Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

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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The Most Important Clauses in a Contract

August 19, 2021

Commercial contracts define business relationships across a wide variety of industries. These legally binding documents include a detailed description of expectations, obligations, guarantees, and terms that structure business relationships. With a well-crafted contract, businesses can create conditions for a smooth and hassle-free execution of duties.

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Negotiating Industry Standard Agreements With AI

August 17, 2021

Industry standard agreements provide common starting points for negotiations in equipment and services procurement. In construction, the American Institute of Architects provides standard agreement templates, as does the Association of General Contractors. However, industry standard agreements often are created by supplier associations with financial incentives that favor suppliers.

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Top-Rated Contract Negotiation Tool by CIO Review

August 3, 2021

CIOReview is a leading print and digital magazine published to help C-suite executives and leaders learn about new technology trends and make informed purchasing decisions. Their critical reviews serve as a trustworthy source of information for companies seeking the opportunity to work faster and smarter.  

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