NEW YORK, Feb. 24, 2021 /PRNewswire-PRWeb/ -- Today marks an important milestone for LawGeex, the leader in Contract Review Automation (CRA) that's on a mission to transform the way legal teams work. LawGeex is proud to announce that it has received notice from the United States Patent Office declaring that its patent has now been granted in the category of text analysis in general and legal documents analysis in particular.
The patent for "System and Method In Support of Digital Document Analysis" covers a proprietary algorithmic component in LawGeex's Contract Review Automation solution that performs contextual analysis of contracts. This is achieved through a deep understanding of the unique legal language, found in the contract, and the policies, objectives, and perspectives of the contracting parties. This unique approach allows the LawGeex solution to capture and address nuances in contracts that no other tool can, thereby eliminating the need to trade off the quality, speed, and costs of contract review.
"There's a fundamental difference between making technical modifications to contract text and actually analyzing it. For example, the same purchase agreement will be analyzed and negotiated differently when considered from the perspective of the seller than when considered from the perspective of the buyer." – LawGeex Co-founder and CTO, Ilan Admon.
Having reviewed millions of legal documents, LawGeex's proprietary AI has been built from the ground up around the unique and highly nuanced legal language that makes up contracts. The technology identifies discrete legal concepts within a contract the way an experienced attorney would.
At the core of LawGeex's tech stack is a Contextual AI engine that understands not just the language of the contract, but the intent and objectives of the parties to it. This approach to analyzing legal language is the same as a human lawyer's - always taking into account the client's policies and objectives. With every additional contract LawGeex reviews, new patterns are recognized and the engine continues to evolve and grow in context. This in turn can extend the capabilities beyond contract review to data-driven contract negotiation.
"As the pioneer of the CRA category, LawGeex prides itself on providing legal teams with a technology that is 10 times faster than a lawyer, more cost effective, and – most importantly – at very high quality, as demonstrated by our new patent. This is a significant milestone in our journey to transform contracting work.", concluded Noory Bechor, LawGeex's Co-founder and CEO.
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, with zero compromise on quality. LawGeex has been recognized by Gartner and HBO as a leading force in bringing powerful innovation and technology to the legal world. Dozens of Fortune 500 and Global 2000 companies—including HP, eBay, and GE Power—trust LawGeex.
For more information about LawGeex, please visit http://www.lawgeex.com.
Media Team, LawGeex, +1 631-374-6783, [email protected]