As you search for the best Contract Lifecycle Management (CLM) tool for your legal team, you’ll likely hear some myths about how to best evaluate a solution based on your needs. To help you in your search, we’ve put together a four-part blog series. With the help of some new friends, we’ll tackle the most common misconceptions about CLM solutions.
Read, watch, and listen as we help you determine which tool will best serve your needs.
Myth #1: All Artificial Intelligence (AI) is created equal.
Artificial intelligence (AI) is changing the legal field in many ways, but one of the most significant ways it's helping is by assisting in-house legal teams. If your team is looking for a way to increase efficiency and accuracy, AI may be the answer.
So let’s start by revealing the truth about AI. Companies use the term "AI" to mean anything from automation to simple search to “actually just individuals” manually doing the work. Not all artificial intelligence is created equal, and not all contract management solutions that say they use AI do, so it’s important to understand how your technology’s legal AI is developed and deployed.
At LinkSquares, our homegrown artificial intelligence is the real deal. Our algorithms work flexibly with variations in language to identify key dates and clauses in legal documents. No manual extraction, which means no third parties are seeing your data.
Since our 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. Want to learn more? Request a demo today.
Join us next week as we debunk another common misconception: That folders are the only good way to organize your contract repository.
