Innovating Legal

Technology is Redefining the Practice of Contract Law

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How AI in Law and Legal Practice is Helping Businesses Work Smarter, Not Harder

January 26, 2023

The last few years have been difficult for legal departments and corporate law firms. The average lawyer clocks 50+ hours a week, with 75% of lawyers working outside normal business hours to gain traction. A third of law firms say they’ve lost business to inefficiency. More than half of lawyers (54%) are exhausted by their workloads. And according to Ernst & Young, 25% of general counsels expect increased workloads over the next three years, yet 88% anticipate budget cuts. Consequently, lawyers must find innovative ways to work smarter, not harder. 

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The Types of NDAs and Their Use Cases

January 24, 2023

When you want to share confidential information with another party, a non-disclosure agreement (NDA) allows you to protect trade secrets, competitive intelligence, and your roster of customers or clients. Whether you’re bringing on a new hire, licensing your technology, courting prospective investors, or receiving services from another company, the NDA acknowledges that sensitive material may be disclosed that cannot be shared outside the specific interaction. 

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Establishing an Effective System for Redlining a Contract

January 18, 2023

The average company loses 9% of its annual revenue to common contracting issues like long negotiation cycles. Larger companies that handle a high volume of contracts can lose up to  15% of their revenue. Establishing a solid redlining process is the first step toward developing more cohesive agreements and accelerating contract finalization.

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How AI in the Legal Sector is Improving Contract and Sales Velocity

January 12, 2023

Contract Lifecycle Management (CLM) is more than just one of this year’s hottest buzzwords. It’s a paradigm shift that is taking place across corporate legal departments at a rapid clip due to desired efficiency in manpower and profitability. Contracts form the basis for all commerce, representing risk as well as opportunity. Companies that use the right technology—particularly Artificial Intelligence (AI) systems—will have a significant advantage over their competitors, moving deals faster and more effectively through their sales pipeline. But when it comes to leveraging AI in the legal sector, where should a company begin? 

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Benefits of Accelerating Contract Management in SaaS

January 3, 2023

Contract Lifecycle Management (CLM) software is often positioned as the cure-all for Software as a service (SaaS) company woes, enabling teams to get better visibility into their contracts, obtain analytics to determine performance, or get end-to-end support for various internal processes. 

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NDA Automation and Its Potential Impact on Legal Departments

December 22, 2022

Non-Disclosure Agreement (NDA) automation can be as basic as using drafting templates, clause libraries, and drag-and-drop editing tools to make manual processes easier. But more complex NDA automation can employ the latest in Artificial Intelligence (AI) to run a draft through a system that delivers lawyer-quality markup. These same systems can also intelligently create and leverage Digital Playbooks to guide the review process. Automation may involve risk analysis and contract-forwarding to appropriate parties based on the results. 

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How Can Businesses Leverage AI in Law to Extract True Contract Value?

December 15, 2022

Regardless of industry, there’s no arguing that business has become more competitive over the years. While the barrier to entry for startups has decreased, rising inflation and shifting technology have made it harder for companies to succeed. Earning year-over-year profits is always the goal, yet achieving it requires trimming expenses wherever possible while concurrently pursuing new deals.

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