Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

Types of Sales and Purchase Agreements and How AI Simplifies Negotiations

March 2, 2021

Sales and Purchase Agreements (SPAs) occur across industries where buyers and sellers negotiate on price and terms. These SPAs contain detailed information like advance deposit requirements, final sale conditions, and the deal closure timeline. While SPAs appear in various forms—which we’ll examine further below—these contracts have all benefited from recent technological advances in artificial intelligence (AI). Innovative AI tools have made SPA negotiations a seamless, automated process that can be completed in minutes, rather than days.

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Artificial Intelligence-Powered Multi Supplier Framework Agreements Simplify Vendor Relations

February 25, 2021

When reviewed and negotiated with the power of artificial intelligence (AI), nuanced multi supplier framework agreements mitigate risk through playbook adherence. Additionally, by streamlining vendor relationships with AI-leveraged multi supplier framework agreements, companies can increase efficiency and productivity while enabling attorneys to focus on more complex or strategic tasks. Below, we’ll survey the benefits of these agreements and examine how corporate legal departments and other organizations leverage AI technology today.

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Saving on Alternative Legal Service Providers in 2021: Why In-House AI is the Better Option

February 23, 2021

When corporate legal departments seek alternative legal service providers in 2021, they’ll need to consider the dynamic shift that artificial intelligence (AI) has introduced in the field. In the past, traditional options to increase efficiency often involved outsourced and offshore alternative legal service providers. However, advances in AI technology have led legal departments to view AI as an industry game-changer. Below we’ll take a look at some of the shortcomings of alternative legal service providers and how AI is redefining this sector.

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Understanding and Preparing for the LIBOR Transition

February 9, 2021

The London Inter-Bank Offer Rate (LIBOR) has been the industry-wide standard for calculating variable interest rates for more than 40 years. This standard underpins more than $350 trillion in financial contracts. The Financial Conduct Authority announced the phase-out after weaknesses exposed during the financial crisis of 2008, meaning that these contracts must now be painstakingly reviewed and revised. The LIBOR transition scope is vast, but legal teams can begin moving away from the longtime standard in preparation for its 2021 expiration. With the right strategy and Artificial Intelligence (AI) tools, change doesn’t have to be a crisis.

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Managed Document Review Services Powered by Artificial Intelligence

February 2, 2021

Outsourcing is a game-changer for most corporate legal departments—especially when it comes to managed document review services. On any given day, an attorney in a corporate legal department can receive thousands of pages to review. It is impractical to think that a single attorney could efficiently review such an enormous quantity of complex text. Third-party service providers recognized this market opportunity and created a niche service to review contracts on behalf of those attorneys.

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Alternative Legal Service Providers: Considerations for Outsourcing Legal Services

January 28, 2021

The alternative legal service provider (ALSP) market is booming right now. This $10.7 billion segment could grow by an additional 25 percent over the next few years as attorneys seek better ways to manage increasing workloads with dwindling resources. Just about every corporate legal department or contracting agency has used one of these services with varying success levels. 

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Overcoming Challenges in Contract Drafting and Negotiation Using AI

January 26, 2021

Contract drafting and negotiation are closely linked and are often the most time consuming and costly aspects of the contract lifecycle. Today, much of the negotiation process occurs in the document during the drafting phase, as parties add terms and clauses while exchanging the draft. Alternatively, negotiations can occur separately, in conversations and emails, with the expectation that the final written agreement will reflect any adjustments. In either case, juggling multiple drafts and ensuring that all agreed-upon terms are captured in the final contract is easier said than done.

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Simplify Contract Lifecycle Management With Legal AI

January 21, 2021

Contracts are rarely created "from scratch." Instead, they are cobbled together from templates and clauses in other successful agreements. By leveraging existing contracts and automating processes, contract lifecycle management (CLM) can generate cost savings by establishing a systematic method to compose a binding document.

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How Legal Tech Innovation Is Empowering Modern Corporate Legal Departments

January 19, 2021

Cutting-edge technology is a catalyst for business innovation. Why should this advantage be reserved only for companies that sell products or perform logistics and management services? 

Legal tech innovations apply business tools and methodologies to enhance processes, expedite delivery, and extend cloud collaboration for corporate legal departments and law firms. Increasingly, forward thinking corporate legal departments are leveraging legal analytics to conduct research and develop effective contracting strategies.

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