TLT has partnered with LegalSifter to launch a "combined intelligence" solution for contract negotiation for in-house legal, procurement and operations teams.
This world’s first solution will dramatically increase the speed and efficiency of contract reviews and business transactions, and minimise risks inherent in the negotiation process.
The solution combines powerful artificial intelligence technology from LegalSifter with in-built legal advice and ad hoc legal support from TLT. Users start by uploading draft contracts into LegalSifter. Sifters – software trained to read text for a specific concept that learns over time – and in-context advice from TLT's commercial lawyers then help users to identify missing terms and conditions and make changes that protect their interests.
The software completes a contract review within a minute or two, with greater consistency, less risk of errors or missed terms and the assurance that a lawyer is available when needed. It can also be customised to each client – for example to enforce a company's sign-off procedures – enabling consistency across the business and can be up and running within a few days.
James Touzel, partner and head of technology, media and telecoms at TLT, says: "People and artificial intelligence together will deliver better results than either alone. Clients will inevitably have questions that software cannot answer, or they will want the assurance that an expert is available when needed. At the same time, artificial intelligence offers a speed that people cannot possibly deliver. That is why TLT has partnered with LegalSifter to create what we believe is the first solution of its kind in the UK and Ireland legal market."
Kevin Miller, CEO of LegalSifter, says: "Contract negotiation is a slow and risky process, and the cost of missing an egregious term can be catastrophic. By combining intelligent software with intelligent lawyers to make contract reviews quicker, safer and cheaper, we're hoping to make this pain a thing of the past. We are excited to be partnering with TLT to bring this new solution to market."
TLT has entered a strategic, multi-year partnership with LegalSifter, which includes a minority equity share in the business. For further information about the solution, please click here or contact James Touzel.