Best Contract Review Companies for Streamlining Your Legal Operations

Date
March 31, 2022
Category
Date
March 31, 2022
Author
Gary Sangha | Founder & CEO
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Contracts are an essential component of any corporate legal department’s playbook. Fortunately, there are a number of contract review companies offering convenient and highly accurate services for legal teams. But with so many solutions available, it can be challenging to decide on the best fit for your needs. Here we’ll help you narrow down your options by discussing each one in more detail.

What Is the Contract Review Process?

The contract review process starts once a contract has been drafted. It typically involves:

  • Review & Comment - A junior-level attorney will usually take the first pass and compare the agreement to previous documents, templates, and playbook standards. The contract is redlined, marked up, and forwarded to a more senior attorney for the final review.

  • Negotiation - The contract is then sent to the counterparty for review and comment. Back-and-forth negotiations occur to ensure the agreement’s are satisfactory to all parties.

  • Final Approval & Signature - The parties make final reviews and sign the contract, initiating the provisions and creating a legally binding document.

  • Maintenance & Renewal - The contract is monitored to ensure both parties live up to their ends of the bargain. At renewal time, the contract is reviewed once again.

How Do I Legally Review a Contract?

A number of issues arise with manual contract review:

  • Time - Managing a contract’s lifecycle can take weeks or months to complete. 

  • Lack of Consistency - Without an AI digital playbook, there are no automated guardrails for compliance. The company may make the same errors over and over again. Re-reviewing documents once an error has been detected can be exhaustive.

  • Inefficiency - Back-and-forth emails between parties provide poor visibility into complex issues, making it nearly impossible for teams to determine where bottlenecks exist, let alone why. 

  • Roadblocks Preventing Progress - Junior-level attorneys often become stuck when asking time-constrained senior attorneys questions. 

  • Training Requirements - New reviewers may slow down the process if there is a steep learning curve associated with the company’s playbook standards. 

  • Lack of Contextual Search - When negotiating, it can take hours to search for context in past agreements to justify a recommendation.   

With technology now aiding legal teams every step of the way, review and negotiation processes can be accelerated by up to 90%. Human oversight is still recommended for some contracts, but artificial intelligence (AI) is rapidly automating the process by reducing risk, ensuring adherence to standards, and reducing onboarding times.

Who Can Help Me Review a Contract?

For help reviewing a single contract, you may consider outsourcing the work to a law firm and paying by the hour. Contract review companies like Review My Contract and Contract Counsel provide outsourced legal muscle, but they are not scalable.

If you have an effective in-house review team but occasionally encounter high-volume periods or slow downs, you may benefit from enhanced analytics or visibility dashboards offered by companies like Exigent to see where bottlenecks occur.

If you regularly deal with high volumes of documents, then it may make sense to automate your contract review and negotiation processes. A more robust solution afforded by an industry-leader like LexCheck, for example, can enable your operations to scale. 

How Much Is a Contract Review?

The cost of hiring an attorney to review a contract can easily exceed $1000 per contract. Software-as-a-Service (SaaS) pricing models are usually based on the amount of contracts that need to be reviewed, number of end users, and duration of intended use. These prices can be extremely fluid as the landscape is very competitive; however, you can lock in a better price by signing a long-term agreement.

Top Contract Review Companies for Streamlining Legal Operations

Company

Founded

Price Range

Services

Best For

Cons

LexCheck

2014

SaaS - Contact for demo & details

99% reduced playbook training costs, 90% reduced time when reviewing contracts, and 33% reduced time-to-execution. Leverages an AI-powered solution that compares drafts to a company’s legal playbook, proprietary best practice templates, and previously uploaded documents. The AI can fully redline a contract, provide contextual suggestions, and automate changes. 

Procurement and  corporate legal departments that want to modernize in-house legal contract review and negotiation processes to save time, cut costs, and improve efficiency. Best for wide-range of standard contracts, including  NDAs, Master Service Agreements, Mergers & Acquisitions, and Intellectual Property agreements.

The AI's output is bespoke to how the legal department negotiates each type of contract, so a build requires the company to provide a few redlined documents for the AI to learn negotiation positions.

Review My Contract

2013

$75-$550+ per contract, based on the number of document pages

Upload a contract, fill out the intake survey, and pay a flat fee to have attorneys review your contract. They can handle just about any type of contract and accommodate urgent requests.

Growing, rushed legal departments that need to outsource overflow.  

Relies on legal staff who are most likely unfamiliar with your specific negotiating positions. ETA can be several days.

Quality control standards may not align with your company.

Contracts Counsel

2019

$500+/hour per document,  Bidding and Proposals

Human attorneys provide legal services, reviewing and marking up agreements.

Can help overwhelmed law firms handle emergency overflow situations, or parties with one-off or low volume needs.

Bidding and proposal models can be indirect and frustrating. Quality may vary widely.

Not a long-term solution.

Kira Systems

2010

SaaS-Contact for demo & details.

Promises 60% reduced review times. Helps with contract tracking, document comparison, search, and clause libraries. 

For small and medium-sized legal departments just starting to standardize their contract drafting and review processes.

Limited functionality. Does not fully redline or negotiate contracts. Not designed for high-volume or systemic modernizing.

Legartis

2017

SaaS-Contact for demo & details

Automates recurring contract review tasks to minimize risk.

For medium-sized companies looking to optimize collaboration between sales, procurement, and legal departments.

Limited functionality. Not suited for high-volume legal departments.

LinkSquares

2015

SaaS-Contact for demo & details

Contract lifecycle management solution that extracts key data and provides drafting templates. 

For companies just starting to digitize their contracting process.

Drag-and-drop  functionality helps streamline  basic contract drafting, but does not aid with in-depth analysis, review, or negotiation.

 

Although contract review companies are emerging rapidly, it’s important to note that not all software solutions are created equal. What matters is finding one that cuts down on manual contract work and efficiently employs AI to expedite daily workflows. Corporate legal departments can benefit the most from a comprehensive and robust solution that combines AI with leading-edge innovations from fields like Natural Language Processing (NLP). By leveraging these innovations, legal departments can improve overall contract quality while accelerating the contract approval process.

LexCheck, an award-winning company at the forefront of AI-driven legal innovation, helps legal teams streamline operations with speed and accuracy. Reach out to us at sales@lexcheck.com, or request a demo to experience the technology first-hand.

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