The field of NLP-driven pre-execution contract review tools is witnessing a boom-time at the moment, and the latest company to join this segment is My Legal Einstein, created by Jim Chiang, previously Senior Director, Engineering, at Apttus (now known as Conga).
My Legal Einstein (MLE) is designed to help with the contract review phase, especially for third-party paper. In this AL TV Product Walk Through with Palo Alto-based Chiang we look at several aspects of the system.
As Chiang explained: ‘We can address most of the requirements in pre-execution, except for document creation.’
It supports Word and PDFs, and brings you straight into a clause level analysis by mapping each paragraph to a particular legal subject. This gets indexed so you can navigate your way around the contract more easily. This helps when key legal points related to the same subject may be spread across multiple sections of a long contract.
It also provides red-lining, supports collaboration, and offers preferred text comparison. MLE therefore has several of the aspects one sees in other contract pre-execution tools, but one feature that caught Artificial Lawyer’s eye was a side-by-side capability that allows a lawyer to compare a third-party contract with both a company’s playbook or template, and also examples of a previous contract of the same type it may have in its DMS. I.e. you can see all three on the screen at the same time and compare them directly inside the system – which is a nice touch. (And in fact you can have as many as six related documents on the screen to help you make a detailed comparison to really figure out how best to respond in that contract review.)
Any road, the best way to see what it can do is watch the AL TV Walk Through, which starts with a quick chat about how Chiang got to this stage, and then we go through the key features of the software. Enjoy.
(Press play to watch inside the page, approx. 13 mins.)
Thanks to Jim for the walk through.