Legal AI Co. LawGeex to Offer One-Hour Contract Review Service

LawGeex, the Israel-based legal AI pioneer, has announced its intention to offer clients a one-hour contract review service, in the same vein as other quick service companies.

The move follows an increase in the effectiveness of the company’s contract processing technology, as well as improvements to the internal legal team’s ability to sign off on a contract once LawGeex’s AI tech has analysed it.

A spokesman for the company said that in the past the turnaround time had been between two to three hours, but as more contracts were analysed the system has improved, allowing a faster completion.

The move follows the news that LawGeex had secured $7m in further funding to help the business grow. At the same time, the company announced several new features as part of its service that make its offering more bespoke and capable of being reshaped to meet users specific needs.

The new features are the addition of:

  • Playbooks – customers can set rules and parameters which incoming contracts are reviewed against.
  • Editor – customers can edit contracts directly in the LawGeex report without having to move to a different platform, like MS Word.
  • Smart Standard – allows customers to check external comments on their own template contracts.

The company currently provides the rapid contract checking service for documents such as: NDAs, service agreements, SaaS agreements, software Licenses and Purchase Order Contracts, among other relatively non-complex contract types.

Companies subscribing to LawGeex submit contracts via the platform. This is done via email, Slack, Salesforce, or drag and drop. LawGeex’s AI engine reviews the contracts based on the legal team’s [i.e. a client’s] predefined criteria. Contracts that meet the criteria are approved automatically within the hour. Those that do not are escalated to the legal team with an interactive report which can be fixed on the spot.

The company said in a statement: ‘Amazon has revolutionised shopping [by] offering One Hour delivery of goods [and food]. Now, added to the list of One Hour advances is contract approval.’

LawGeex sees its AI software as not trying to replace lawyers, but rather to handle the increasing volume of legally-related matters, such as lower level contract approval, that would otherwise consume much of an inhouse legal team’s time.

‘Everyday contracts can be taken off the plates of organisations through automation. This is helping in-house lawyers to focus on more strategic tasks, improve consistency and ensure deals are sped up,’ the company added.