Create Account
Create Account
Back
Published on

Top 10 Contract Review Tools: Essential for Lawyers and Law Firms

Top 10 Contract Review Tools: Essential for Lawyers and Law Firms

Reviewing contracts is a critical yet demanding task for lawyers. With AI technologies, contract analysis can become quicker and more efficient. AI-driven tools can aid in reviewing contracts, detecting errors, saving time, and reducing risks. They provide a practical solution for law firms, streamlining workflows and reducing tedious tasks.

This article will highlight the top 10 AI contract review tools that can enhance legal work and minimize chaos.

Why Do Lawyers Need the Contract Review Software?

Legal contract analysis software is becoming essential for lawyers because it automates and streamlines contract review, a traditionally time-consuming task. It swiftly analyzes contracts for errors, missed clauses, or possible risks, reducing manual review time and enhancing productivity. 

The contract review tool allows lawyers to focus on more strategic tasks, improve client service, and reduce human error risks. Features in these tools often include easy customization and modification of contract templates and seamless integration with other systems. 

What Should You Look for in Contract Review Software for Lawyers?

In the legal field, where time is often at a premium, automated contract review software explicitly designed for lawyers can be a game-changer. Such software not only automates and streamlines processes but also enhances the accuracy of contract reviews. 

When choosing legal contract review services, it’s essential to consider several pivotal features that significantly contribute to improvement in efficiency and precision.

  • AI-powered analysis: The legal contracts software should be capable of leveraging AI to analyze and review contracts efficiently, saving time and minimizing manual effort.
  • Error detection: The software should be able to automatically scan for potential mistakes or any overlooked clauses in the contracts.
  • Integration: The software should seamlessly integrate with other systems or software currently being used.
  • Usability: The interface should be user-friendly and intuitive, making it easy to learn and operate.
  • Security: Given the sensitive data handled, the software must offer robust security features, including data encryption and secure access controls.
  • Support and training: The software provider should offer ample support and training to help you understand and use the platform optimally.
  • Customizable templates: The ability to customize contract templates to fit your specific legal needs can be an added advantage.

Remember, the best contract review services for you will depend on your specific needs and budget constraints. Therefore, it’s vital to thoroughly assess your firm’s requirements and financial scope before making a final decision, ensuring the chosen solution aligns perfectly with your practice’s unique workflow and goals.

Best 10 Legal Document Software

What are the preferred tools used by lawyers when crafting legal documents? Various AI contract reviews are available, each with its unique capabilities. Here are ten excellent choices to meet your document automation requirements.

Loio

Loio is a Microsoft Word plugin that can significantly help with contract reviewing: essential contract insights, a clear view of a document structure, stress-free clause management, solid contract styling, and much more. Give Loio a try now to see it in practice.

Being integrated with Microsoft Word, Loio can fit into the workflow immediately. Enjoy the user-friendly interface and start increasing your revenue from the first weeks. Here are a few other noteworthy aspects to consider when evaluating Loio as a productive addition to your legal workflow:

  • Loio was named a Legal Software Product Leader by Crozdesk in 2021.
  • The Loio Support Team is available 24/7, and you can reach it right in the extension toolbar.
  • Loio ​​added a Clause analysis feature, so you can efficiently work with all necessary snippets and always have them at hand.

Donna Legal 

This Sweden-based company claims its contract review AI is not artificial but “assistive” for lawyers. With Donna Legal, it is hard to become a “robot” when constantly reviewing contracts. Within numerous and repetitive formal words, the software machine finds terms, definitions, and references along with cross-references and highlights them. 

This contract analytics software notices small details like formatting and punctuation, which are often unintentionally skipped by lawyers, and suggests you correct them right away. Donna has detected and fixed more than 6,500 unused definitions and 7,400 broken references.

Kira

With its patented ML technologies, Kira has become a “giant” in legal contract analysis. Its stand-alone software extracts the critical information from contracts of any formatting and turns them into tidier forms for users. Kira provides contract storage options for law firms and solo lawyers to build clear visual dashboards you can share with colleagues. 

You can “teach” Kira in its customizable fields to find and extract the contract information in French, German, and Spanish. Yes, work communication and tracking contract changes in real-time have never been possible! Moreover, you can export your legal contract analysis results and share them with your clients.

Luminance Diligence

This contract-reading software is trusted by more than 300 law firms worldwide. The main reason is that Luminance Diligence can provide them with legal contract analysis in numerous languages and practice areas like due diligence, property, etc. According to the results, multiple software options allow lawyers to save up to 80% of the time on contract reviewing and project management.

Moreover, legal professionals can start working with their documents soon after the setup and access their contract bases remotely anytime. With Luminance, lawyers can review more than 3600 documents per hour, while only 79 papers can be checked manually simultaneously.

eBrevia 

Not only can eBrevia review contracts, but also it can store and sort them to help you improve your legal contract management. All the contracts remain secure both in the cloud and on-premises. 

eBrevia can find and highlight the main information in contracts and sort it most accurately according to your legal practice area. With this review software, you can analyze contracts up to 90% faster within one hour following the simple, intuitive interface. This contract review application can also customize its settings for your legal practice area. It can also analyze contracts in Chinese and Japanese languages as well.

Della Legal

This contract review software is an ideal solution for law firms and in-house legal teams. Della Legal does everything to make contract reviewing as simple as possible for lawyers and law firms using checklists. Right in the software system, you can create your checklists of contracts and fill in questions about the contract content. Then, the AI machine will find the answers and put the necessary documents in particular tables; it can create reports on demand. 

You can export the results in other applications like Microsoft Excel or Word. Della supports multiple types of contracts: NDA, MSA, DPA, employment agreements, etc.

ThoughtRiver 

ThoughtRiver claims to “accelerate” contracts, not just review them. For instance, with this software, lawyers can save up to 95% of time and 80% of costs on the contract reviewing. Plus, legal professionals can manage their negotiations better and close their deals much faster. 

Using ThoughtRiver, lawyers can stop worrying about missed details in their contracts. The detected issues are listed so attorneys can easily define and prioritize the significant tasks. Another essential feature of this software is the collaboration space for lawyers. You can store your contracts and other legal documents, share them with colleagues, and track all the changes there.

ClauseBase

As the name suggests, ClauseBase is a software focused on clause management in legal documents. It allows users to construct contracts by combining different clauses from their libraries. With some basic coding, the software enables dynamic document customization; conditions can be programmed so the clauses adjust based on the text inputted. Certain clauses will only appear in the contract if specific conditions are met.

Key features of ClauseBase include collaborative functionalities, encouraging multiple users to work together on a single contract. Their clause library is another highlight, where users can store and conveniently access commonly used clauses. Lastly, ClauseBase offers a unique coding language feature, which allows users to automate document flow and tailor documents by setting conditions and adding variables.

Contract Companion by Litera

Found in 2015, Contract Companion is one more Microsoft Word plugin based on AI algorithms. It finds all the things that need to be corrected in the contract highlighting names, dates, references, numbering, terms, definitions, etc. You can open any of these fields to see more details on how the errors can be fixed in your contract. 

The AI contract review software can also help put tables of authorities and fix citations. They’re marked in the contract; you can see and track recent changes in the file. Therefore, you can collaborate with your fellow lawyers and edit your legal contracts in one space. By the way, litigation teams can find more specific tools for their practice area in the Litigation Companion add-in by Litera. Moreover, Contract Companion provides free online ROI calculation of saved costs per the number of lawyers in charge of contract review.

LawGeex

This contract analysis software considers the reviewing guidelines of your legal policies. LawGeex can learn the specifics of your legal practice area based on your uploaded contract content. This enables the tool to detect contract errors and suggest more relevant corrections precisely. 

After LawGeex scanning, you can download it in the same format and see all the detected issues in the software you used to work with the document. With LawGeex, attorneys have closed three times more deals than they would when reviewing the contracts manually.

Conclusion

Contract analysis software can bring more speed and visibility to the daily work of lawyers and law firms. AI-powered contract reviewing with tools like Loio can help legal professionals save a lot of working hours and make routine tasks more pleasant. Innovative technologies are worth befriending and accepting by the legal pros.

But don’t take our word for it and give a shot to one of these top 10 contract review software. We hope it will help you boost your legal document tasks.

Article by Yevheniia Savchenko

Yevheniia Savchenko is a Product Content Manager at Lawrina. Yevheniia creates user interface copies for Lawrina products, writes release notes, and helps customers get the best user experience from all Lawrina products. Also, Yevheniia is in charge of creating helpful content on legal template pages (Lawrina Templates) and up-to-date information on US law (Lawrina Guides). In her spare time, Yevheniia takes up swimming, travels, and goes for a walk in her home city.

Related Articles
Cyber Security for Law Firms
Cyber Security for Law Firms: What Lawyers Need To Know
6 Common Time Management Mistakes Lawyers Make Offering quality services to clients involves diligent attention to time. This is especially crucial in the legal profession, as illustrated by the importance of billable hours, emphasizing the need for superior time management for lawyers. Effective management of billable hours demonstrates efficiency, a trait valuable in today's fast-paced global society where multitasking is often required. For lawyers, achieving this balance between the internal work ethics of law and the external pressures of modern life can be challenging. Here are four common time management mistakes that lawyers make and how to correct them. 1. Overemphasizing Perfectionism Legal professionals are trained to search for even the most minor details to ensure everything is risk-free. Although a valuable legal skill, this meticulous approach could lead to an inefficient overall work strategy, particularly concerning time management. It's necessary to recognize that some imperfections are inevitable, and others might not be worth your time. Manage your time according to and prioritize based on the size and urgency of your tasks. 2. Resistance to Delegation A common mistake in lawyer time management is a fear of delegating tasks. Lawyers often find it hard to hand over a case that they comprehend thoroughly to others. However, delegation doesn't mean that the assignee should perform just as well as a lawyer; they just need to be competent enough to tackle the tasks, freeing the lawyer to focus on more pressing and specialized tasks. It's essential to recognize delegation as an integral part of time management. Moreover, maintaining a good balance in workload can contribute to better mental health, preventing burnout and unmanageable stress levels. Overcoming this fear of delegating is beneficial for productivity and vital for maintaining lawyers' mental well-being. 3. Reluctance to Adopt Modern Technology Despite understanding the importance of time management, many legal professionals are wary of adopting modern technology. While this conservatism may stem from a lack of trust in technology, it fails to consider the productivity gains that could be achieved by embracing modern tools. For instance, using time management software designed for the legal profession can significantly improve efficiency. 4. Frequent Interruptions As part of their professional role, lawyers often aim to please all parties involved in their cases. However, if this leads to constant interruptions, it can hamper their productivity. Carving out dedicated focus periods for uninterrupted work is part of effective time management for attorneys. Such focus periods can be strategically scheduled during times of the day when a lawyer's cognitive abilities are at their peak. Communicating these focus periods with colleagues, clients, and other parties is essential, as well as instilling boundaries and expectations to minimize interruptions. This technique can increase productivity, more satisfactory legal work, and better client service. 5. Procrastination of Complex Tasks It's human nature to push complex tasks further down the line while preferring to tackle simpler ones. However, this approach can negatively affect time management for lawyers. When you are most alert, handling the most complex tasks early on could be more beneficial. By doing this, the attorney will be able to address the intricacies of complex tasks with a fresh mind and, consequently, deliver better results. Additionally, this practice can build momentum for the rest of the day, making other tasks seem more manageable and minimizing potential procrastination. 6. Misestimating Time Required for Tasks Often, lawyers must pay more attention to the potential for task complications and underestimate the time needed to complete them. Avoiding optimism bias when planning for tasks and allocating sufficient time to meet requirements without pressure is essential. Attorneys track their time effectively by factoring in possible roadblocks and incidental delays. Lawyers can create a realistic, fail-safe plan by factoring in possible roadblocks and incidental delays. Incorporating buffer time allows for unexpected events without compromising the schedule. This method minimizes stress and enhances productivity by enabling lawyers to work steadily and manageably. Streamlined Tips To Boost Time Management for Attorneys Improving time management is crucial for lawyers, and adopting specific strategies can significantly enhance productivity and efficiency. Here are four focused tips: 1. Develop a daily to-do list Construct a to-do list for the upcoming day, factoring in all your scheduled meetings and tasks. This roadmap of your day allows you to assess your workload and move towards your goals in a structured manner. Follow this list diligently, adjusting as necessary throughout the day. 2. Time tracking Monitoring how much time you dedicate to each task can provide valuable insight into your efficiency. Prioritize significant activities and aim to reduce time spent on less important ones. This multitasking mindset can help in optimizing your daily routine. 3. Use digital tools for time management Leverage modern technology to streamline your routine. Digital research tools for lawyers and time management applications can assist with reminders and provide insight into your time expenditure patterns. This data can highlight areas where improvements can be made, lending to a more efficient and effective workday. 4. Avoid dependence on memory alone Instead of solely relying on memory to track your daily tasks, try to document everything. This documentation could be a traditional work diary, sticky notes, or digital notes on your smartphone. This beneficial habit ensures you are always aware of your upcoming tasks and deadlines. Why Time Management Matters Effective time management impacts legal practice's ethics, productivity, and profitability. It helps lawyers meet deadlines, maintain positive lawyer-client relationships, and make competent decisions. Hence, honing time management for lawyers can lead to a long and fulfilling legal career. Enhancing these skills contributes to work-life balance, which is crucial for long-term job satisfaction and longevity. Additionally, good time management practices can lead to recognition and advancement within a law firm or legal department, opening up further professional growth and success opportunities. Conclusion Time management is an essential skill for career success for lawyers. Regardless of the attorney’s experience level, managing time proficiently can substantially affect the career trajectory and prospects. Implementing the tips mentioned above can steer your legal profession toward success.
6 Common Time Management Mistakes Lawyers Make
5 Small Law Firms That Embraced Legaltech: 2023 Success Stories
How To Design Legal Contracts
How To Design a Legal Contract as a Pro? Lawyers Share Uncommon Tips
Thank You! Welcome on board
Thank you for your subscription The newsletter will be sent to your mailbox. Ok, Close