Robert Ambrogi Blog
LexCheck, a legal technology company specializing in contract review, is launching a new AI-powered contract analysis tool that aims to solve two persistent challenges in contract technology: the ability to handle complex agreements beyond routine contracts such as NDAs, and the creation and maintenance of contract playbooks.
The company’s new product, LexCheck Insights, combines know-how from its legacy product with cutting-edge AI techniques to review and redline contracts of any length and complexity and automatically generate contract playbooks.
It differentiates itself from other AI contract review products by combining traditional natural language processing with advanced large language models (LLMs) to analyze contracts of any length and complexity, while also offering the ability to automatically generate customized playbooks from existing agreements.
Learn more about LexCheck in the LawNext Legal Technology Directory.
The product, which integrates with Microsoft Word, uses a hybrid approach that first breaks down contracts into their component parts using traditional natural language processing, then analyzes those components using LLMs.
This methodology allows the system to handle longer and more complex agreements that have traditionally proven challenging for AI-based contract analysis tools, the company says.
“The dirty secret of contract tech is that nothing is that good beyond NDAs,” said Gurinder Sangha, LexCheck’s founder, during an exclusive product demonstration. “If you see any demo, it’s going to be on an NDA. If you see any live demo, it’s an NDA. You rarely see anyone trying to pitch something on a more complex document.”
By contrast, he said, LexCheck Insights is built to handle a wide variety of contract types — from routine NDAs and MSAs to highly intricate agreements — with high degrees of accuracy and speed.
‘Playbooking As A Service’
A key feature of the new product is its ability to dynamically generate contract negotiation playbooks. Users can upload their preferred contract templates or previously negotiated agreements they’re satisfied with, and the system automatically creates a playbook within moments.
Sangha said that this represents a significant departure from traditional playbook creation, which typically requires weeks of manual work and consultation.
“What this means is you now almost have ‘playbooking as a service,’” Sangha said. “You literally can now create unlimited playbooks that are very dynamic and custom to the situation, which you could never do in the past because it was so onerous to even build that document.”
The system makes it easy for users to create multiple playbooks for different situations – such as separate playbooks for different contract types, geographic regions or client types. Playbooks can be continuously refined and updated as users encounter new preferred language during contract negotiations.
When analyzing contracts, the system presents deviations from the playbook in a clean interface that allows users to quickly navigate between issues. For each deviation, the system provides an explanation of why it flags the issue as problematic, generated by its AI engine. Users can choose to accept the original language, insert their preferred language from their playbook, or generate new suggested language using the AI.
Waitlist for Free Access
The product has been in a soft launch with select customers for several months and, as of today, is now making its official launch and opening a waitlist for free access.
Unlike some competitors in the contract analysis space, LexCheck has chosen to focus solely on core contract analysis functionality rather than adding additional features like contract summarization or proofreading tools.
“We took the view that we’re just going to live and die by the AI engine,” Sangha said. “Our AI engine is just better than anything else out there. We also want to get the user in and out of the software as quickly as possible. We don’t want the user to live within our product. We want to get it in and out and get their job done.”
While the system can automatically generate redlines for any agreement, it is designed to give users more control when working with complex documents, allowing them to review and approve changes individually. This approach recognizes that even with sophisticated AI assistance, contract negotiation still requires human judgment and discretion.
“This is not going to replace anybody,” Sangha noted. “It’s just going to, if you want to be faster, it can make you faster. If you want to be more accurate and not miss things, it’ll help you not miss things. Or ideally both.”
LexCheck is offering free access to LexCheck Insights on a limited basis. Anyone interested can visit www.lexcheck.com to join the waitlist.