LAS VEGAS – Some 2,500 legal operations professionals were here Tuesday for the opening of the Corporate Legal Operations Consortium (CLOC) Global Institute, a big event for people whose job is to help in-house and other legal teams add value by working better and at less cost.
Technology plays a big part in that goal, and a number of software companies made announcements to showcase what they have that’s new or updated. Here’s what some of them said:
LinkSquares announced it’s expanding beyond contract lifecycle management (CLM) with the introduction of Cloud, an enterprise legal management platform. The new tool is “purpose-built to meet the increasing needs of the legal function and extend its impact across the organization,” the company says. And in June, it’s launching Prioritize, an intake function to help in-house teams centralize their workload in one place. “Our vision has always been to go bigger – to develop more products and tools for in-house legal – and to help those teams deliver greater value to their businesses. Says Vishal Sunak, the company’s CEO and co-founder.
Ontra announced the release of Synapse, an AI solution to help private markets firms quickly dig into the complexity of an agreement, including pulling in any relevant precedent, so they can optimize negotiations for speed, cost and outcomes. The company claims negotiations can be closed in half the time and at less cost. “Our experience comes from nearly a million negotiations involving the world’s most sophisticated global financial institutions,” says Gianluca Rossi, Ontra’s director of machine learning.
Evisort announced the availability of enterprise-grade generative artificial intelligence (AI) in its contract management platform to further accelerate contract drafting, redlining and negotiating while mitigating risk. "Our goal is to provide legal and business teams with the practical strategies and insights they need to navigate the fast-changing legal landscape," says Jerry Ting, the company’s CEO and founder. "Embracing generative AI and exploring the latest use cases will reveal the full potential of these solutions and drive incredible impact for organizations."
PERSUIT announced the addition of Proposal Analyzer, a ChatGPT function, to its law firm engagement platform to better evaluate proposals by summarizing law firms’ proposal responses and highlighting strengths, weaknesses and key differences with competing proposals. The technology is intended to be especially useful for in-house departments trying to measure value as they compare alternative fee proposals. "With the transition away from the billable hour, our in-house customers will have the opportunity to focus more on outcomes," says Jim Delkousis, the company’s CEO and founder.
Thomson Reuters launched a matter pricing and RFP feature to its Legal Tracker Advanced software to help in-house teams gauge whether they’ve selected the right outside law firm at the right price. The software is part of in-house teams’ efforts at predictive spend management — the effort to get a better handle on outside legal spend, says Kelsey Nicol, Thomson Reuters’s director of corporate legal go-to-market strategy and planning. “I think about it as nirvana — the goal legal departments are striving for yet is always a moving target.”