Daily Papers

Many specialized domains remain untouched by deep learning, as large labeled datasets require expensive expert annotators. We address this bottleneck within the legal domain by introducing the Contract Understanding Atticus Dataset (CUAD), a new dataset for legal contract review. CUAD was created with dozens of legal experts from The Atticus Project and consists of over 13,000 annotations. The task is to highlight salient portions of a contract that are important for a human to review. We find that Transformer models have nascent performance, but that this performance is strongly influenced by model design and training dataset size. Despite these promising results, there is still substantial room for improvement. As one of the only large, specialized NLP benchmarks annotated by experts, CUAD can serve as a challenging research benchmark for the broader NLP community.

The advent of Large Language Models has revolutionized tasks across domains, including the automation of legal document analysis, a critical component of modern contract management systems. This paper presents a comprehensive implementation of LLM-enhanced metadata extraction for contract review, focusing on the automatic detection and annotation of salient legal clauses. Leveraging both the publicly available Contract Understanding Atticus Dataset (CUAD) and proprietary contract datasets, our work demonstrates the integration of advanced LLM methodologies with practical applications. We identify three pivotal elements for optimizing metadata extraction: robust text conversion, strategic chunk selection, and advanced LLM-specific techniques, including Chain of Thought (CoT) prompting and structured tool calling. The results from our experiments highlight the substantial improvements in clause identification accuracy and efficiency. Our approach shows promise in reducing the time and cost associated with contract review while maintaining high accuracy in legal clause identification. The results suggest that carefully optimized LLM systems could serve as valuable tools for legal professionals, potentially increasing access to efficient contract review services for organizations of all sizes.