Common CLM Myths: Part 1

As you look for the best Contract Lifecycle Management (CLM) tool for your legal team, you’ll likely hear some myths about your team's needs and how to evaluate a solution. We’re here to disprove those misconceptions and help you decide which tool will serve your needs best. 

Myth #1: Every company that says they have AI actually does.

CLM companies use the term  "AI" to mean anything from automation to simple search to “actually just individuals” (AI) manually doing the work. Not all AI is created equal, and not all companies that say they have AI actually do. 

LinkSquares AI is the real deal: our algorithms work flexibly with variations on language to identify key dates and clauses in legal documents. No manual extraction, which means no third parties seeing your data. 

Since LinkSquares AI is developed entirely in-house, it has an advantage over similarly complex models created by other companies. LinkSquares AI is: 

• Powered by Customers: We rely on direct customer input to drive our product development. LinkSquares owns the full AI development stack, which is maintained by data scientists partnering with legal engineers who use customer input to deliver a CLM tailored to the needs of our customers. 
• Purposely Trained: LinkSquares' proprietary AI is exclusively trained on legal documents. Our training repository contains millions of contracts that encompass different scenarios in an ever-evolving legal landscape. Once a new model meets our high standards, our team adds them to LinkSquares for customer use and maintains them on an ongoing basis to stay current with evolving legal language.
• Up-to-date: Our in-house legal engineering team keeps our models up-to-date with new developments in the legislation, compliance, and regulatory environment. 

With LinkSquares AI, you can quickly and confidently surface the right information, brought to you by a model tailored for Legal, that is growing and evolving along with your needs. 

Myth #2:  You don’t need a manual QA of your OCR process.

Optical Character Recognition (OCR) is the process of turning scanned documents or blurry pictures into readable, searchable text. That said, OCR technology isn’t perfect, so when it’s confronted with a poor resolution scan, it can return unusable text. The only way to ensure that OCR accurately converts contract language to text is to bring in humans for quality assurance to plug the technology gaps. 

To make sure mistakes don’t prevent you from extracting key data points, LinkSquares layers on an extra level of human quality assurance, performed by professionals trained in legal terminology, to deliver accurate results every time. 

We’ll be back next week with part two in this blog series. Are you dying to hear more about LinkSquares? Schedule a demo today.