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Legal14 November, 2023

Transform the way you interact with documents thanks to legal AI

The complexity of legal documents can cost businesses millions in revenue. According to The International Association for Contract and Commercial Management (IACCM), companies lose an average of 9% annually due to contract leakage. This revenue leak typically goes unnoticed until this figure reaches 5% of the company’s turnover(1).
The complexity is compounded by disagreement over what was initially agreed due to poorly constructed clauses leading to uncertainty and grey areas. This makes it very difficult for business leaders to understand clearly what they can and cannot do within the parameters of the agreement. As a result, an unwelcome layer of doubt is added to the mix making decision-making all the more difficult.

Fortunately, solutions do exist in the form of legal technology to help business leaders see through the complex legalese in their legal documents and enable them to make informed decisions. The value of the legal AI software market is expected to reach up to 2 billion dollars by 2026(2). This demonstrates the huge demand for technology solutions to address the current challenges regarding contract leakage.

One such solution is the use of AI to help in-house lawyers extract the key information within legal documents. Current approaches provide solutions for limited use cases: M&A, lease review and loan agreements for example. These tend to fall into the category of high volume but low complexity work. The technical limitations of current solutions mean that they cannot be tailored for more complex and unusual situations. We feel that this is our opportunity to provide a “long tail” strategy(3) for contract review, i.e. helping Corporate lawyers review complex documents in a lower volume rather than providing yet another solution to help review the more common documents. We consider that this approach will provide more value in the long run for the lawyer.

Tackling complex contracts
Our mission is to transform the way that business people interact with legal documents giving them the visibility and access to crucial information they need to make informed decisions.
Our solution is simple. Firstly we help lawyers to review documents as quickly as possible and secondly we help lawyers to summarise long and complex documents, presenting the key information in customisable reports.

So how does it work? Our solution is based on question-answering technology, not unlike a Google search. You start by uploading the document that you need to review and then create a checklist of the questions you need answered. First, type in a question in your own words and set the output of the answer you are looking for. Let’s take an example, you might set up a checklist of questions to review an employment contract which include:
  • “What is the employee’s start date?”
  • “Will the employee receive a bonus?”
  • “How much notice must the employee give to terminate the contract?”
  • Or more complex questions like “does any intellectual property created during employment belong to the employer?”
The expected answer outputs for these questions will be a variety of dates, numbers and yes/no answers. You can set red flags when an answer to a question raises a concern, set specific instructions for people reviewing the documents and reuse, edit and share checklists as you go. Once you have completed your review, you can export the data into customisable reports in Excel or Word.

An AI for the unique and unusual
How is our approach to AI unique? Rather than dealing with thousands of data models for different contracts and data points, we use one gigantic model instead. It is pre-trained on enormous amounts of data, including legal data, meaning that you don’t need to spend hours training it.
Furthermore, every single question corrected on our platform (over 200,000 to date) strengthens our models’ understanding of legal documents making it smarter and more accurate for everyone. The AI is learning to deal with more complex questions every day to respond to even the most unusual situations. This puts us in a prime position to shape the future of legal review and break boundaries around the current limitations of contract review solutions.
We have a detailed roadmap for the various iterations of the product that we foresee making a big impact over the next few years allowing us to expand our offerings to more verticals. We want to develop the Q&A possibilities of our AI and start to work toward predicting the questions people want to ask.
We are very proud to have built some really exciting technology that lawyers find easy to use. Our team is young and full of energy and we’re trying to build something that our users cannot live without.
  1. Plugging revenue leakage in commercial contracts
  2. “The Global Legal AI Software Market is expected to reach $1.89 billion by 2026 growing at a CAGR of 30.5% from 2017 to 2026.” According to Business Wire
  3. The long tail is a business strategy that allows companies to realise significant profits by selling low volumes of hard-to-find items to many customers, instead of only selling large volumes of a reduced number of popular items. The term was first coined in 2004 by researcher Chris Anderson.
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