Lawgeex

Lawgeex is a company specializing in contract review automation (CRA), utilizing artificial intelligence (AI) technology to streamline and enhance the legal contract review process for businesses. Founded in 2014, it established itself as a pioneer in the legal tech space and is credited with creating the CRA category.

What does Lawgeex do?

Lawgeex’s core offering is an AI-powered contract review platform. Here’s how it works:

1. Upload Contracts: Businesses upload their contracts to the Lawgeex platform.
2. AI Review: Lawgeex’s AI engine, trained on vast amounts of legal data, analyzes the contract. It understands the legal language (“legalese”) and identifies key terms, clauses, and potential risks.
3. Redlining and Negotiation: Based on the analysis and the company’s pre-defined policies, the AI automatically “redlines” the contract. Redlining involves highlighting specific sections for further review or suggesting edits to ensure alignment with the company’s interests. In some cases, the AI can even propose negotiation strategies in response to specific clauses.
4. Human Review and Approval: Lawyers within the organization review the AI’s findings and redactions, making any necessary adjustments before finalizing the contract.

What are the benefits of using Lawgeex?

Lawgeex advocates for several benefits associated with their platform:

• Increased Efficiency: The AI handles the initial review, freeing up lawyers’ time for more complex tasks requiring human judgment and expertise. This can significantly reduce contract review turnaround times.
• Improved Accuracy: Lawgeex claims its AI is trained on millions of contracts, allowing it to identify potential issues with high accuracy, leading to more consistent and reliable review processes.
• Cost Reduction: By automating routine tasks and improving efficiency, Lawgeex suggests it can help businesses save on legal costs associated with contract review.
• Enhanced Compliance: Lawgeex helps ensure contracts comply with company policies and legal regulations, mitigating potential risks.

Is Lawgeex a replacement for lawyers?

It’s crucial to understand that Lawgeex is not intended to replace lawyers entirely. Instead, it acts as an intelligent assistant, supplementing and augmenting the work of legal professionals. Lawyers remain responsible for:

• Overseeing the contract review process.
• Reviewing and finalizing the AI’s suggestions.
• Applying their legal expertise to handle complex situations and negotiations.

Additional Points to Consider:

• Lawgeex received a license to practice law in the state of Utah in 2022, which allows its AI to perform certain legal tasks under the supervision of a licensed attorney. This development is significant but has limited application outside of Utah currently.
• While Lawgeex offers an innovative solution, it’s essential to remember that AI technology is still under development. It’s important for businesses to carefully evaluate their needs and ensure they have the necessary human oversight before relying solely on AI for critical legal matters.

Overall, Lawgeex represents a noteworthy example of AI being applied in the legal domain. Its ability to automate routine tasks and improve efficiency can be valuable for businesses dealing with numerous contracts. However, it’s crucial to remember that AI is not a replacement for human expertise and judgment in legal matters.