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LPO provider Exigent has launched a new tool that it claims combines the power of machine-learning and lawyers’ brains to speed up the processing of contracts by in-house legal teams.
The new tool, which is designed to cut corporate legal costs, has been produced by Exigent in combination with Chicago-based technology firm LexPredict. It also uses Exigent’s contract management tool, Chameleon, and is supported by lawyers and analysts trained in machine learning and natural language processing.
Exigent, a provider of outsourced legal and technology services, claims this combination of technology and human expertise makes it “a scalable, modular option” that also reduces the need for large-scale IT projects or hiring external resources.
Exigent CEO David Holme said: “We weren’t interested in offering just another contract discovery tool, but in harnessing the power of machine learning to make contracts the cornerstone of strategic business decisions. People or technology alone are not the answer, but bundled together and as part of a broader value-based strategy, they can deliver a real shift in how the legal department works.”
Holme added that Exigent had spotted a gap in the market relating to the level of order in contracts themselves.
“All of these AI tools rely on companies having a good, structured approach to contract management,” said Holme. “The reality is that most organisations don’t even know where their contracts are and they find themselves stuck with technology that only works with a rigid set of rules that doesn’t meet their business needs.
“We offer companies the opportunity to start sorting out their contracts in a quick and sophisticated way, using both technology and clever lawyers to enhance the process. Once an organisation has carried out solid contract discovery, it can set out a data strategy and apply analytics to make better, more informed business decisions.”
Michael Bommarito, the CEO of LexPredict, added: “Our driving vision as a firm is that man and machine together are better than either alone, and we’re very excited to be working with the men and women at Exigent to bring this vision to legal departments around the world. While many vendors sell licenses for fragile ‘artificial intelligence’ that frankly does not exist, we’re focused on delivering solutions to pressing business problems using the best blend of resources and technology possible.”
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