Contract management is not a simple task. It should be. It can be. But for many companies it presents a formidable challenge. Outdated, paper-based practices can have damaging legal and business consequences, exposing a company to high costs and liability for contractual and regulatory non-compliance. Companies typically lose between 5% to 40% of value on … Continued
Industry 4.0 is coming for legal departments. From cloud services to artificial intelligence, innovative technologies are changing the way legal teams work. The Fourth Industrial Revolution is also changing companies’ expectations of their legal departments. For some, digital transformation is disconcerting. Lawyers are notoriously risk-averse, which leads to slow adoption of new technologies. Gartner’s Roadmap … Continued
Today I am extremely proud to announce that LawGeex was granted its first U.S. patent. The patent, US 10,891,699 B2, recognizes our leadership in the legal technology community, and the proprietary algorithm behind our Contract Review Automation solution. At the core of LawGeex’s tech stack is a contextual AI-engine that understands not only the language … Continued
Crisis-oriented or just the usual daily routine, the daily work of legal experts has become more results-driven and requires a greater emphasis on efficiency and improved processes. Adopting technology can be the first step towards this, especially for reviewing routine contracts like NDAs, SLAs, or DPAs. These contracts specify the binding agreement between parties and form … Continued
The GDPR is the most significant data protection shake-up in 25 years. What has become evident in the almost 2 years since it came into force, however, is that many businesses are still struggling to understand and implement it. Many of the headlines have been security-focused or riddled with consternation and the burden for businesses. … Continued
Artificial intelligence has overtaken lawyers for the first time in a staple of the legal profession — accurately spotting risks in everyday business contracts. In a new study, LawGeex has achieved an average 94% accuracy rate at surfacing risks in Non-Disclosure Agreements (NDAs), one of the most common legal agreements used in business. This compares … Continued
