LexCheck's award-winning Artificial Intelligence (AI) powered contract negotiation platform is transforming contract negotiations for many of the world's largest enterprises.
June 23, 2021, New York City, NY/Legal Newswire — LexCheck, is proud to announce that it has been selected as a Value Champion by the Association of Corporate Counsel, one of the premier associations of in-house counsel. LexCheck offers the world’s only true AI-powered contract negotiation platform, providing near-instantaneous attorney-quality redlining and guidance for virtually all business agreements.
The Legal Operations team at NetApp, a Fortune 500 company, conceptualized a first of its kind contract review solution that uses LexCheck’s artificial intelligence (AI) platform to bring all relevant signing information to the approving executive’s fingertips: risk rating, mitigation planning, as well as any prior approvals and comments from Legal and other stakeholders. “In a perfect world, we would have a single integrated platform in Legal, but no such thing exists in the industry at this point in time. To get a good end-to-end solution, you have to partner,” said Connie Brenton, VP of Law, Technology & Operations at NetApp. NetApp assembled multiple providers and technologies together to create and implement an integrated solution to streamline its contract review processes, increase speed, and reduce overall risk. Once implemented, the solution dramatically reduced approval times by 80 percent and while reducing the total legal issue escalation rate from 80 percent to a mere 10 percent.
"This award signifies LexCheck’s unique ability to deliver rapid results in contract negotiation," said Mike Alford, Chief Revenue Officer of LexCheck. "It is a testament to the outstanding business value LexCheck delivers and the incredible community of leaders and innovators that have supported our journey to date.”
LexCheck is transforming the way corporate legal works by employing AI to entirely automate the process of an in-house attorney’s review of common contract agreements. Employing state-of-the-art AI technology, LexCheck can completely replace the need for human review of commonly executed agreements. LexCheck does not just negotiate an agreement as an experienced attorney would; LexCheck negotiates an agreement the same way a given company’s in-house attorney would, adhering to the company’s own internal negotiation playbook and best practices. LexCheck is the world’s most effective AI-based contract negotiation solution, delivered by qualified legal professionals who work closely with their clients to incorporate the client’s own unique negotiating positions into the LexCheck AI.
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