The Sterling Group Enters the AI Era with Ontra’s Technology Platform

Challenge

Manually abstracting and processing NDAs puts a strain on legal bandwidth

As the only lawyer in a growing private equity firm, Max Klupchak wanted to use his time more strategically. Instead, he spent too much of his day abstracting purchase agreements, inputting the data for analysis, and managing and reviewing NDAs. His limited bandwidth to complete manual processes and data entry made him feel like he was always playing catch-up to keep records current.

“It’s a lot of work to abstract purchase agreements, and while I need to be able to interpret the abstracted data and communicate it to team members, it’s not a good use of my time to do the data entry.” The Sterling Group General Counsel, Max Klupchak

After manually processing abstracts and NDAs for a few years, Max knew he needed to free up his time for higher-value work. To address the bandwidth problems Max was experiencing, the firm hired an outside law firm to handle the NDAs. However, the solution was expensive and time-consuming. Because the firm did not have a playbook for Sterling, Max was still involved in the review process to ensure the terms were acceptable and matched the firm’s preferences.

While researching Ontra, Max encountered other legal tech solutions, some of which seemed potentially suitable. However, he found that Ontra was the best solution to meet the firm’s strategic data and insights requirements.

Solution

AI-powered legal automation empowers better decision-making

In 2016, The Sterling Group implemented Ontra to abstract and capture data from important deal documents such as purchase agreements and credit agreements. After a few years of success, the firm expanded its use of Ontra to process all sell-side NDAs in 2021. Today, every NDA is processed by legal advisors in Ontra’s network in concert with Contract Automation, Ontra’s AI-enabled, end-to-end contract negotiation platform — freeing internal teams for more strategic work.

Notably, the partnership between The Sterling Group and Ontra’s hybrid AI-powered technology and human-in-the-loop solution has saved Max an hour for each abstract and almost entirely removed him from the NDA process.

“I prepared NDAs myself for a couple of years and then used an outside law firm, making them much more expensive and time-consuming. Now, I rarely need to open a document unless asked to review a specific issue.” The Sterling Group General Counsel, Max Klupchak

The Sterling Group expands its partnership with Ontra with continual investment to further accelerate workflows and efficiency

While The Sterling Group’s relationship with Ontra has been very successful and has saved Max multiple hours per week, Max is most excited about Ontra’s future expansion of AI technology. To satisfy its desire for more AI automation and the ability to do more with data, the firm recently adopted Insight, Ontra’s AI-powered solution that streamlines and automates fund management and simplifies compliance with investor obligations.

“I’m excited about Ontra’s AI developments and looking forward to using Insight for things like reminders and workflow automation to keep us on track and more streamlined while still retaining the ability to review.” The Sterling Group General Counsel, Max Klupchak

Max relies on Ontra’s suite of AI-powered solutions to give him the time to analyze the critical data extracted from the firm’s legal documents. He sees a future where he can use this data to its full potential to help him and the firm begin making faster, more informed decisions and improve the efficiency and effectiveness of his work. The rapid evolution of Ontra’s proprietary AI engine that powers its legal operating system for private markets is helping Max fulfill his vision of the future of work for his firm.

“I was challenging the Ontra team to do more with AI, so I was pretty pleased to hear about Onta’s progress. It’s all about AI automation and how powerful, nimble, and dynamic data collection and application can be. I’m looking forward to what we’re going to be able to achieve with Ontra.” The Sterling Group General Counsel, Max Klupchak

Max sees a future where Ontra is his ‘go-to’ all-in-one legal tech solution that takes complex things and makes them simple, including automating abstraction and creating simplified output. Already, he is realizing the benefits of the frictionless interface between the Ontra products the firm is using.

His desire to rely solely on Ontra to automate critical workflows for his team stems from his excellent working relationship with the firm thus far.

“Even as Ontra has grown, it has maintained a nexus on the customer relationship by being responsive to ideas and requests and retaining a customer-focused approach. I don’t feel like one of many customers without individual value.” The Sterling Group General Counsel, Max Klupchak

For the immediate future, Max is expanding his legal team to free himself up to investigate Ontra’s data-driven insights, be more proactive in managing obligations, ensure compliance, and make strategic decisions that lead to business growth.

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