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By LexisNexis® CounselLink®
One of the biggest headaches that in-house counsel grapple with is how to effectively manage their organization’s vast universe of contracts — from complex commercial transactions to routine vendor agreements. Contract lifecycle management (CLM) tools have eased this pain a bit in recent years, but artificial intelligence has the potential to provide insight into contract portfolios like never before.
CounselLink+™ now offers AI-powered tools that allow users to pull out key facts and clauses from their contracts, saving a substantial amount of time during the contracting process. This new capability is a first step in the transformation of how legal teams interact with their organization’s contracts.
Users can opt into the use of AI data-extraction on a per-field basis, selecting from 75 clause types and 55 fact types, allowing customers to determine where and to what extent they feel comfortable incorporating AI.
Organizations often have contracts stored in many different places and don’t have data about what is in each contract readily available without substantial manual effort. Even organizations that are using a contract lifecycle management application, have data associated with each agreement but may not have the level of data granularity that they could achieve with extractive AI, making their understanding of their entire contract portfolio more comprehensive.
The new tools can extract data from a signed contract and pre-fill fields in a new document, as defined by the individual legal professional. The user can then review these AI-completed fields before moving a new contract into the “managed” stage. All AI-filled changes are recorded in an audit trail for easy review.
AI extraction for CLM eliminates the problem of manual data entry of routine information for contracts, which is both time-consuming and prone to human errors. For example, contract fields that require large amount of information to be manually entered can now be quickly populated with previously used language; users can then track that language to ensure accuracy.
In addition, a new service offering from CounselLink Professional Services will give CounselLink+ clients the option to extract data from legacy contracts using AI, enabling a more comprehensive understanding of their entire contract portfolio.
With visibility into all matters, work and invoices, CounselLink+ helps legal departments control costs, maximize productivity and make better decisions — this elevates their role as an indispensable business partner. Now with AI for CLM, CounselLink+ users can extract key data points quickly and accurately, reducing the risk of human error and speeding up the contracting process.
In-house legal professionals will gain greater visibility into the terms, conditions and obligations across their contract portfolio. This means that corporate executives and business leaders will be able to make more informed decisions.
CounselLink+ CLM AI supports the needs of in-house legal departments with enhanced tools and exclusive features that are not available anywhere else. This breakthrough release of the software simplifies, optimizes and elevates a corporate legal department’s operations with integrated contract management, exclusive LexisNexis content, and proprietary AI tools.
In addition to the CLM capabilities enhanced in the new version, CounselLink+ serves as a hub of operations for in-house legal teams with Matter Management, Work Management, Vendor Management, and Financial Management.
Exciting developments are on the horizon for CounselLink as we look to expand our integrations within the LexisNexis ecosystem in 2025.
One key integration will be Protégé, the most recent LexisNexis innovation. Protégé builds towards our vision of every legal professional having an AI assistant that is specifically trained and personalized to their needs. Later this year we will announce the ways Protégé will surface in CounselLink to streamline customer workflows in ways never before possible.
The CounselLink team has more than 30 years of experience developing innovative solutions designed to help legal departments organize their work and make better decisions. On average, CounselLink customers achieve and ROI of 13x their CounselLink spend and 100% of surveyed organizations experienced an increase in productivity compared to before they implemented CounselLink.
CounselLink+ is a cloud-based enterprise legal management solution trusted by leading legal departments. The platform acts as a hub, bringing together various functionalities to address common challenges faced by legal departments, which improves efficiency, enhances collaboration, reduces risks, increases visibility and supports better decision-making. It was built with a unified workspace that integrates both matter management and contract management so in-house teams can keep track of work, matters, contracts and invoices in one location. CounselLink+ incorporates proprietary LexisNexis content from both Practical Guidance® and Lex Machina and offers one-click access to other offerings in the LexisNexis ecosystem.
Click here to request a free demo of the CounselLink+ platform for in-house legal departments.