LexCheck: Contract Negotiations Made Easier

Gary Sangha, CEO
Ever since the days of the barter system, negotiating an agreement/contract between two parties has been a herculean task, which more often than not, requires intermediaries to oversee multiple obligations relevant to the negotiation. As a result, the attorneys’ role in streamlining such negotiations has grown in importance, requiring them to take on an ever increasing load of steering through complex legal obligations, documentation processes, and other manual tasks that hinder productivity and operational efficiency. Fortunately, automation and artificial intelligence (AI) offer an eventful avenue to relieve these pressures and accelerate contract negotiations.

Typically, training AI algorithms requires large data sets for real-world applicability, and as a result, utilitarian solutions for legal and contractual negotiations has remained a challenging endeavor in the past. Addressing these shortcomings, New York-based LexCheck’s platform has effectively transformed contract negotiation by providing attorney-level functionalities to its clients through its AI-based technology stack. “Our platform automates the entire negotiation process, offers accurate markups and redlining features, and ensures consistency by following the legal playbook for contract negotiation for each specific organization,” says Gary Sangha, the CEO of LexCheck. Essentially, employing LexCheck’s platform could be compared to retaining an attorney of a client’s legal team that exclusively negotiates agreements for their company, servicing their needs 24/7.

Teaming up with leading AI specialists from academia, LexCheck has developed an all-encompassing solution with a judicious blend of its proprietary technology and open-source AI solutions. As every organization’s legal approach is different, the platform is adaptable and can be seamlessly customized as per the client’s legal requirements. Although the platform is pre-equipped with the best practices for common contract types, LexCheck’s specialist team can tailor the platform according to the organization’s legal practices using as few as 24 examples of the organization’s previously negotiated agreements. Users of the system can email their agreements directly to LexCheck’s secure cloud service or even integrate directly with their contract lifecycle management systems. These documents are returned to the user, complete with automated redlining, legal guidance, and other suggestions in just a few minutes.
LexCheck’s platform has significantly advanced the art of the possible for legal automation, and its capabilities have played a significant role in improving the bottom-line of their clients’ business. Not only does LexCheck provide more consistent results as compared to manual reviews, it also shortens total negotiation times by up to 30 percent and delivers an extremely rapid ROI. With the platform in hand, attorneys can now off-load the tedious task of marking up contracts, proofreading and the like and focus on more substantial business and legal issues. Moreover, the additional benefit clients realize from the LexCheck AI platform is the control it offers the clients during contract negotiations. As the negotiations are standardized throughout the process, LexCheck drives consistency and compliance with best practices across large enterprises, helping to eliminate costly errors and contract compliance gaffes in virtually any common business agreement.

A lawyer and a serial entrepreneur by trade, LexCheck’s CEO witnessed firsthand the complexity, heavy workload and time constraints faced by corporate legal teams and was inspired to develop a solution to address these pain points. Although the initial approach was to develop a proofreading solution, the CEO’s entrepreneurial spirit came to the fore, creating an AI-based platform that could automatically handle comprehensive contract negotiations for its clients.

LexCheck’s collaboration with a Fortune 500 company stands as a testimony to its ability in providing highly reliable contract negotiation solution. With the platform in place, LexCheck was able to nearly completely eliminate human review time for common business agreements, resulting in reduced total times to execution of reviewing processes by nearly 30 percent.

Attributing such successes to its culture of listening to its clients, Sangha says that the company will continue to leverage its experiences and improve the platform’s capabilities for the future. It has also recently upgraded the platform to recognize a previously negotiated contract and support successive rounds of negotiation to identify fallback positions and other opportunities within the agreement, thereby ensuring comprehensive contract negotiation assistance to its clients.

Company
LexCheck

Headquarters
New York, NY

Management
Gary Sangha, CEO

Description
LexCheck is a legal technology company offering an AI-driven platform that accelerates business transactions by, among other things, automatically reviewing and revising pre-execution contracts. Essentially, employing LexCheck’s platform could be compared to retaining an attorney of a client’s legal team that exclusively negotiates agreements for their company, servicing their needs 24/7. Teaming up with leading AI specialists from academia, LexCheck has developed an all-encompassing solution with a judicious blend of its proprietary technology and open-source AI solutions. As every organization’s legal approach is different, the platform is adaptable and can be seamlessly customized as per the clients’s legal requirements