approach was implemented through a joint-delivery model in collaboration with external lead lawyers, with Exigent having direct access to key business units. On-site legal project management, coupled with best practice methodologies that include reporting tools, drove fluidity and process efficiency. Accuracy was secured through quality control checks and efficiency through a staggered priority approach for completion, allowing lead lawyers to focus on highlighting material risks to the client.
“We’re thrilled to have won this prestigious award and to have our innovative approach to the management of a legal department recognized. We’re grateful to Exigent for not only answering our efficiency call, but also for showing us there is more to due diligence than just cost savings and speed of delivery. We’re excited to see where a smart approach with a long-term vision for how to use contract data will take us,” commented De Wet De Villiers, Commercial Manager, Imperial Logistics.
David Holme, CEO of Exigent, added: “For us, it’s all about breaking away from the old, stale ways of thinking about the legal department and focusing on what matters now − smart data. The power of information is enormous, and we are now at a turning point to generate a real impact before, during and after a deal. This is thanks to technology advances and legal leaders who see the great potential for delivering value beyond efficiency. It’s truly rewarding to work with other visionaries, like the Imperial team, and see results written in black and white on a client’s bottom line.”
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About Exigent Group Limited
Exigent is a global alternative legal services provider operating at the intersection of law, business, and technology. With a worldwide team of over 400 attorneys, business analysts, developers, and consultants, Exigent is transforming the way legal services are offered by applying analytical thinking, smart use of technology and inventive talent, to deliver answers that impact every aspect of business performance.
Exigent’s contract management solutions and business analytical tools help the C-suite, In-house Counsels and law firms to reduce risk, improve compliance and drive process and cost efficiencies.
International clients trust Exigent’s powerful combination of technology, consulting, and legal services in the US, Canada, UK, Australia and South Africa. Cross-cultural and inherently borderless, Exigent has eight offices around the world, with three operating centers in Bangalore, Cape Town, and Perth. For information about Exigent visit www.exigent-group.com