Leveraging Generative AI in the Contracting Process with  LinkSquares

As investment in generative AI continues to grow, it's clear it's not just a passing trend—generative AI is here to stay. But when it comes to the vast landscape of AI capabilities, it’s easy to be left wondering where to start. What practical ways can in-house legal teams leverage the power of generative AI? The short answer: start with your contract review process.

Top 3 ways to use generative AI in the LinkSquares platform 

1. Reviewing Contracts

If it’s your first time reviewing an agreement or you’re looking for quick answers to outstanding questions, take a look at an AI-generated summary. 

You can find AI-generated summaries for in-flight agreements in LinkSquares Finalize and Microsoft Word Add-In or executed agreements in LinkSquares Analyze. The AI will read the agreement for you, summarize its content, and surface key points. 

Or let’s say the exact wording you’re looking for isn’t coming up with a simple Control +F search. Without leaving Microsoft Word, you can ask the AI a specific question about the agreement and get instant answers.

There’s a couple of different ways you can speed up the redlining process with AI in the LinkSquares Finalize for Microsoft Word Add-In. 

• Get an at-a-glance understanding of the counterparty’s position and changes with an AI-generated summary of counterparty redlines.
• Compare third-party agreements against your preferred positions by building “Drafting Rules.” The AI will review the agreement, compare it against your rules to flag deviations, and propose redlines.

3  Drafting Contract Language

You shouldn’t have to start from scratch every time you draft or negotiate a new contract — let AI do the heavy lifting. Just tell the AI what you’re looking to create, and it will generate suggested language for you. For example, you could ask the AI to:

• Re-write a clause to be more favorable to you
• Summarize language
• Draft a new clause 

Essential Considerations for Using Generative AI

While generative AI offers impressive capabilities, it’s essential to approach its use with a thoughtful strategy:

• Keep the human element: AI is here to assist, not replace. Human insight and quality control remain critical. 
• Conduct due diligence: Engage with your vendors to understand how your data is processed and protected.
• Implement a clear AI policy: Creating a simple, straightforward, generative AI policy can help prevent employees from introducing risk with unapproved AI tools.
  
  

Embrace the Future with Confidence

Generative AI is more than just a novelty—when integrated thoughtfully, generative AI can transform your contracting process so you can focus on strategic work and leave repetitive tasks to your digital counterparts.

To learn more about generative AI capabilities in LinkSquares, schedule a demo today.