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 leverages artificial intelligence (AI) combined with human expertise to automate and enhance the contract review, negotiation, and management process. This integrated approach, termed “Combined Intelligence,” aims to reduce risks, save time, and maintain control throughout the contract lifecycle. The platform is particularly useful for managing contracts across diverse use cases such as sponsored research data, leases, services, and more.
Key Features and Functionality
Automated Contract Review
LegalSifter uses AI-powered software to automate the contract review process, identifying key clauses, assessing risks, and highlighting critical areas that require attention.
AI-Powered Sifting and Clause Identification
The platform employs AI to sift through contracts and identify specific clauses, ensuring that all important terms and conditions are recognized and addressed.
Risk Assessment
LegalSifter’s AI technology conducts thorough risk assessments, helping businesses mitigate potential risks and ensure compliance with regulatory requirements.
Customizable Sifters
Users can create customized sifters to tailor the review process to their specific needs, ensuring that the software aligns with their unique contract management requirements.
Collaboration Tools
The platform includes robust collaboration tools that enable multiple stakeholders to work together on contract reviews, negotiations, and approvals. This facilitates efficient communication and reduces the time spent on contract management.
Document Comparison and Version Control
LegalSifter allows users to compare different versions of documents and maintain a detailed record of changes, ensuring transparency and accuracy in the contract management process.
E-Signature Integration and Template Management
The platform supports e-signature integration, making it easier to finalize contracts electronically. It also offers template management, providing configurable and clean contract templates contributed by experts like Ken Adams.
Approval Workflows and Contract Repository
LegalSifter includes approval workflows that streamline the contract approval process and a comprehensive contract repository where all contracts can be stored, searched, and filtered efficiently.
Reporting and Analytics
The platform provides reporting and analytics tools to help businesses track contract performance, identify trends, and make informed decisions. Alerts and notifications are also available to keep users updated on contract status and deadlines.
Security and Compliance
LegalSifter ensures high data security standards and compliance with various regulatory requirements. It also offers user permissions, audit trails, and third-party integrations to enhance security and functionality.
Contract Lifecycle Management (CLM)
As part of its Contract Control Program, LegalSifter offers a full-functioned CLM platform, LegalSifter Control, which includes features such as unlimited users, storage, workflows, approvals, contract creation, and integrations at no additional cost.
Additional Services
LegalSifter’s Contract Control Program also includes services such as redlining and negotiation performed by LegalSifter’s Sifting Services team of lawyers and paralegals. This program provides a flexible pricing structure with a flat monthly fee, avoiding surprise costs and ensuring predictable budgeting.
In summary, LegalSifter is a powerful contract management solution that combines AI technology with human expertise to streamline contract operations, reduce risks, and enhance efficiency across various industries. Its comprehensive set of features and services makes it an invaluable tool for businesses looking to optimize their contract management processes.