The process of reviewing legal documents can be quite tedious. Lawyers spend countless hours on this, leaving less time for other professional obligations, including client relations. 

To combat this bandwidth issue, many legal and procurement/sales teams have been taking advantage of the wide array of AI contract review tools. These tools are designed to help expedite the document review process so lawyers can review and negotiate their contracts faster. 

What Is an AI Tool? 

An AI tool is a type of software designed to solve a problem or execute a particular task by way of artificial intelligence. AI tools utilize machine learning techniques coupled with a comprehensive algorithm developed with a specific goal in mind. 

Machine learning techniques enable generative AI software to predict what users need and provide it for them. Predictions are based on various factors, depending on the industry the software was designed to serve. AI tools for lawyers are designed to anticipate and address issues specific to legal teams, such as maintaining regulatory compliance or corporate directives.

How Do AI Tools Work? 

AI tools are constantly adapting, further tailoring the algorithm to meet the user’s needs with each use. Every time AI software is fed new information, the data is used to inform better and faster outcomes in the future. 

In other words, the more the algorithm is able to absorb and learn, the easier it will be for the software to identify and replicate patterns that contribute to the efficiency and overall success of the company or individual. 

What Are AI Tools Used For? 

There are a variety of circumstances where an AI tool can prove itself useful, and many time-consuming tasks can be delegated to AI software, freeing up time for other matters. 

For legal and procurement/sales teams who choose LexCheck, these tools can be used to address the following pain points: 

• Risk management: identifying the probability of legal risk(s) and developing solutions to lessen the likelihood of said risk(s)
  
  
• Contract analysis: reviewing legal documentation to ensure compliance
  
  
• Contract redlining: reviewing legal documentation and isolating areas where text needs to be adjusted, added, or cut entirely
  
  
• Fallback creation (client negotiations): establishing a fallback plan — the best alternative to the original agreement, in case your proposed language is not agreed to
  
  
• Contract playbook generation: a reference point that consists of information concerning the collaboration, negotiation, review, and approval stages lawyers need to follow when reviewing and negotiating contracts

AI tools can help alleviate some of the stress that the contract review and negotiation phase brings. It’s no secret that the review of legal documentation can take anywhere from a few days to a few weeks or even months, depending on the complexity of the documentation. 

LexCheck assists in handling the most time-consuming tasks, so legal and procurement/sales teams have less on their plate and can finalize contracts more efficiently. 

What Sets LexCheck Apart? 

In part, LexCheck stands out from the competition because of its comprehensive software and intelligent review process. 

However, there are several other traits that differentiate this software from the rest. 

• LexCheck’s technology is developed with LLM, so it can easily comply with the necessary tasks.
  
  
• They have a dedicated team of AI and legal experts.
  
  
• They offer a Microsoft plug-in that fits seamlessly into the tools lawyers and procure/sales teams are already using.
  
  
• Quick implementation, which cuts down work hours.
  
  
• This software detects the problems through issue spotting, so the legal experts can focus on the other steps of the process.

LexCheck understands how important it is for everyone to be on the same page during contract development. When all parties are aligned, there is no friction, and negotiations can play out seamlessly. 

Limitations of AI Tools for Lawyers

While there are many positives to utilizing AI contract review tools, there can also be limitations. It is important to weigh the pros and cons when deciding on the best path forward for an organization. 

• AI lacks a moral compass. Machines do not possess the ability to differentiate between what is moral or immoral, ethical or unethical. AI can assess patterns and provide potential solutions, but it cannot weigh the moral or ethical impact of said solutions.
  
  
• AI cannot draw context from unique lived experiences. Legal professionals typically have several experiences they can look back on and draw insight from when interpreting regulations. AI can condense large amounts of regulatory data but may fall short when it comes to understanding more nuanced information as it arises.
  
  
• AI cannot compensate for human oversight. If AI software is trained on incorrect or incomplete data, the software’s outputs will also be incorrect or incomplete. These tools are not able to make up for human error. They will produce a deliverable based solely on the information that has been fed to them.
  
  
• AI cannot know what it isn’t told. AI software is not able to produce a response it has not been trained to answer. In order for the tool to work, it must be taught how.
  
  
• AI lacks intuition. Humans can assess risk based on past negative experiences and how the experience felt. AI can assess risk based only on patterns it recognizes over time from the data it is fed.
  
  
• AI can only make predictions based on provided data. AI predictions are based on patterns identified over time. AI tools cannot predict changes involving the economy, human behavior, or the like. Those are much more complex. 

Despite AI tools for lawyers and procurement/sales teams having some limitations, the positives far outweigh them. Additionally, the AI and legal experts at LexCheck are detail-oriented professionals dedicated to mitigating AI tool risks and ensuring contract development is handled with the utmost care from start to finish. 

What LexCheck Can Do 

LexCheck offers an AI solution tailored for businesses seeking greater levels of efficiency and accuracy during contract review processes. Our company stands out from competitors due to its innovative strategies and intelligent software design — both of which can redefine how an organization develops, negotiates over, and finalizes legal documents.

Advanced Systems 

This advanced AI technology is designed to address the pain points that arise from manual document review. The combination of natural language processing (NLP) and large language models allows LexCheck to automate and streamline the review process with high levels of accuracy. 

This method of reviewing contracts saves time and lessens the risk of human error, ensuring documents are thoroughly scanned for both compliance and validity. Many competitors with AI tools for lawyers only offer simple keyword searches or inflexible systems. 

LexCheck's AI is highly adaptable and learns from every interaction — continuously improving its overall understanding and execution. Organizations benefit from accurate and insightful contract analyses as they empower legal and procurement/sales teams to make informed decisions quickly and with confidence.

Needs: Met, Peace: Acquired

From optimizing business operations to integrating into existing company workflows, this software can do it all and more. LexCheck offers the flexibility and scalability to meet a company’s ever-evolving needs.

It also prioritizes security, maintaining compliance with international data privacy standards, and implementing advanced encryption protocols. This commitment to data protection is critical. LexCheck aims to bring organizations peace of mind by ensuring they know all sensitive information is protected from the beginning of the review process to the very end.

Expedite the Deal Process With LexCheck

LexCheck is committed to customer success. We pride ourselves on offering personalized support and guidance based on the specific needs of each company. Our team of experts will do everything possible to ensure a seamless review process.

An All-Around Great Solution

Additionally, we are cost-effective. Since routine tasks are automated, LexCheck empowers organizations to save money while still achieving higher levels of efficiency. This software is an investment that offers an ROI in the form of increased productivity and reduced risk.

We want legal teams to focus on strategic initiatives geared toward business growth, not get buried by the tedious manual review process. More bandwidth means more room to develop new ideas, take advantage of new opportunities as they surface, and reach new heights in a highly competitive industry.

More Than an Average AI Tool 

Companies aren’t just signing up for a manual review solution — they’re investing in the future. With LexCheck, organizations can streamline business operations, limit legal risks, and expedite business growth. Leading organizations have embraced the future of contract management with LexCheck — it’s only a matter of time before the rest follow suit. 

LexCheck changes the way organizations approach contract management for the better — giving them the gift of distinctiveness in an industry that is often quite conventional. This software is more than just a tool — it’s a launch pad to excellence. 

Sources:

How Small Businesses Can Use AI Tools | Investopedia

Machine learning, explained | MIT Sloan

Generative AI: How It Works and Recent Transformative Developments | Investopedia

What Is Risk Management & Why Is It Important? | HBS Online

AI Isn't Ready to Make Unsupervised Decisions | Harvard Business Review

Natural Language Processing (NLP): What It Means, How It Works | Investopedia