Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

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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Negotiating Master Service Agreements for IT Services

April 27, 2021

Many companies contract with third parties for IT services, and these relationships are often governed by Master Service Agreements (MSAs). Reviewed and negotiated by high-level corporate managers or legal departments, MSAs delineate the working relationship for a complex, multi-stage project or long-term arrangement.

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AI Is Key To Avoiding Pitfalls Writing End-User License Agreements

April 15, 2021

Avoiding pitfalls while writing End-User License Agreements (EULA) is similar to preventing issues with most other types of contracts. The contract needs to avoid ambiguous or illegal clauses, cover regulatory necessities, and consider its audience. As the EULA covers consumers without legal knowledge, keeping these contracts short and concise is ideal.

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Negotiating SaaS Contracts: How AI Simplifies Digital Service Relations

April 13, 2021

Software-as-a-Service (SaaS) contracts reflect a new software licensing model where companies and individuals pay for software use over a set period. This type of arrangement allows software companies to generate ongoing revenue while providing the user with security updates and innovative new features. As a result, companies must update software agreements continually, as unoptimized contracts can lead to excess licenses with overlapping services, unmet customer needs, and unnecessary liabilities.

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5 Software License Models: Understanding the New Digital Economy

April 8, 2021

Not long ago, software license models had a single purpose: protect the source code. However, modern innovation has complicated that single-purpose approach. Today, many companies want users to share—and even modify—their software to enhance and improve the user’s experience. As a result, companies now utilize several different software license models. 

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