Automated contract negotiation has arrived, and the most innovative legal departments and procurement teams are implementing the technology to accelerate contract negotiations and complete the work of experienced contract reviewers in a matter of minutes. As a leading pioneer in contract law artificial intelligence (AI) with well-known clients including NetApp and Panasonic, LexCheck has featured in The Wall Street Journal, the American Bar Association Journal and recognized by the Associate for Corporate Counsel’s Value Champion for 2021.
How Automated Contract Negotiation Works
From playbook development to training sample submission and contract uploading, LexCheck’s automated contract negotiation process prioritizes simplicity and efficiency. The three steps described below provide an overview of the entire process.
Step 1: Set up your playbook.
LexCheck completes a one-time setup of your AI Digital Playbook to train the system in your contract review guidelines. Playbook guidelines may cover Non-Disclosure Agreements (NDA), Software-as-a-Service Agreements (SaaS), Master Service Agreements (MSA), supply agreements, POs, and other types of commonly reviewed contracts.
Step 2: Submit your contracts.
Less than 24 samples are required to align the AI with your specific playbook guidance. After training the AI, contract submission is as easy as sending an email or uploading contracts directly to the platform.
Step 3: Receive a fully redlined contract.
LexCheck leverages natural language processing (NLP) and machine learning to make inferences from written content and adjust contract language to your preferred positions. A fully-redlined agreement, including context-based suggestions, can be delivered to your legal department within only three to five minutes of its submission.
Save Time and Money on Legal Operations With AI
By automating the contract negotiation process with AI, corporate legal departments and procurement teams streamline the negotiation process and allow in-house attorneys and legal staff to close deals faster.
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Time |
The average approval cycle takes about three and a half weeks. Contracts can spend weeks or even months in the traditional process. |
With LexCheck, corporate legal departments and procurement teams can experience 90 percent reductions in time spent reviewing contracts and more than 33 percent reductions in total time to execution. |
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Money |
It can cost law firms $250,000 to recruit one first-year associate. The cost of attrition is $400,000 when one associate leaves. The top 400 law firms lose $9.1 billion a year on hiring and training. A contract review attorney’s salary averages $109,726 a year. Clients spend $300 to $1,000 for contract review. Clients spend $500 to $3,000 for contract negotiation. |
LexCheck clients can experience a 99 percent reduction in legal staff playbook training costs. LexCheck enables legal departments to accomplish contract review and negotiation processes in-house without having to hire and train new attorneys and legal staff. |
LexCheck’s contract negotiation platform helps in-house corporate legal departments save time and money while ensuring adherence to playbook guidelines.
Automate Contract Negotiations With LexCheck
Founded by “Top 40 Under 40” entrepreneur and licensed attorney Gary Sangha, LexCheck revolutionizes the contract review and negotiation process. AI-powered contract review and negotiation can benefit legal departments and procurement teams by:
- Shortening the time frame from template to signature
- Accelerating negotiation and deal cycles
- Providing data intelligence to optimize review processes
- Reducing risk by ensuring adherence to digital playbooks
- Automating changes routinely made by legal reviewers
- Providing context for suggestions to improve trust in the process
- Improving transparency in multi-round, multi-party reviews
LexCheck’s AI-powered platform revolutionizes contract review and negotiation for corporate legal departments. Request a demo to experience the difference automated contract negotiation can bring to your team, or reach out to us at sales@lexcheck.com to learn more.