Contract Review: How AI Is Changing the Game for Legal Teams
Let’s face it: contract review is often a tedious slog for legal teams. The dense language, risk assessments, and translating that legal jargon can stretch even the best lawyers thin. But what if there was a way to speed up that process without sacrificing quality? Enter LegalOn Technologies and its groundbreaking AI contract review software, changing the narrative for 7,000 organizations worldwide, including those in Japan, the U.S., and the U.K.
The Strain of Manual Review
Picture this: you’re a lawyer drowning in piles of contracts, scrambling to flag risks and ensure compliance, all while your clock steadily ticks away. It’s no wonder legal teams are feeling the pinch. Manual contract review can take days—weeks even! LegalOn recognized this challenge and stepped in with a solution that not only cuts review times by up to 85% but also boosts accuracy.
Their software, aptly named Review, uses playbooks crafted by legal experts to identify potential risks and suggest edits on the fly. Imagine the relief of having a software buddy doing that heavy lifting for you, making your life just a tad easier.
Building the Future with Serious Cash
LegalOn’s journey doesn’t stop at speeding up reviews. Armed with a fresh $50 million in Series C funding led by Goldman Sachs, the company is gearing up to enhance its offerings even further. They’re also ramping up their presence in the U.S. and U.K., markets where their business has quadrupled in just a year. That’s some impressive growth, don’t you think?
The cash injection isn’t just for show; it’s aimed at developing more AI tools to fortify their existing platform. With stakeholders like World Innovation Lab and other notable investors like Mizuho Bank joining the party, LegalOn is poised for some exciting innovations.
A Lawyer’s Ally, Not a Replacement
One of the biggest myths swirling around AI is that it will take lawyers’ jobs. But let’s be real: as Daniel Lewis, the Global CEO of LegalOn, points out, the technology isn’t there yet. “Lawyers are still in the driver’s seat,” he asserts. This sentiment could not be more true!
AI like LegalOn’s isn’t about replacing the human touch; it’s about giving lawyers the leverage they need to focus on what really matters: strategic thinking, client relationships, and those high-stakes negotiations. AI tools can sift through data and offer insights that would take humans way too long. It’s all about teamwork, not a takeover.
Staying Ahead with Partnerships
Just last week, LegalOn launched a new tool, Matter Management, designed to help legal teams streamline contract requests and collaborations, making the workflow easier than ever. They’ve also partnered with OpenAI, gaining access to advanced language models that promise to keep their software at the cutting edge.
Lewis puts it well when he says this partnership means they can develop advanced AI agents grounded in expert legal content. The goal is to keep pushing boundaries while maintaining that crucial human expertise.
In the rapidly evolving landscape of legal tech, the AI revolution presents an opportunity that no lawyer can afford to ignore. LegalOn is not just riding the wave; they’re leading it.
So, what do you think? Are you ready to embrace AI in the legal field? Let’s start a conversation!
