Lawgeex: democratizing the legal sector, one contract at a time
LawGeex is the world's first Artificially Intelligent (AI) contract review platform, helping individuals and businesses get a fair deal before signing an agreement.
Founded in 2014 by the formidable combination of international lawyer Noori Bechor and leading AI expert Ilan Admon, Lawgeex set out on a journey to empower people who do not have access to a lawyer, by providing contract review services. Recently, the Israeli startup raised $2.5 million in funding from Lool Ventures and LionBird, as well as a couple of angel investors. Having already created a strong B2B backbone for its business model, Lawgeex has now decided to switch to a freemium model, where regular consumers can avail its services for free.
The platform allows users to upload any type of contract onto it, and within 24 hours, receive a detailed report of what works and what doesn’t, including missing parts. The company uses automated machine learning technology to compare the uploaded contract with thousands of similar contracts and provides relevant red-flags and benchmarks to help users take more informed decisions. This avoids one-sided negotiations, and brings the power back to the people.
Let us take an example of an employment contract. Often, an employer would include a non-competitivity clause, which would potentially prevent the employee from working in a company or sector that provides similar services during a limited time period. But in most cases, the employee has a particular set of skills which would only be relevant in that sector, and hence if ignored, such a clause in the contract could be disastrous for the employee’s future in case he chooses to quit the organization. Such a mishap can be avoided with the use of Lawgeex. With the introduction of the freemium model, the founders of the startup are doing all the people, who cannot afford a lawyer or are unaware of where to go looking for one, a huge favor.
There is still a long way to go for Artificially Intelligent software such as this to be able to support more complex documents and sophisticated agreements with variable clauses, for instance M&A contracts. But for now, it serves its purpose by efficiently reducing the workload of present-day solo lawyers and small law firms both economically and effort-wise.
Photo Source: Lawgeex
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