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In a constantly changing environment where every moment counts, reviewing legal documents is proving to be a real challenge. Between the constant exchanges, the risk of human error and the need to decipher legal jargon that is often arduous, this essential task is hampered.
In fact, according to a recent report, legal professionals and lawyers spend an average of more than four hours a day manually managing contracts! Despite this, only 40% of heads of legal departments say that their departments invest more time than necessary in tasks such as managing contractual risks, according to a survey conducted by Gartner.
Faced with these challenges, legal departments naturally seek to modernize their processes in order to speed up the processing of legal documents, in particular by improving the review and analysis of contracts.
Historically, the only possible technological option for automation was traditional contract lifecycle management software, also known as CLM, often criticized for its high cost and the complexity of its implementation, without effectively meeting all the needs for contract review.
To meet this pressing need, a new generation of technologies is beginning to emerge, based on most powerful linguistic models to dramatically improve efficiency, ensure compliance, and facilitate collaborative efforts in contract management. It is the mission thatAutoLex was given through a turnkey legal review and compliance analysis solution powered by generative AI technologies, thus offering major support to lawyers and corporate lawyers.
What is a contract review software automated by generative AI?
This type of tool assists legal professionals, lawyers or corporate lawyers, in the examination, analysis and revision of contracts before they are signed. No more time spent manually browsing contract documents: this software quickly identifies critical clauses and potential risks, offering accurate and effective revisions. And the benefits are numerous: increased efficiency, time savings, reduced human error, the ability to manage large volumes of contracts without requiring additional resources, as well as long-term financial savings through automated review.
Why should you consider integrating such software into your organization?
A solution for automating legal review and compliance analysis can act as a real driver for your legal teams: by improving their productivity, reducing costs and increasing the quality of reviews.
In an environment where the imperatives of efficiency and timeliness are paramount, adopting a powerful automation tool based on generative AI can help you stay competitive, respond quickly to demands, and ensure increased regulatory compliance, thus strengthening the trust of your customers and business partners.
Are you still wondering about the concrete benefits? Here are some illustrative examples:
- An improvement in the productivity of your team
- Significant time savings: Manual reviews take time. By using contract review software, these processes can be significantly accelerated.
- Optimized efficiency: Free up time for yourself or for your team to focus more on business strategies.
- Reduced training costs: Continuing training for your team on, for example, changing regulations can quickly become expensive. An automated contract review solution using generative AI helps you track these changes, ensuring instant updates.
And that's not all. The benefits ofGenerative AI for contract review are still multiple:
- The quality of legal reviews is maximized within a limited time frame,
- The risks of human error are drastically reduced,
- A significant ROI: AI combined with human legal expertise saves time and money.
In addition, this type of software makes it possible to scale and support the growth of your organization by anticipating the increase in contractual workload. By effectively managing the growing volume of contracts and by simplifying the management of complexity, this tool offers a precise and efficient solution to optimize legal operations.
Is it similar to a CLM tool?
The distinction between legal review automation software and contract lifecycle management (CLM) software is critical. Here are a few differences:
- Features:
The CLM is designed to manage the entire contract process, from creation to execution.
In contrast, a legal review tool powered by generative AI focuses specifically on analyzing and reviewing contracts before they are signed, in particular by identifying critical clauses, potential risks and by suggesting changes.
- Use of AI:
While a CLM tool can sometimes incorporate AI capabilities to automate certain contract management processes, it does not primarily focus on legal analysis.
A legal review tool powered by generative AI such as AutoLex, uses powerful AI algorithms to thoroughly analyze contract documents, offering more advanced assistance in identifying problems and potential solutions.
However, it is essential to select software that precisely matches your organization's needs for advanced legal assistance and precision in analyzing agreements in order to ensure an effective solution to initial needs.
Analyze and modify your contracts with unparalleled precision with generative AIAutoLex
In this dynamic, AutoLex is presented as the first generative AI solution for the review and analysis of contracts. The tool offers a precise approach that meets the specific needs of lawyers and legal teams. By exploiting cutting-edge AI technologies, AutoLex aims to simplify and optimize the contract review process, offering a powerful solution that is perfectly suited to current market requirements.
