LegalSifter launches product that reviews contract drafts on other party’s paper in a minute or two
Pittsburgh, PA USA | September 27, 2017 LegalSifter proudly introduces a better way to review and negotiate a contract. At least one party in every negotiation must review someone else’s contract, an unfamiliar document full of complex legal language. That party has three options: (1) ask colleagues or external counsel for help (expensive & slow), (2) review the document alone (challenging), or (3) skip the review, sign the document, and hope for the best (risky).
“People routinely review draft contracts they did not write with tight deadlines, distractions, and the expectation of perfection,” said Kevin Miller, CEO of LegalSifter and a licensed attorney. “Our new product helps people read draft contracts faster, access the advice of their lawyers and leaders in seconds, make fewer errors, and shave days off of their contract negotiations.”
Users of LegalSifter upload the first draft of a contract to a secure website. Sifters – software trained to read text, look for a specific concept, and learn from experience – then review the document and identify important concepts that demand attention or are missing entirely. The Sifters trigger in-context advice tailored to the customer’s business and position in the negotiation. Users may export the advice for redlining.
LegalSifter sells its product directly to companies and through law firms. For companies, users tend to be general counsels looking to scale, procurement or sales team members wanting to take a more active role in a negotiation, or leaders who quickly need a second set of eyes on a contract.
Law firms are both users and resellers of the product. Junior attorneys and paralegals use LegalSifter to access the experience of their partners 24x7. Partners use LegalSifter just like pilots use checklists in airplanes – a subtle, important reminder of where they should focus their time and what not to forget.
Law firms brand and resell LegalSifter to clients who want to access their trusted advisors on low-level contract reviews at a speed and cost that aligns with their business needs. They combine their advice with the Sifters to create a powerful self-service software product for clients, and improve revenues, client satisfaction, and margins with a new product that makes them money while they sleep.
“We will achieve our mission by working with the legal profession, not against it,” said Miller. “Artificial intelligence is becoming part of our daily lives. Amazon brought AI into our homes with Alexa. Apple brought AI to our smartphones with Siri. LegalSifter will start the legal profession on its own artificial intelligence journey.”