Posts about Legal Tech

Effects of the Digital Business Transformation on Corporate Legal Departments

October 19, 2021

The most innovative corporate legal departments are embracing digital business transformation. Today’s legal teams can leverage technology to increase productivity, conserve resources, mitigate risk, all while continuing to deliver value in a highly competitive and constantly evolving business environment. Cloud computing, workflow management systems, and artificial intelligence represent three essential components in any leading-edge technology stack.

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What Is Contract Review Software?

October 14, 2021

Corporate legal departments consider contract review software to be one of the top technology solutions to streamline operations. Nearly every lawyer struggles to accomplish more with fewer resources in response to pandemic-related staff cuts and remote work requirements. Intuitive contract review software helps these attorneys save time, improve processes, and enhance negotiations.

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The 5 Stages of the Contract Approval Process

October 5, 2021

The contract approval process can present a significant time sink for corporate legal departments. As attorneys and legal staff progress through the stages of assignment, negotiations, drafting, agreements, and renewals, they must cooperate with multiple disparate parties and engage with complex and extensive information. Efforts to streamline these tasks often rely on technology. 

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Legal Tech Success Stories: What LexCheck Users Are Saying

September 29, 2021

LexCheck’s contract review and negotiation platform enables corporate legal departments and procurement teams to reimagine the contract approval process—tasks that once required hours or days can now be completed in just two or three minutes. We spoke with Meghana Shetty Talavikar, Deputy General Manager of Legal Operations at Tata Communication; Rachita Maker, Vice President and Head of Legal Operations and Compliance at Tata Communication; and Connie Brenton, Vice President of Law Technology and Operations at NetApp to learn how LexCheck’s contract negotiations solution has streamlined their review, negotiation, and approval process.

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Using AI as a Contract Risk Assessment Tool

September 23, 2021

Risk is inherent in any business deal. However, successful companies habitually identify and mitigate potential risks. Strategies for mitigating risk have come and gone over the years, but until now the challenges and pitfalls were difficult to mitigate. Recently, artificial intelligence (AI) emerged as an innovative approach enabling legal teams to overcome common contract negotiation obstacles. Corporate legal departments have begun to streamline standard procedures by leveraging an AI-powered contract risk assessment tool. 

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How AI Can Streamline Your Contract Risk Scoring Process

September 16, 2021

Contract risk assessment quantifies a company’s exposure to uncertainty and adverse outcomes. In a competitive and often litigious business environment, modern corporations implement sound risk mitigation processes to ensure companies do not assume unnecessary liability or adopt positions that could harm their future well-being. Careful review with a contract risk scoring process enables contract negotiators to set terms effectively and maintain preferred negotiation positions in business relationships.

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Implementing Sales Contract Automation With the Help of AI

September 14, 2021

Any business that offers a product or service must execute sales contracts delineating the rights and duties of the buyer and seller. These days, few companies can get by with a standard template. While there may be boilerplate warranties and return policies, each relationship is governed by its unique terms and conditions.

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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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