TLT and LegalSifter Combine Artificial Intelligence and Legal Advice in Contract Negotiation Solution
December 13, 2017
LegalSifter has partnered with TLT to launch a "combined intelligence" solution for contract negotiation for in-house legal, procurement and operations teams in the UK and Ireland. This world’s first solution will dramatically increase the speed and efficiency of contract reviews and business transactions, and minimize 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 customized 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.
LegalSifter is dedicated to bringing affordable legal services to the world by empowering people with artificial intelligence. LegalSifter intends to achieve its mission by working with the legal profession, not against it. Headquartered in Pittsburgh, Pennsylvania (USA), LegalSifter offers its products directly to organizations as well as through and with law firms.
We support large corporates, public institutions and high growth businesses on their strategic and day-to-day legal needs. Able to advise across the three UK legal jurisdictions of England & Wales, Northern Ireland and Scotland, we have offices in Bristol, London, Manchester, Glasgow, Edinburgh, and Belfast, as well as a specialist ship finance team in Piraeus, Greece.
With significant experience advising organizations in the digital, clean energy, financial services, leisure, food and drink, retail & consumer goods and public sectors, we have a strong track record of consistent growth driven by client need. We're ambitious for our clients and have a clear and simple aim to help them succeed. We listen, think creatively and then act, sourcing the right expertise from our business and, where necessary, collaborating with others and scaling our resource to deliver. We're known for our supportive and flexible approach. TLT has more than 100 partners and employs around 1,000 people.