A comprehensive resource for firms looking to take advantage of the latest time and cost saving legal process automation tools, by LawGeex. What task do you suppose lawyers dread most? If you guessed, 'spending countless hours poring over every word, comma, and period of the fifth iteration of a contract', you nailed it. Contract review might be one of the most important functions of the legal profession, but it's also one of the most error-prone. The need to devote valuable lawyer hours to routine contract and NDA review not only requires expensive headcount, it also keeps those additional heads from focusing on high-value strategic work.

A comprehensive resource for firms looking to take advantage of the latest time and cost saving legal process automation tools, by LawGeex. What task do you suppose lawyers dread most? If you guessed, 'spending countless hours poring over every word, comma, and period of the fifth iteration of a contract', you nailed it. Contract review might be one of the most important functions of the legal profession, but it's also one of the most error-prone. The need to devote valuable lawyer hours to routine contract and NDA review not only requires expensive headcount, it also keeps those additional heads from focusing on high-value strategic work.

Artificial Intelligence (AI) is changing the way law is being practiced. One of the areas where AI, and more specifically Machine Learning (ML) has been making great strides recently is contract review. The progress is not even limited to reviewing contracts: automated contract generation, negotiation, e-signing and management are fast becoming a reality. Using AI for contracts is the result of an ongoing evolution. Ever since lawyers started using word processors, they have tried to automate the process of creating contracts.

One cannot open up their computer or turn on their television for any significant amount of time without seeing or hearing about artificial intelligence. The term evokes an almost immediate emotional reaction, often with ideas of a dystopian future where the human race is no longer master of the planet. Without delving too deep into that rabbit hole, I would instead leave The Terminator and other equally bleak futures out of this particular conversation and instead focus on artificial intelligence and the law. The current application of artificial intelligence to the practice of law was a discussion topic at our most recent board of directors meeting for Loyola Law School. The discussion centered around the ability of a computer to perform a task or series of functions that had traditionally been the responsibility of a legal professional or team of professionals.

Artificial intelligence has overtaken lawyers for the first time in a staple of the legal profession -- accurately spotting risks in everyday business contracts. In a new study, LawGeex has achieved an average 94% accuracy rate at surfacing risks in Non-Disclosure Agreements (NDAs), one of the most common legal agreements used in business. This compares to an average of 85% for experienced lawyers.The study pitted the LawGeex AI solution against 20 US-trained top corporate lawyers with decades of experience, specifically in reviewing NDAs. The study was overseen and administered by independent lawyer Christopher Ray. Additional consulting academics included Yonatan Aumann, Professor in the Department of Computer Science, at Bar Ilan University.

LawGeex, the legal AI pioneer in contract review has today announced that it has closed a $12m funding round led by venture capital fund, Aleph. The investment brings LawGeex's total funding to date to $21.5m. Previous investors, including Lool Ventures, also participated in this round. The additional capital will be used by LawGeex to'fortify its position…deepen its product offering, and expand its US presence following the opening of its New York office earlier this year' said the Tel Aviv-based company. Aleph partner, Eden Shochat, told Artificial Lawyer why they had so resoundingly backed legal AI company, LawGeex: 'We invest in industries that are going through transformation.

In 2016, DeepMind's AlphaGo famously defeated Lee Sedol, an international Go champion, becoming the first computer program to beat a human world champion. In 2018, LawGeex, an AI contract review platform, pulled the same stunt on human lawyers. The AI system achieved a 94 percent accuracy rate at surfacing risks in non-disclosure agreements (NDAs). Experienced human lawyers average out at 85 percent accuracy for the same task. The study, conducted in collaboration with Duke and Stanford Law Schools, pitted AI against 20 top U.S.-trained lawyers with decades of experience specifically in reviewing NDAs, one of the most common agreements in law.

This prophecy came a step closer this week as legal AI proved itself more accurate than lawyers for the first time on a staple legal task –reviewing and approving contracts. The study was overseen by top US law schools and veteran corporate lawyers (including for instance Bruce Mann, a former senior partner at top US law firm, Morrison Foerster -- a Harvey Specter- like deal-maker who has handled more than 300 IPOs and over 200 mergers & acquisitions). In the controlled experiment, 20 top US-trained lawyers took on a legal AI platform, LawGeex. Both the experienced corporate lawyers and the AI pored over five unseen Non-Disclosure Agreements to find a list of common 30 issues (vetted by contract experts from Duke University and the University of Southern California). Each participant (the AI included) was given 4 hours to issues spot clauses in the contracts.

It's hard to ignore the ways artificial intelligence (AI) has already bested humans, from making incredibly convincing internet videos to beating humanity's best Go players. AI is expected to outpace humans in a number of occupations; some of which might be a little unexpected. A new study released this week from LawGeex, a leading AI contract review platform, has revealed a new area in which AI outperforms us: Law. For the study, 20 human attorneys were pitted against LawGeex's AI in reviewing 5 NDAs. The controlled conditions of the study were designed to resemble how lawyers would typically review and approve everyday contracts.

Artificial intelligence software developed by an Israeli startup has proved in an international study to be quicker and more accurate at analyzing legal documents than experienced lawyers. The software developed by Tel Aviv based LawGeex was able to analyze nondisclosure agreements with more accuracy and speed than 20 experienced lawyers, the results of a collaborative study between leading US institutions and the company show. Get The Start-Up Israel's Daily Start-Up by email and never miss our top stories Free Sign Up As part of the study the researchers compared the work of the experienced lawyers, some with decades of contract experience, to LawGeex's AI software program, and found that the software was able to achieve nearly 10 percent higher accuracy and complete the task in significantly less time. This study marks the first time that AI technology has been tested with a typical task, such as reviewing a nondisclosure agreement, undertaken by lawyers on a daily basis, the company said in a statement. Both the lawyers and LawGeex's AI software were given five previously unseen contracts, which contained 153 paragraphs of technical legal language that were modeled after common nondisclosure agreements.