We’ve compiled a list of some of the best companies in the world that operate in the contracts space and leverage the power of artificial intelligence (AI) and machine learning (ML). These legal AI players incorporate emerging technologies to either fully or partially automate services across the lifecycle of a contract – ranging from drafting, reviewing, and redlining contracts to negotiation to end-to-end management.
AI and ML help increase the speed and accuracy of the various processes within contract management, but at just a fraction of the manual cost. This frees up experts from having to invest their time and expertise in mundane or repetitive tasks and instead allows them to focus on tasks that add greater value to the business or clients.
Companies in the legal space have often been considered to be slow adopters of new technologies. However, the COVID-19 pandemic has completely changed this, forcing many to accelerate their investment in this space so as to continue to serve their clients amidst remote working and virtual collaboration.
The 2020 RELX Emerging Tech Executive Report , which surveyed over 1,000 senior executives in the US, found that 68% had increased their investment in AI technologies during the pandemic. Of these, 48% had invested in new AI technologies and 46% increased their investment in AI tech they already use.
Companies use legal analytics for legal research, to develop strategy for cases, and even business development. Within the contract space, AI can speed up clause extraction, search, review as well as keep track of obligations, among a host of other tasks. Most importantly, it can help companies cut costs.
If you are looking for a contracts AI provider to support your company’s contract management, the following list of world-class players in this space can help you quickly find service providers best suited for your needs.
Taking into account that the market is constantly evolving, we aim to update this list as often as necessary. If you feel like your company is missing from this list, do not hesitate to contact us at firstname.lastname@example.org.
Akorda offers legal review and contract management software. It allows law firms to manage legal contracts, manage workflow process and contracts. It uses AI-technologies to review the legal cases, manage contract life cycle and agreements.
BlackBoiler is an automated contract markup tool that creates client-specific editing models and leverages these models to markup inbound contracts instantaneously in the Track Changes feature of Microsoft Word.
Claira is a leading next-gen AI company specializing in legal contract understanding. Built using advanced data science, Claira is pre-trained to comprehend legal language to reveal the underlying logic trapped in financial contracts.
ContractPodAi provides AI based contract management solutions. It enables users to assemble, automate, approve, digitally sign and manage all their contracts and documents from one place.
Cortical.io Contract Intelligence, an AI-based solution for enterprises that need to review and analyze contracts to extract, classify, search and compare relevant information in documents with a degree of accuracy that is difficult to achieve with manual labor or with other AI-based tools.
Della is a legal technology company providing artificial intelligence to accelerate review and audit of legal documents. Della has developed a unique question answering technology, allowing legal professionals to analyse documents based on their own questions and checklists, allowing them to make the best use of their own expertise.
Diligen is a contract assistant powered by AI and machine learning that provides high-quality contract review, helping to cut review time in half by automatically identifying key provisions, generating summaries and helping teams manage the contract review process.
DocJuris speeds up and automates contract redlining, delivers reviews with precision and consistency, and empowers teams to negotiate with confidence.
Donna is an AI-assistant that replaces the robot within the lawyer, by making legal contract review error-proof, productive and fun. Available as an easy to download Microsoft Word add-in, Donna is powered by a Natural Language Processing engine that gets smarter as it learns.
eBrevia automates the contract review process by using machine learning technology. It leverages AI technologies and are used by law firms and corporate legal departments to more efficiently, accurately, and cost effectively extract and summarize key provisions from legal documents.
Evisort is an automated cloud-based contract management software that uses advanced artificial intelligence to extract legal terms and relevant data.
Genie AI is a machine learning company spun out from UCL’s artificial intelligence lab. Their “SuperDrafter” empowers lawyers to draft contracts with machine intelligence, providing a superior client experience.
Hyperlex is a contract analytics & management solution powered by AI. Hyperlex helps companies manage and make the most of their contract portfolio by extracting relevant information and data to identify revenue opportunities, optimize expenses and better manage risks.
Kira Systems is a Toronto-based startup that helps enterprises uncover relevant information in unstructured contracts and related documents. Kira offers machine learning models covering due diligence, M&A deal points, general commercial, corporate organisation, real estate, ISDA schedules, commitment letters, and non-disclosure agreements.
Klarity is a LegalTech company which uses AI to review sales contracts under your company legal policy. Klarity pulls contracts from your emails and databases and returns them reviewed in a Word format with annotations and redlines along with a summary.
The LawGeex AI-powered platform reduces cost and accelerates deal closure by automating the complex legal work of pre-signature reviewing, redlining, and negotiating contracts. Legal teams can offload routine work to refocus their efforts on strategic issues and reduce risk and cost.
Legal Robot leverages ML and deep learning techniques to process legal language, compare it with the language used in other contracts, identify whether the document is a template or customized, measure the readability and complexity of the language, and highlight the rights, responsibilities, and terms within the agreement.
LegalSifter helps organizations and law firms negotiate and organize contracts using AI and expertise. LegalSifter reviews incoming contract and compare it against your contract policies, or our library of best practices.
Legartis is a Saas solution that analyzes contracts, legal texts or due diligence documents with the help of machine learning, natural language processing and artificial intelligence. The software also finds problematic and unusual formulations as well as missing clauses within a very short time – and in several languages.
Since the market is constantly evolving, we will be updating this list as often as needed. If you feel like your company is missing from this list, do not hesitate to contact us at email@example.com.
Cenza partners with a number of contract AI providers and offers contract reviews specialists to help in transforming contract drafting, reviewing, and management processes. We offer fully scalable, high-quality, and completely secure outsourced solutions for contract review that can be customized to the needs of any client’s AI/ML system training requirements. No matter what type of contracts and unstructured data needs to be process, we will assemble an expert review team that has the domain expertise matched to your needs. This means we will be able to keep your project on track, on time, under budget, and exceeding your requirements for machine learning accuracy.