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Gary Sangha, CEOTypically, 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.
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.
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 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.
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.
LexCheck and LinkSquares Partner to Offer Legal Solutions for Sales and Legal Teams
Tuesday, March 28, 2023
New partnership will create better contracting process to accelerate deals velocity
NEW YORK -- LexCheck, announced a partnership with LinkSquares, the company behind the AI-powered contract management platform of choice. Together, they aim to increase deal velocity with a simple, integrated, and more impactful solution.
This new partnership combines the platforms of LexCheck and LinkSquares to help businesses accelerate the entire contract lifecycle from creation to renewal, which in turn, will help legal teams generate revenue faster while reducing risk. By combining forces, the companies will expand their reach, helping more businesses gain a competitive advantage.
"When sales and legal partner, they can reduce friction, allowing contracts to be turned quicker and deals to close faster," said Gary Sangha, CEO of LexCheck. "By partnering together, our platforms are becoming more powerful, and can help to drive both companies' missions forward."
"LexCheck is a great partnership that can add to the work we're already doing to elevate the status of legal teams to drive better business outcomes," said Vishal Sunak, CEO of LinkSquares.
This new partnership coincides with a rebrand for LexCheck. The company unveiled a new look for a new path — with an updated brand and product offering supporting its evolution. Where it once focused strictly on improving legal departments' efficiency, LexCheck's mission is to accelerate businesses' growth by helping companies agree faster.
LexCheck Accelerates Contract Flow with New AI Copilot
Tuesday, September 19, 2023
LexCheck Copilot combines the power of LexCheck's proprietary technology and generative AI for faster and more accurate contract drafting, review, and editing
NEW YORK - LexCheck, announced the launch of LexCheck Copilot, an AI assistant for accelerating contract drafting, reviewing and editing. As a member of the Microsoft for Startups Pegasus Program, LexCheck developed this product alongside the Microsoft team, and it will be available exclusively in the Microsoft Store.
"The contracting process is ripe for transformation, as more than 50% of organizations report lost business due to inefficient contracting processes. With LexCheck's new contracting sidekick, negotiations flow faster without compromising quality," said Gary Sangha, CEO and founder of LexCheck. "While many legal tech companies have touted generative AI solutions, we recognize generative AI cannot stand alone to meet the unique needs of the legal domain. By marrying the power of generative AI with our proprietary technology, we have created a comprehensive solution to revamp how lawyers work in their most used application — Microsoft Word."
Copilot's optimized contract tools equip users with a variety of capabilities that streamline their workflows. Key features of the product include:
• Auto-proofreading: Common errors such as missing definitions and formatting inconsistencies are automatically surfaced.
• Reviewing issues in line: Users are directed to issues that need to be addressed.
• Suggested issue fixes: Recommended corrections are provided for issues found in the contract.
• Mutualizing provisions: Any unilateral language is mutualized by generative AI.
• Clause generation: Clauses can be generated on demand by AI.
• Defined Terms List: Copilot provides a list of defined terms in a document and flags any issues.
• Cross References List: The solution instantly creates a list of cross-references within the document and flags any issues.
"LexCheck's new product transcends mere convenience, offering a dynamic range of benefits that expedite contracting workflows," said Jeffrey Franke, CEO and co-founder of LegalOps.com. "Lawyers, myself included, can now draft, edit and review contracts with greater efficiency. This forward-thinking innovation is able to give precious time back to lawyers."
Copilot is a plugin accessible directly within Microsoft Word, reducing the need for utilizing multiple applications.
"Microsoft is committed to working with high potential startups like LexCheck to help our customers do business better, easier and faster," said Tom Davis, Senior Director, Microsoft for Startups. "AI-driven solutions like Copilot have the potential to reshape the way lawyers and businesses manage contract processes."
Company
LexCheck
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
