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Legal teams are under a lot of pressure to get things done quickly and efficiently. Contract review is a tedious and time-consuming task, but it's a critical part of the legal process. That is why so many legal teams are turning to AI contract review software to help them get the job done. These tools can automate the process, making it faster and more accurate.
In this blog post, we will take a look at some of the top AI contract review software products on the market, and we will show you how to get started using them.
The impressive capabilities of modern AI
Recent advancements in AI technology can be demonstrated using the example of the popular AI product ChatGPT. This AI assistant is able to quickly process text and understand complex legal language, allowing for a more accurate review of contracts than an average human lawyer could do on their own.
The benefits of using AI legal assistants
There are a number of benefits to leveraging AI-powered contract review software for your legal team. It can save time, increase accuracy, and reduce costs associated with manual contract review. Additionally, AI is capable of spotting discrepancies that may be overlooked by humans, ensuring your team stays compliant with the law.
What is contract review
The contract review process involves examining the text of a contract to identify any potential issues. This includes reviewing for accuracy, compliance with regulations, and making sure all terms are clear and legally binding. Proofreading and ensuring that the contract covers all the bases required by the client is also a must.
On a larger scale of an entire company, contract review also includes gathering data on all of the organization's contracts. The data can be used to prepare reports and summaries, providing insight into contracts being used, due dates, and so on. completing this work manually is a huge resource sink.
Who uses contract review software
For the most part, software tools for the contract review process are used by law firms, in house legal teams, and in house counsel. They are particularly valuable when an organization requires the review of thousands of PDF contracts, including NDAs.
What is contract review software?
Contract review software is a technological tool that automates the process of review. It is capable of quickly scanning the text in contracts and other legal documents, then identifying potential issues and providing advice on how to address them. It can also provide summaries of a company's total contract data, giving insight into the terms used and any potential discrepancies or conflicts.
This form of assistance in the contract review process helps lawyers improve compliance, eliminate errors, and prevent serious issues from occurring. Some tools also allow users to search for specific terms of phrases, create summary tables or charts, and generate reports.
Because the software flags inconsistencies, e.g. between the contract's language and the organization's approved terms and policies, contract managers have this additional safety net that makes sure they get the chance to make necessary changes before the contract is sent for signing. This ability to analyze legal language and nuance to find potential issues is achieved by training an AI to recognize patterns and complete certain actions.
AI contract review software
Contract review is a task which AI seems to excel at. In 2018, Law Geex tested their AI platform against 20 experienced corporate lawyers. All of the human participants were skilled specifically at reviewing NDAs, and worked for companies such as Cisco and Goldman Sachs. The experiment involved reviewing fire previously unseen contracts. The lawyers achieved 67-94% accuracy, and needed an average of 92 minutes to perform the task. The AI took 26 seconds and was the clear winner at 94% accuracy.
It is clear that legal professionals can greatly benefit from AI assistance in the contract review process. There are a number of AI-powered contract review solutions available on the market today. Some of the top products include ContractExpress, LawGeex and Kira Systems. Each product has its own unique features, so it is important to evaluate them carefully before deciding which one is best for your team.
Avokaado
Avokaado is a cloud-based, all-in-one set of tools for managing contracts. It is designed to help legal teams streamline their review process and improve accuracy while reducing costs. Avokaado offers no-code contract automation, electronic signatures, storage, an effective search system, a template library, a customizable dashboard, and integrations with systems like Salesforce.
Getting started with Avokaado is easy thanks to its limited free account option for a single user, and a 7-day free trial for all plans.
LawGeex
LawGeex is an AI contract review solution designed specifically for legal teams. Its stated goal is to help lawyers eliminate bottlenecks, decrease risk and speed up their work. LawGeex uses natural language processing to quickly identify any potential issues in contracts and other legal documents. It assigns risk levels to specific clauses and offers suggestions for changes.
The LawGeex website does not include pricing plans. Those interested need to request a demo or contact the LawGeex team.
Kira
Kira is a powerful ML-driven contract review platform designed to help legal teams reduce the time they spend on document review. It uses natural language processing and machine learning to quickly identify potential issues in contracts, highlighting and extracting important provisions. Kira supports over 60 document formats. Its highlight features include the dashboard, which allows users to view helpful summaries, as well as custom report generation.
Kira's website does not include pricing information. Users must sign up for a demo and ask the Kira team for more details.
Evisort
Evisort is an AI-powered contract lifecycle management platform designed to help teams automate their document review process. It offers features for sales, finance, operations, IT, procurement and legal teams. Lawyers might enjoy centralized access to contracts, automatic reports on semantically similar language for regulatory clauses, and an intelligent clause library with approved language.
To get started with Evisort, the first step is requesting a demo on the company's website.
Luminance Diligence
Luminance Diligence is an AI-powered contract review platform designed to help legal teams identify potential risks in contracts quickly and accurately. It reads and forms conceptual understanding of contracts, then uses visualization and interactive widgets to represent insights. It detects anomalies, which it categorizes by severity, and identifies clauses, currencies, languages and regions.
Luminance works out-of-the-box in the cloud, and should be ready to go within 30 minutes. To get started, users can book a live demo.
ContractWorks
ContractWorks is an AI-powered contract lifecycle management tool. It offers features such as: a contract repository, contract drafting and smart workflows, GPT-3 for new clause creation, reporting and alrets, e-signatures, as well as a search function powered by AI. Its contract review capabilities include advanced search through OCR, smart contract outlines, and document tagging.
ContractWorks comes in three plans, each billed annually and allowing for an unlimited number of users. A free trial helps clients decide if the tool meets their needs.
Concord
Concord is a robust contract management system that streamlines team collaboration and contract signing. It supports e-signatures, drafting, real time negotiations with online editing, unlimited storage, automated workflows, and reports. Concord works within its own platform, as well as through integration with Word or Google Docs.
The tool has three pricing plans and a free trial. Many of its most attractive features, such as the Word integration, a clause library, and customized reports, are part of the higher tier plans.
Precisely
Precisely is a tool for enterprise contract management that focuses on a user friendly approach and high security standards. It offers an automated workflow that allows people without a legal background to create and manage compliant contracts. It automates processes based on trigger events and the most repetitive parts of the work. Thanks to Precisely's encryption protocols that exceed EU data protection standards, clients can feel safe with their assets in good hands.
Precisely does not have pricing plans. Instead, it offers pricing examples, as each client is approached individually. Additionally, a free trial can help make sure that the platform is the right one for a given team.
Icertis
Icertis is a contract lifecycle management and contract intelligence tool. It offers intelligent contact creation and insights, AI-powered decision support, and a contracting hub to improve collaboration. It also comes with Microsoft Office, SAL, and Salesforce integrations. On top of that, Icertis helps teams take control of their contract management process with centralized contract data and powerful analytics.
Getting started with Icertis requires booking a demo.
Conga
Conga is an end-to-end contract lifecycle management platform, built to help multi-departmental businesses simplify their processes and reduce contract risk. It allows for contract creation and alerts, reporting, and easy access to crucial data. A smart central repository makes it easy to search contracts and extract data, while a contract negotiation portal helps streamline communication between parties.
To get started with Conga, users can request a demo.
DocuSign
DocuSign offers a suite of tools useful in the contract management process, from e-signatures and electronic notarization, through document generation and identity verification, to full contract lifecycle management. DocuSign CLM can automatically populate new documents with data from Salesforce. It comes with the option to set conditional rules for non-standard terms, or to define a library of approved clauses. It also automates contract workflows and boosts collaboration.
While specific DocuSign tools have their own pricing, clients interested in contract lifecycle management should contact the company's sales team. They can also make use of a free trial.
ThoughtRiver
ThoughtRiver is powered by a legal AI that boasts top accuracy. The tool allows legal teams to review contracts against a customized legal checklist. It comes with helpful collaboration and negotiation management tools, as well as one-click comments, drop-in clause suggestions, and fast redlining. The AI also flags issues based on the client's playbook and previous agreements. Users can mark risks within a contract as issues to resolve, forming an easy to navigate checklist.
Getting started with ThoughtRiver requires booking a demo.
eBrevia
eBrevia is an AI-powered contract analysis software that uses natural language processing and has been trained on thousands of legal documents. It helps users group related documents, extract data into tables, check provision language against a specified standard, and export summaries. It also showcases all crucial information on robust dashboards.
The eBrevia website offers the option to schedule a demo.
AnyLawyer
AnyLawyer is a comprehensive AI contract review platform designed to help legal teams quickly identify potential issues and provide recommendations on how to address them. It uses natural language processing to analyze contracts, flag issues, and provide suggested remedies. Its features include keeping up with changing legislation, smart suggestions for rephrasing clauses, document drafting, and an AI-powered legal research assistant.
Getting started with AnyLawyer is easy. Our team is always happy to answer questions and showcase our platform through a live demo.
Choosing the right contract review tool
Picking the tool that will best fit your organization's needs is important. We recommend comparing the cost, features and platform compatibility of each. It is also important to consider the limitations of AI contract review in general, as well as the limits of each tool in particular.
Accuracy concerns
Although AI can achieve higher accuracy than human lawyers at much more speed and more consistently, some contract review tools are not yet ready for the challenge. All such platforms are continuously learning, but some are earlier in the development lifecycle than others.
Reaping the benefits of AI contract review
Saved time
AI contract review can help organizations save a great deal of time, as they can review contracts much faster than humans can. Faster review cycles allow lawyers to move on to other tasks, freeing up their schedule. Meanwhile, sales teams enjoy shorter wait times for contract analysis and are able to close deals faster.
Increased accuracy
AI contract review tools are incredibly accurate with their analyses and can spot discrepancies in contracts quickly and efficiently. This ensures that the team is compliant with all applicable regulations and that the contracts are legally binding.
Cost reduction
Using AI contract review helps organizations reduce costs associated with manual contract review, as well as eliminating the need for additional staff.
Reduced risk of error and mitigated contract risk
Lastly, AI contract review significantly reduces the risk of errors, as artificial intelligence is more precise than humans. This helps teams stay on top of their contracts and ensures that they are all in good order: with no outdated or unclear terms, for example.
Getting started with AI contract review software
It is important to keep in mind that AI contract review can be extremely powerful, but it is not foolproof. It is always recommended to have experienced lawyers review the results generated by AI. With that in mind, getting started with AI contract review software is easy:
- Select a product or platform to use after researching which best suits your needs.
- Read up on how to get the most out of it and understand its limitations.
- Set up the parameters for your use.
- Help your organization save time and increase accuracy.
Streamlining the contract review process
By taking full advantage of a contract review AI, organizations can ensure that their contracts are legally binding and compliant with all regulations. Using this type of software offers great benefits in terms of cost savings, risk mitigation, and improved accuracy. Start using AI contract review today and reap the benefits of this powerful technology.
