Repapering
Repapering is a service that has increased in intensity. As result of regulatory reform (for example the introduction of GDPR or the changing of Libor as benchmark for financial documents) companies see themselves confronted with the need to change thousands (and sometimes 100's of thousands of documents) to reflect the regulatory change. The process is quite involved. Step 1 is typically legal advice by a law firm: what is the impact of the new regulation or the change of regulation. Step 2 is development of a playbook. This is often where the work of the law firm ends and the ALSP comes in. Step 3 is, using software like Kira Systems, Eigen or other document review/data extraction software, the extraction of clauses that need changing. Step 4 is creating draft amendment documents using the data retrieved in step 3 following the playbook in step 2. Step 5 is sending documents to counterpart for signature but often involves negotiation following the playbook with law firms as escalation. Step 6 is execution and step 7 is storage of the executed documentation. Companies that provide these types of services include the Big 4, Factor, Cognia, Elevate and sometimes through law firm subsidiaries but that is rare as many law firms don't have the technical capabilities or the scale to perfom the more administrative steps 3-7 at scale at a cost the client is willing to bear.
Repapering is a service that has increased in intensity. As result of regulatory reform (for example the introduction of GDPR or the changing of Libor as benchmark for financial documents) companies see themselves confronted with the need to change thousands (and sometimes 100's of thousands of documents) to reflect the regulatory change. The process is quite involved. Step 1 is typically legal advice by a law firm: what is the impact of the new regulation or the change of regulation. Step 2 is development of a playbook. This is often where the work of the law firm ends and the ALSP comes in. Step 3 is, using software like Kira Systems, Eigen or other document review/data extraction software, the extraction of clauses that need changing. Step 4 is creating draft amendment documents using the data retrieved in step 3 following the playbook in step 2. Step 5 is sending documents to counterpart for signature but often involves negotiation following the playbook with law firms as escalation. Step 6 is execution and step 7 is storage of the executed documentation. Companies that provide these types of services include the Big 4, Factor, Cognia, Elevate and sometimes through law firm subsidiaries but that is rare as many law firms don't have the technical capabilities or the scale to perfom the more administrative steps 3-7 at scale at a cost the client is willing to bear.