Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

Bringing Blockchain to Contract Management

June 10, 2021

Smart contracts represent an exciting application of blockchain technology, one the top legal tech trends in 2021. By adding automated contract negotiation to an existing blockchain contract management solution, a task that may have taken 10 days to complete can be accomplished in minutes. Smart contracts are self-executing, self-enforcing programs stored on a digital ledger, or blockchain, which automates a series of actions as predetermined conditions are met. Many legal departments are beginning to rely on cost-effective digital tools enabling blockchain contract management that can be implemented in-house.

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Applying Natural Language Processing to Legal Documents Using AI

June 8, 2021

Natural Language Processing (NLP) is a technological innovation driving change across multiple industries. As machines gain a more complex understanding of language and context, they can perform jobs previously managed by often overburdened staff. NLP contributes to applications ranging from translation to word processing, and recently the technology has entered more complex sectors. For instance, the application of natural language processing to legal documents is revolutionizing corporate legal and procurement departments.

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International NDA Negotiation: Conducting Business Across Borders

June 3, 2021

Non-Disclosure Agreements (NDAs) facilitate secure business relationships globally. Without these essential agreements, trade secrets and proprietary information could be stolen or made public. Organizations depend upon NDAs to protect their innovation, research, and talent retention. Without the legally binding protection afforded by NDAs, disagreements between parties could threaten the security of sensitive information.

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Comply With Data Residency Requirements Using Local National Cloud Services

May 20, 2021

Data residency compliance requirements present a significant issue for legal departments and other organizations, especially in a globalized economy. Today, businesses span international borders, and corporate legal departments must collect data to manage their relationships and the contracts they enter. However, data residency requirements complicate data collection because they change based on the locale of corporate branches and headquarters.

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How Artificial Intelligence Is Changing the Legal Profession

May 13, 2021

Artificial intelligence (AI) describes a computer-based technology that collects and analyzes data, draws conclusions, and completes tasks typically performed by humans. This innovative frontier extends technological capabilities to regions beyond software’s traditional mapped and predetermined possibilities. Attorneys and legal departments are just beginning to discover how artificial intelligence is changing the legal profession. In this article, we’ll examine several ways AI is transforming the process of contract review and negotiation.

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How Companies Make the Best Use of Legal Artificial Intelligence

May 11, 2021

Legal artificial intelligence (AI) platforms can handle much of the repetitive, day-to-day work of corporate lawyers, including contract revisions and negotiations. By “in-sourcing” this routine and time-consuming work to the AI, legal professionals can focus on more strategic and demanding tasks. As a result, legal artificial intelligence can enable the tech-forward corporate legal departments to better serve their clients while taking on additional work and increasing profitability.

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Master Service Agreement Vs Statement of Work

May 6, 2021

Comparing a Master Service Agreement (MSA) vs Statement of Work (SOW) is relatively straightforward. The MSA is a comprehensive, overarching contract, while the SOW is far more detailed. Although each contract is unique, the MSA and SOW fit together to complete an agreement between two businesses. By leveraging an AI contract review platform, a corporate legal department can ensure complementary agreements that avoid contradictory terms.

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The 3 Top Legal Tech Trends in 2021

May 4, 2021

Unrelenting pressure from the coronavirus pandemic has changed how many legal departments operate. With flattened staffing budgets and increased workloads, legal teams have turned to technology to solve these challenges with efficiency. Implementing the right legal tech stack aligned with company strategies and business goals has never been so important. Here are three of the major legal tech trends 2021 has spotlighted so far. 

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Understanding Types of Licensing Agreements

April 29, 2021

Software Licensing Agreements (SLAs) are necessary to protect the interests of software creators and software users. These contracts explain a customer’s usage rights, including installation location and frequency, as well as software duplication, modification, and redistribution rules. Likewise, software price, licensing fees, usage term duration, and performance guarantees are often detailed in the agreement. 

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