Posts about Contract Writing and Review

Top Legal Technology Software for Drafting Contracts

May 24, 2022

In an era of rapid digitization, choosing specific software for your business needs can be overwhelming. The legal technology software market is especially difficult to navigate as there is no single platform to date that provides true end-to-end contracting efficiency. More confounding still, each company’s services and capabilities are different, making it nearly impossible to compare apples to apples. 

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AI and Lawyers: The Benefits of Both Together

May 19, 2022

Two impactful market forces converged between 2000 to 2017 that opened the possibility of incorporating artificial intelligence (AI) into corporate legal department workflows. First, data storage prices dipped from $12.40 per GB to $0.004 per GB. And then data volume grew from 2 to 26 zettabytes. With this upswing of data came huge advances in machine learning and natural language processing (NLP) that brought AI to the forefront of technology today.

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How Legal Document Machine Learning Helps With Contract Analysis

May 12, 2022

Advances in how computers analyze and apply data have trickled down from Silicon Valley laboratories and into corporate legal departments worldwide, denoting a sprint toward the future rather than a slow crawl. One of its most practical and exciting use cases involves legal document machine learning and contract analysis. While there are plenty of reasons to use this technology right now, it is also imperative that companies understand where current limitations exist to avoid blind spots and maximize workflow efficiency.

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How Artificial Intelligence Contract Analysis Is Changing Corporate Legal Departments

May 10, 2022

The members of corporate legal departments work optimally when they are engaged in valuable and meaningful work. Employees want to feel appreciated, recognized, and presented with opportunities for personal growth. In other words, they want to spend more time assessing risk, shaping strategies, and solving complex legal conundrums and less time buried in mundane, repetitive, and simplistic legal work. If they don’t, they’ll leave. By way of example, law firms lost nearly a quarter of their associates last year, and studies show that salaries are not the main culprits anymore.

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Most Common Errors in Law Proofreading

May 5, 2022

Even the most artful contract drafts require careful attention to ensure the grammar is polished, formatting is consistent, and company standards are met. If you’re a legal proofreader, understanding how proofreading mistakes happen and which errors to look for will develop your competencies, but coupling your skills with artificial intelligence (AI)-powered legal contract review technology can improve the quality and consistency of your work even further.

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How to Proofread Legal Documents

May 3, 2022

Proofreading other attorneys’ work is easier than proofreading our own; we unwittingly infer intended meanings to our own compositions even if they are not clearly stated. Even so, without the right strategies and tools in place, proofreading legal agreements and drafts can be an uphill battle, especially when high-volume workloads, fatigue, and office distractions are factored into the equation.

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Employment Contract Analysis: What To Look For in Your Contracts

April 26, 2022

Well-written employment contracts include mutually agreeable terms for both the employer and the employee. Whether you have five employees or five thousand, employment contracts outline rights and responsibilities — keeping employees happy by avoiding disputes and ensuring the business is running smoothly in the process. 

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Insider Insights on Contract Review Automation for Corporate Legal Departments

April 21, 2022

Companies have long relied on corporate legal playbooks as gatekeepers for essential clause inclusions and preferred negotiating positions. While many of these playbooks have since transitioned from a paper to digital format in many corporate legal departments today, legacy manual review processes face a new wave of change with the widespread adoption of contract review automation technology based on advances in artificial intelligence (AI).

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Online Contract Review: When You Should and Shouldn't Use These Services

April 19, 2022

At scale, pre-execution contract negotiation becomes a drain on company resources. With 80% of sales teams authorizing over 500 contracts each month, process management becomes necessary just to keep up, let alone free up space to handle new business. To help alleviate the burden, online contract review can be outsourced to an Alternative Legal Service Provider (ALSP), but it’s also possible to boost in-house efficiency without much hassle by implementing an artificial intelligence (AI)-powered contract review solution. This article will explore the pros and cons of each approach.

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