Top 10 Contract Review Software: Why Lawyers and Law Firms Need It in Their Daily Workflow
In legal, contract reviewing is one of the most vital daily tasks, but often it is overwhelming. Many attorneys have to spend a lot of time checking and polishing contracts before submission. Meanwhile, clients are left irritated, and cases may get lost.
It’s okay to get frustrated. But it’s hardly okay to routinely keep reviewing with a pen in your hand or scrolling through the document and typing in new corrections. There’s a real solution that can assist lawyers and law firms in doing hands-on contract revision.
Artificial Intelligence technologies are already used in contract analysis software. These tools can help lawyers analyze contracts faster and double-check all errors, saving your working time and mitigating risks.
Here are the top 10 contract review software applications that make your legal work routine more organized and less chaotic.
1. Loio
Loio is a Microsoft Word plugin that can help with contract reviewing in significant ways: essential contract insights, a clear view of a document structure, stress-free clause management, solid contract styling, and much more. All of these tools are easy to use and free within a 14-day trial period. 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.
Additional facts:
- Loio was named a Legal Software Product Leader by Crozdesk in 2021.
- Loio Support Team is available 24/7, and you can reach it right in the extension toolbar.
- Recently, Loio added a Clause analysis feature, so you can efficiently work with all necessary snippets and always have them at hand.
2. Donna Legal
This Sweden-based company claims its AI technology is not artificial but “assistive” for lawyers. With Donna Legal, it is hard to become a “robot” when constantly reviewing contracts.
Since most legal professionals work with Microsoft Word, Donna, as its plugin, can perfectly assist lawyers in contract reviewing. Within numerous and repetitive formal words, the software machine finds terms, definitions, and references along with cross-references and highlights them. For sure, Donna notices small details like formatting and punctuation, which are often unintentionally skipped by lawyers, and suggests you correct them right away.
Additional facts:
- Donna is currently “learning” Swedish to help you review contracts in this language;
- In total, Donna has detected and fixed more than 6,500 unused definitions and 7,400 broken references.
3. Kira
With its own patented ML technologies, Kira has literally become a “giant” in legal contract analysis. It has its own stand-alone software that extracts the key 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 that you can share with your colleagues. 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.
Additional facts:
- Kira often gives legal tech webinars with top lawyers;
- You can “teach” Kira in its customizable fields to find and extract the contract information in French, German, and Spanish.
4. Luminance Diligence
This legal contract review 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.
Additional facts:
- Luminance Diligence can help cut the review cost per project by up to 85%;
- With Luminance, lawyers can review more than 3600 documents per hour, while only 79 papers can be checked manually simultaneously.
5. 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 in the most accurate way, 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.
Additional facts:
- eBrevia was listed in “Legal Technology Trailblazers” by National Law Journal and “Top Legal Vendors” by OnCon Icon;
- It can analyze contracts in Chinese and Japanese languages as well.
6. Della Legal
Della Legal is a perfect contract review solution for law firms and in-house legal departments. This contract analysis software 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 own 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, plus it can create reports on demand. You can export the results in other applications like Microsoft Excel, or Word.
Each part of the Della contract review software is so simple that 10 minutes are enough for new users to adapt to it.
Additional facts:
- Della Legal reviews contracts in other European languages like German, French and Dutch;
- Della supports multiple types of contracts: NDA, MSA, DPA, employment agreements etc.
7. 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 very 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 the major tasks and prioritize them.
Another important feature of this software is the collaboration space for lawyers. There you can store your contracts and other legal documents plus share them with colleagues and track all the changes.
Additional facts:
- For instance, ThoughtRiver has helped a US-based bank review contracts in 3 minutes for $35 each. Previously it took 2-3 hours to proofread one legal contract for $200;
- ThoughtRiver has created 7 useful legal tech e-guides and more than 80 inspiring articles on legal innovations.
8. LegalSifter
LegalSifter provides a cloud and on-premises contract analysis software that would match both your workflow in law firms and your work routine as a solo lawyer. This software can work with your legal contracts as a whole and the contract data separately. It’s up to you — to only review the contract texts related to your legal practice area or keep all your legal contracts sorted out in one storage.
In this case, LegalSifter offers a 2-year contract management service that can help you organize and update your legal contract workflow. In the storage, you’re able to browse with keywords, use filters and even customize alerts for particular contract dates and changes.
Additional facts:
- LegalSifter can help lawyers to save 80% of their working time;
- LegalSifter implements many contract reviewing practices described by Ken A. Adams, the top expert on contract language.
9. Contract Companion by Litera
Found in 2015, Contract Companion is one more Microsoft Word plugin based on AI algorithms. It finds all mistakes 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.
As well, the software is able to help with putting tables of authorities and fixing citations. They’re marked in the contract, and you can see and track recent changes in the file. Therefore, you’re enabled to 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.
Additional facts:
- Litera has created a free library of useful legal business references like articles, white papers, videos, webinars etc;
- Contract Companion provides free online ROI calculation of saved costs per the number of lawyers in charge of contract review.
10. LawGeex
This contract analysis software takes into account 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 the contract errors more precisely and suggest more relevant corrections. After LawGeex scanning, you can download it in the same formatting and see all the detected issues right in the software that you used to work with the document.
On September 16, we hosted a webinar on how to review contracts smarter and faster by using legal document software Loio. Our...
Additional facts:
- For its accurate revision, LawGeex can update the legal workflow guidelines of law firms and solo attorneys;
- With LawGeex, attorneys have closed three times more deals than they would when reviewing the contracts manually.
Conlusion
Contract analysis software can bring more speed and visibility to the daily work of lawyers and law firms. AI-powered contract reviewing with such tools as 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.
