October 15, 2014. Chicago, IL. Clutch Group, an organization dedicated to delivering the professional services for law, is proud to announce that it was chosen as a finalist in the Outstanding Service Provider category for the 2014 International Association for Contract & Commercial Management (IACCM) Innovation Awards. Every year, IACCM selects from over 80 submissions that come from both public and private organizations, some of which represent the world’s top brands.
For its submission, Clutch Group focused on LAECS(the Legal Agreement Extraction & Codification System), a proprietary documentation platform that extracts and codifies key reference data from contracts and agreements. Clutch built LAECS to help a leading global financial services institution conduct a full-scale remediation of its derivatives contract environment and to implement an evergreen process for ongoing derivatives documentation processes. By leveraging LAECS’ OCR technology, fully searchable data environment, and intelligent automated extraction tools, Clutch analyzed and validated over 70,000 agreements for the bank, allowing it to gain much-needed insight into its existing Over-the-Counter (OTC) derivatives environment and exposure. LAECS has now been deployed with multiple clients since its initial use case.
Clutch Group’s submission was recognized at an awards ceremony on the opening night of the IACCM 2014 Americas Forum in Chicago, a three-day seminar that brings together innovators and thought leaders to explore “best-in-class contracting, commercial, and relationship management practices.”
“It’s an honor to have been chosen as a finalist in the Outstanding Service Provider category for the IACCM Innovation Awards,” said Varun Mehta, VP of Legal and Compliance Solutions at Clutch Group. “As contractual data grows exponentially, companies need to accurately manage and understand the full scope and exposure of their agreements. We’re continually innovating to find new and more efficient ways to streamline the contract management lifecycle, and we’re excited to see LAECS being recognized as an industry-leading tool.”
As a finalist, Clutch Group was also invited to the IACCM’s Innovation Awards Webinar in September to discuss its submission. Mr. Mehta joined the other IACCM finalists on the webinar to discuss Clutch’s innovative use of LAECS and the important role it is playing in helping clients comply with regulatory demands and to develop a real-time, comprehensive understanding of their contractual risks and exposure.
This recognition comes at a time of enormous growth for Clutch. In the past year, Clutch has grown over 100%, doubled its technology footprint, launched an energy and natural resources practice, and expanded its global consultant and associate pools by over 30%. Clutch Group was recently recognized in the 2014 Inc. 5000 list as one of the fastest-growing private companies in America. Clutch was also voted as a Top Legal Outsourcing Provider and a Top Corporate Investigations Provider by the 2014 New York Law Journal Reader Rankings. In addition, Clutch was named a Leader in the LPO industry by NelsonHall and was chosen as a top legal services provider in IAOP’s Global Outsourcing 100 List.
About Clutch Group
Founded in 2005 by top attorneys from leading firms and business process pioneers, Clutch Group has grown to a team of legal, technology and process experts in five offices across three continents. Clutch was built from the ground up to help General Counsels more effectively manage problems within Fortune 500 companies. Clutch combines its expertise in harnessing technology, implementing process and focusing on fact development to deliver risk-measured, cost-optimized solutions for clients. Clutch Group has been consistently ranked as a top provider by industry research as well as client satisfaction since its inception and has been recognized by industry authorities including NelsonHall, the New York Law Journal, International Association of Outsourcing Professionals (IAOP), Chambers Global, Frost & Sullivan, the Black Book of Outsourcing and Dun & Bradstreet. For more information, visithttp://www.clutchgroup.com.