LawGeex has picked up a number of awards as we continue our mission to free up lawyers’ time to work faster and more strategically.
1. Wired magazine’s Europe’s 100 Hottest Startups 2018
What they said:
Wired magazine: “As a lawyer, Noory Bechor became frustrated with the amount of time wasted reviewing legal documents. ‘Once you’ve seen hundreds of examples of a specific contract type, the concepts keep repeating themselves,’ he says. ‘I thought, ‘If this is so repetitive, it can be automated.’ So, with Ilan Admon, he founded LawGeex in 2014. Its AI software is able to review legal contracts, flagging up problems or unusual language – with, it claims, 94 percent accuracy – in seconds. ‘Think of it as functioning the same way an autopilot works with a pilot: we take care of the small repetitive tasks, allowing them to focus on the strategic ones.” It’s already landed the likes of Deloitte and Sears as clients'” (Source Wired October 2018).
2. InnovAction Awards (College of Law Practice Management, Suffolk University)
What they said:
Patrick Lamb, Fellow in the College of Law Practice Management, a member of the Board of Trustees and Chair of the InnovAction Award: “Innovation is all the buzz these days. And many, inside and outside the legal industry, claim to be innovators. There is so much buzz it is hard to separate signal from noise, the true innovators from the clamoring wannabes. As a result, judging this year’s College of Law Practice Management InnovAction Awards was a special challenge. In the end, though, the InnovAction Award judges found that two of the many entries stood above the others as examples of true innovation (firstly, LawGeex and secondly, Fortune 500companyy, NetApp, who created a bot for Contract Management ).
“The InnovAction award recognizes not only the AI (which is impressive) but the study and its publication.”
“LawGeex developed an artificial intelligence engine that reads and analyzes contracts, suggesting edits based on a company’s predefined legal policies. Contracts that meet the policies are approved, and contracts that don’t are escalated for guided editing before approval. Not content to just believe its artificial intelligence was superior to human review, LawGeex did the “scientific” thing — it conducted a study. In one corner, LawGeex; in the other, 20 U.S.-trained corporate lawyers with decades of experience including with Goldman Sachs, Cisco, and global law firms. The result: LawGeex’ AI tool had a 94 percent accuracy rate, while the lawyers achieved an average of 85 percent. It took the lawyers an average of 92 minutes to complete assigned reviews. LawGeex reviews took all of 26 seconds.”
— Karen Skinner (@KarenSkinner) October 26, 2018
“The study was judged and evaluated by leading U.S. academics and veteran corporate lawyers. LawGeex published its “AI vs. Lawyers” study, available here. The InnovAction award recognizes not only the AI (which is impressive) but the study and its publication.”
3. Acquisition International: Most Pioneering Legal AI Tech Innovators 2018
What they said:
Acquisition International: “The legal environment is a fast-paced and exciting market, with increased competition and technological advances providing a raft of challenges for many legal practices over the last twelve months. The magazine’s Legal Awards category “have once again illuminated and recognized the exceptional work and services undertaken by leading practices, firms, and individuals.”
There were also plenty of nominations this year, including the 2018 Changing Lawyer Awards Disruptor of the Year category (congrats to winners, legal research pioneers, Casetext) and the Financial Times Intelligent Business 2018 nomination against a tough field in the field of contracting. This gave leading technology vendors a chance to show the practical use of software to empower legal leaders in their business vision. The FT revealed how Fortune 500 company, eBay is using LawGeex to simplify its contracts approvals process in order to stay on top in the online retail space.
What they said
The Financial Times: “Working with Israeli artificial intelligence company LawGeex, eBay streamlined the way it handled its high volume of “low-risk, low-dollar” contracts. When simple contracts reach the management system, the AI reviews them and assigns them a risk level. Low-risk “green” documents receive a brief human review before being sent for immediate signature. If it identifies a more significant risk, the contract is escalated for review. This triage approach reduced review times by up to 50 percent in some cases in the past year.” (FT Intelligent Business Report 2018).
The eventual winner of the FT contracting award, was a joint offering from legal management software, VMware, contract management solution Apttus, and QuisLex, legal process outsourcing. These legal technology companies helped VMWare rethink their contracting processes to see more than$8.4 million in savings a year.
Bigger than any awards win or nominations is the signal it sends to the industry, according to Mitratech. Christopher Kraft, Chief Growth officer at legal management software company, Mitratech says: “The fact that the Financial Times is now tracking the impact of legal technology and reporting out to the global business community reinforces that the legal industry is at a tipping point. There’s a very real Legal Rising movement underway that will only accelerate in the next year. More CIOs, GCs, and Legal Ops leaders are searching for solutions for elevating both business performance and their influence and impact inside their companies.”
Noory Bechor, CEO and Founder of LawGeex says: “In line with other awards, such as LawGeex being named Gartner Cool Vendor, this represents crossing the Rubicon for a young legal AI sector, getting attention and recognition. Legal AI has really hit the mainstream shown by the amount of recognition of the business problems being solved by legal technology.”