Artificial Intelligence is playing a role in virtually any sphere of human life. AI machines are designed to mimic human action, and very often they outperform humans. LawGeex is an artificial intelligence solution that helps lawyers to automate the review and approval of contracts. Two years ago LawGeex announced the first ever Law-Bot on Slack bridging the gap between legal and other business units in a company.
Automatic Contract Review: How Does it Work?
LawGeex Artificial Intelligence solution reads and analyzes contracts and comes up with suggestions based on a company’s previous legal policies. If a contract meets the policies of the company, it is automatically approved. All the discrepancies are proposed as suggestions to edit. This move in the legal market has mitigated the risk for errors and allows businesses to move forward faster.
LawGeex says that businesses save 80% of their time reviewing and approving contracts. The workflow between the sales, legal, operations and procurement departments is much faster and more efficient. Finally, companies exercise full control over their business regulations and policies.
LawGeex’s Law-Bot on Slack
LawGeex’s Law-Bot on Slack helps to accelerate and streamline the way businesses review contracts. Slack users can upload contracts, and Law Geex will automatically review them. The users will see the issues found and can correct them. LawGees also offers custom criteria for in-depth review through Professional Plans.
“By launching the first ever ‘Law-Bot’, we’re giving the 3 million daily active Slack users access to their very own AI in-house legal counsel. The integration is a natural next step to bring our artificial intelligence powered contract review platform closer to where our customers are,” said Noory Bechor, CEO of LawGeex. The idea is to enable salespeople to conduct transactions in the shortest possible time.
Recent Study Shows 94% Accuracy
LawGeex published a report on AI vs. human lawyer challenge recently. The study asked the participating lawyers to review five NDAs for risks. The rate of accuracy in the case of the AI was 94% in finding risks in Non-Disclosure Agreements compared to an average of 85% which was reported among the experienced lawyers.
Professor of Law and Economics at the University of Southern California Gillian K. Hadfield said that actually, the efficiency margin could be even greater as nothing destructed the lawyers as normally in real life.
“This research shows technology can help solve two problems: both making contract management faster and more reliable, and freeing up resources so legal departments can focus on building the quality of their human legal teams,” she added.