Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

Using AI as a Contract Risk Assessment Tool

September 23, 2021

Risk is inherent in any business deal. However, successful companies habitually identify and mitigate potential risks. Strategies for mitigating risk have come and gone over the years, but until now the challenges and pitfalls were difficult to mitigate. Recently, artificial intelligence (AI) emerged as an innovative approach enabling legal teams to overcome common contract negotiation obstacles. Corporate legal departments have begun to streamline standard procedures by leveraging an AI-powered contract risk assessment tool. 

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How AI Can Streamline Your Contract Risk Scoring Process

September 16, 2021

Contract risk assessment quantifies a company’s exposure to uncertainty and adverse outcomes. In a competitive and often litigious business environment, modern corporations implement sound risk mitigation processes to ensure companies do not assume unnecessary liability or adopt positions that could harm their future well-being. Careful review with a contract risk scoring process enables contract negotiators to set terms effectively and maintain preferred negotiation positions in business relationships.

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Implementing Sales Contract Automation With the Help of AI

September 14, 2021

Any business that offers a product or service must execute sales contracts delineating the rights and duties of the buyer and seller. These days, few companies can get by with a standard template. While there may be boilerplate warranties and return policies, each relationship is governed by its unique terms and conditions.

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The Contract Management Playbook: What It Is and How It Works

September 9, 2021

A contract management playbook provides a single source of guidance for corporate legal departments as they handle negotiations to reach equitable agreements. Unfortunately, these important, and, sometimes, hefty manuals are often too cumbersome to use in the best of circumstances. An attorney knee-deep in contract negotiations may not have time to thumb through scores of pages of content to find the relevant company positions. Obviously, non-use limits the overall effectiveness of the playbook.

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Future Lawyers will need to have Linguists in their Contacts

September 9, 2021

Guest post, courtesy of Anna Lozynski

Gartner predicts that by 2024, legal departments will replace 20% of their legal team with professional staff (actually they used the non-PC term, non-lawyers).

It may be natural to assume these professionals are legal operations specialists.

But could it in time mean linguists and data scientists too?

Curious to test my own hypothesis, I connected with Dr Alexander “Alec” Sugar, who has been part of the product team at LexCheck for over two years, starting as Junior Product Manager and now serving as the Director of Data Science.

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Best Practices for the Contract Playbook Template with AI

September 2, 2021

Creating a contract playbook template can help legal departments enforce legal guidelines and increase operational efficiency. A comprehensive and well-structured template can harmonize multiple departments—legal, sales, procurement, and others—around common purposes and goals and help reduce risk. Contract playbooks are especially necessary when managing complex agreements requiring legislative updates or strategic renewals.

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Human-in-the-Loop vs. Fully Automated AI Contract Review Software

August 26, 2021

Almost one-third of legal departments reported increased spending on technology in 2020 with plans for even more in 2021, and AI contract review was a popular target area. Implementing this technology enhances operational efficiency and enables legal departments to eliminate wasted hours spent on tedious review of standard agreements, time which could be more wisely allocated. An AI contract review solution can streamline and automate contract review processes.

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Fears of AI shared by Legal Professionals

August 26, 2021

Anna Lozynski has now shared the results of her industry polling on the heels of a successful and engaging Clubhouse open forum where legal professionals were, for the first time, able to openly discuss their internal fears and misconceptions with AI's rise in the workplace.

 

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Why AI Is the Best Contract Negotiation Lawyer

August 24, 2021

The future work of a contract negotiation lawyer is rapidly changing. Forward-thinking legal departments have begun utilizing artificial intelligence (AI) to successfully negotiate cost-effective contracts aligned with company playbook standards. The transition marks a dramatic leap forward for automated contract review and negotiation.

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