The Case Study – Lease Abstraction
Organizations enter into numerous leases and it is vital to keep a trail of the status of all leases. Therefore, a rise in lease volumes and complexity calls for efficient lease abstraction. Complete Legal Outsourcing offers Lease Abstraction services provide effective management, execution and analysis of leases for optimum operational and financial performance, and for reducing risk. In one of the Projects, a Real Estate Management Firm needed to review and report to its client regarding their leases, the status of their execution and application with more than 60 fields related to critical dates as well as lease clauses including Property Information, Term Obligations, Rent Information, specific clauses like Holdover, Go-Dark, Security Deposit, Estoppel, Condemnation, Termination Options and so on. Since the volume of the leases was high and fields were complex, it was imperative to deliver on time.
The client was looking for a Lease Abstraction Vendor who could skillfully review and abstract the leases efficiently within the stipulated time frame. Complete Legal Outsourcing was approached because of its standing to deliver Quality Work Product within the stipulated time frame. The large volume of the parameters to be abstracted combined with the huge volume presented an impending challenge.
Complete Legal Outsourcing works on the assumption of following Client Instructions and expectations. The Project Manager along with the senior attorneys conversed with the client on a daily basis, to clearly define the Project Parameters, for achieving the desired result. Accordingly, a Protocol was drafted and distributed among the Team of attorneys to help them adhere to the Project Process and Timeline, and the Team consisted of Abstractors, Team Leader, Quality Analysts, and Project Manager. Client Feedback and updates on the process were an important part of successfully effecting of the Project.
The deliverables were made on a weekly basis in the lease abstraction software and a report as per client instructions. Attention to details is a virtue with Complete Legal Outsourcing, we raised red flags on every information, for example missing documents that is, the amendment to lease or renewal letters, assignment of the lease to a subtenant and so on and the client commended Complete Legal Outsourcing for its initiative and professional approach.
The strategy to clearly communicate and exchange updates with the client resulted in following the process and dealing with the project requirements, thereby a Quality Work Product was delivered on time