Lexion Launches Stand-Alone Version of ‘AI Contract Assist’

Lexion Launches Stand-Alone Model of ‘AI Contract Help’

International Information

16Feb2024

Editor

In the present day Lexion, the AI-powered contract administration and operations workflow platform, launched a brand new stand-alone suite of instruments to rework the best way companies handle contracts.

AI Contract Help considerably reduces the time authorized professionals spend on repetitive contract overview and administration duties, and accelerates redlining and drafting with a GPT-powered authorized copilot that places the ability of generative AI inside Microsoft Phrase.

Initially launched in 2022, Lexion’s AI Contract Help was the primary GenAI-driven authorized tech software program out there out there. Whereas these options had been beforehand out there to customers of Lexion’s end-to-end CLM platform, they’re now out there to anyone who offers with contracts. 

AI Contract Help presents 4 distinct contracting options:

Evaluate: Accelerates contract overview by checking your contracts in opposition to predefined guidelines and playbooks. AI Contract Help comes pre-loaded with 5 trade commonplace playbooks for frequent contract varieties, which might be simply edited, or new guidelines might be added from scratch. AI Contract Help flags contract language that wants your consideration and suggests redlines to convey it again into compliance.
Ask: AI Contract Help lets you ask questions – in colloquial language – and get detailed, custom-made solutions particularly referring to your contracts.
Modify: AI Contract Help generates redline suggestions primarily based in your requests, to any language you choose.
Add: AI Contract Help generates new clauses from scratch, so that you by no means have to start out from a clean web page once more.

AI Contract Help was particularly designed to deal with essentially the most distinguished ache factors recognized by tons of of authorized professionals in Lexion’s latest ‘The Present State of Authorized Tech’ survey. Half or extra of respondents indicated that ‘eradicating repetitive duties,’ ‘finishing work extra rapidly and effectively,’ and ‘bettering work product consistency’ are particular advantages that authorized departments count on from utilizing AI software program going ahead. AI Contract Help’s options ship in opposition to all three areas.

“Our crew of attorneys and contract managers used to spend an excessive amount of time on trivial duties,” mentioned Vi Duong, Vice President of Authorized at Adswerve, Inc. “Lexion’s AI Contract Help is main the curve by way of cutting-edge AI innovation; it’s head-and-shoulders above different platforms as a result of it meets our attorneys and contract managers the place they’re at present, utilizing instruments that they’re already conversant in. By integrating seamlessly into Microsoft Phrase, the educational curve is negligible whereas the time it saves us on duties associated to contract overview is substantial.”

“We recurrently have interaction with hundreds of attorneys who work in dozens of various industries, from retail to healthcare to biotech,” mentioned Emad Elwany, CTO and co-founder, Lexion. “But all of them share frequent complaints in the case of contract overview. AI Contract Help alleviates these ache factors by dealing with lots of the duties usually assigned to junior authorized professionals. Leveraging Lexion’s award-winning AI, AI Contract Help is a major development that frees up authorized professionals to deal with higher-level duties whereas nonetheless negotiating the very best contracts in a fraction of the time – and we’re thrilled to make it out there as a stand-alone.”

Along with making AI-powered contract overview out there to extra authorized professionals, Lexion’s stand-alone AI Contract Help additionally presents a straightforward path to include the total energy of Lexion’s CLM later, ought to they want a platform to deal with end-to-end contracting.