Global News
Today Lexion, the AI-powered contract management and operations workflow platform, introduced a new stand-alone suite of tools to transform the way businesses manage contracts.
AI Contract Assist substantially reduces the time legal professionals spend on repetitive contract review and management tasks, and accelerates redlining and drafting with a GPT-powered legal copilot that puts the power of generative AI inside Microsoft Word.
Initially launched in 2022, Lexion’s AI Contract Assist was the first GenAI-driven legal tech software available in the market. While these features were previously available to users of Lexion's end-to-end CLM platform, they are now available to anybody who deals with contracts.
AI Contract Assist offers four distinct contracting features:
AI Contract Assist was specifically designed to address the most prominent pain points identified by hundreds of legal professionals in Lexion’s recent ‘The Current State of Legal Tech’ survey. Half or more of respondents indicated that ‘removing repetitive tasks,’ ‘completing work more quickly and efficiently,’ and ‘improving work product consistency’ are specific benefits that legal departments expect from using AI software going forward. AI Contract Assist’s features deliver against all three areas.
“Our team of attorneys and contract managers used to spend too much time on trivial tasks,” said Vi Duong, Vice President of Legal at Adswerve, Inc. “Lexion’s AI Contract Assist is leading the curve in terms of cutting-edge AI innovation; it’s head-and-shoulders above other platforms because it meets our attorneys and contract managers where they are today, using tools that they’re already familiar with. By integrating seamlessly into Microsoft Word, the learning curve is negligible while the time it saves us on tasks related to contract review is substantial.”
“We regularly engage with thousands of attorneys who work in dozens of different industries, from retail to healthcare to biotech,” said Emad Elwany, CTO and co-founder, Lexion. “Yet they all share common complaints when it comes to contract review. AI Contract Assist alleviates these pain points by handling many of the tasks typically assigned to junior legal professionals. Leveraging Lexion’s award-winning AI, AI Contract Assist is a significant advancement that frees up legal professionals to focus on higher-level tasks while still negotiating the best contracts in a fraction of the time – and we’re thrilled to make it available as a stand-alone.”
In addition to making AI-powered contract review available to more legal professionals, Lexion’s stand-alone AI Contract Assist also offers an easy path to incorporate the full power of Lexion’s CLM later, should they need a platform to handle end-to-end contracting.
Copyright © 2023 Legal IT Professionals. All Rights Reserved.
We offer organizers of legal IT seminars, events and conferences a unique marketing and promotion opportunity. Legal IT Professionals has been selected official media partner for many events.
