Product Overview of LegalSifter
LegalSifter is a comprehensive contract management solution designed to streamline and simplify contract operations for law firms, businesses, and various industries, including insurance carriers and brokers. Here’s a detailed look at what the product does and its key features.
What LegalSifter Does
LegalSifter combines artificial intelligence (AI) technology with human expertise to automate and enhance the contract review and management process. This Combined Intelligence™ approach helps organizations reduce risks, save time, and maintain control throughout the contract lifecycle. The platform is tailored to handle a wide range of contracts, such as sponsored research data, leases, services agreements, and more, making it versatile for different use cases.
Key Features and Functionality
Automated Contract Review
LegalSifter uses AI to automate the contract review process, identifying key clauses, assessing risks, and providing recommendations for improvements.
AI-Powered Sifting
The AI-powered sifting feature allows for the rapid identification and analysis of critical contract clauses, ensuring that no important details are overlooked.
Clause Identification and Risk Assessment
The platform can identify specific clauses within contracts and assess the associated risks, enabling users to make informed decisions quickly.
Customizable Sifters
Users can create customized sifters to tailor the review process according to their specific needs and negotiation playbooks.
Collaboration Tools
LegalSifter includes collaboration tools that facilitate teamwork among stakeholders, ensuring that all parties are aligned during the contract review and negotiation process.
Document Management
The platform supports the upload of files in various formats (DOCX, DOC, PDF) and allows for document comparison, version control, and e-signature integration. This ensures that all contract versions are tracked and managed efficiently.
Contract Repository and Search
LegalSifter provides a centralized contract repository with robust search and filter capabilities, making it easy to locate and manage contracts.
Reporting and Analytics
The platform offers reporting and analytics tools to provide insights into contract performance and compliance, helping organizations make data-driven decisions.
Approval Workflows and Alerts
LegalSifter includes approval workflows and alerts to ensure that contracts are reviewed and approved in a timely and compliant manner.
Security and Compliance
The platform emphasizes data security with features like access controls, user permissions, and an audit trail, ensuring that all contract data is secure and compliant with regulatory requirements.
Review Concierge
LegalSifter’s Review Concierge is a unique feature that combines AI with human expertise to review and redline contracts within one business day. This service includes depositing the contract, having attorneys review and edit it, and delivering the edited agreement or negotiating it with the counterparty.
Support and Accessibility
LegalSifter offers multiple support channels, including phone, email, live chat, and other online measures. The platform is accessible on a monthly or annual subscription basis and is available for use on mobile devices, ensuring flexibility and convenience for users.
In summary, LegalSifter is a powerful contract management solution that leverages AI and human expertise to streamline contract operations, reduce risks, and save time, making it an invaluable tool for businesses and law firms across various industries.