TL;DR:
- Streamline AI partners with Clearlaw to enhance contract review for businesses.
- Clearlaw’s AI-powered contract intelligence is integrated into Streamline AI.
- More than 350 data points are offered for contract review process support.
- Streamline AI’s automation streamlines contract approval, saving time for legal teams.
- Co-marketing of joint solutions planned to revolutionize the contract review landscape.
Main AI News:
Streamline AI, a cutting-edge process automation platform tailored for in-house legal teams, has recently established a strategic partnership with Clearlaw, an AI-powered contract intelligence platform. This collaboration between the two legal technology giants aims to provide businesses with unparalleled support in their contracting endeavors.
The crux of this partnership lies in the seamless integration of Clearlaw into the Streamline AI platform. This integration brings with it an impressive array of over 350 unique data points, granting Streamline AI users invaluable insights to streamline and expedite the contract review process.
Kathy Zhu, the esteemed CEO of Streamline AI, expressed her excitement about the collaboration, stating, “By partnering with Clearlaw, we can leverage the power of AI by extracting structured data from our client’s own legal documents and enhance Streamline’s ability to accelerate the contracting process, particularly for sales agreements.”
This integration extends beyond just expediting workflows; it also empowers legal teams to further automate their processes and furnish data that supports various functions across the entire business landscape. Jordan Ritenour, the visionary CEO of Clearlaw, reaffirmed this sentiment, noting that Clearlaw’s proficiency in transforming contracts into structured data would prove invaluable, especially when non-legal team members seek the legal department’s assistance with contracts through Streamline AI.
The collaborative approach begins when Streamline AI harnesses the data from the submitted contract and pre-fills client requests for legal support. Thereafter, Streamline AI’s sophisticated automation initiates a series of workflow sequences that allocate tasks, notify stakeholders, and ensure everyone is well-informed based on the extracted contract data.
Here’s a practical example of this innovative process in action: A sales representative could submit a draft contract to Streamline AI for legal assistance. The platform would then promptly forward the contract to Clearlaw for in-depth analysis. If the contract surpasses a specified monetary threshold and adheres to the customer’s standards, Streamline AI will instantly alert the legal team, prompting them to prioritize the agreement’s review.
Furthermore, Streamline AI has the capability to seek approval from the accounting team if the payment terms are deemed excessively aggressive. Alternatively, it can advise the sales representative to negotiate more favorable payment terms to expedite deal closure.
This advanced technological assistance not only expedites the contract approval process but also significantly saves valuable time for the legal team, a sentiment strongly supported by the leaders of Streamline AI and Clearlaw.
The companies are dedicated to crafting a best-in-class solution that seamlessly integrates intake with contract intelligence. Co-marketing the joint solution is on their agenda, and Streamline AI will make the Clearlaw solution available as an add-on service to its existing offerings.
Conclusion:
The partnership between Streamline AI and Clearlaw represents a significant advancement in the market of contract review solutions. By combining AI-powered contract intelligence with streamlined automation, businesses can expedite their contract approval processes, achieve greater efficiency, and empower their legal teams to focus on more strategic endeavors. This collaboration sets a new standard for contract review platforms, and as it gains traction, other players in the market may need to enhance their offerings to stay competitive and meet the growing demand for faster, more accurate contract review solutions.
