LexCheck Review: Features, Integration and Pricing 2023

Reviewing complex legal paperwork can be a lot to handle. According to Global Legal, 65% of legal professionals lose time on administrative tasks. But now, thanks to AI-powered tools like LexCheck, these tasks can be completed faster, making negotiations quicker and more efficient.

LexCheck offers an intelligent solution to speed up contract review and negotiation. In this article, we will review LexCheck in detail to help you determine if it’s worth your investment.

LexCheck Overview

LexCheck is a legal technology company that helps businesses deal with contracts faster. The AI-driven platform accelerates business transactions by automatically reviewing and adjusting contracts before execution. It systematically analyzes the contracts and makes essential changes all by itself. 

LexCheck is programmed to manage first- and third-party paper and can work with various contract types. The platform’s functionality ranges from regular commercial contracts to complex, high-stake agreements.

Gary Sangha, a lawyer and social entrepreneur, founded LexCheck in 2015 after experiencing firsthand how friction affects business growth and expansion. According to Gary, friction is the enemy of progress and can occur when teams have different goals, agendas, or structures. Gary created LexCheck to improve contract negotiations and empower businesses to grow faster.

In an interview with TechCrunch, he stated that business leaders have four main priorities that impact contracting teams. These are reducing costs, improving risk management, digitizing the business, and enabling growth. LexCheck Technology’s solution directly addresses these priorities. 

Since its establishment, the company has served over 14 industries and raised over $22M in venture capital.LexCheck raised $17M in its latest series A funding led by Mayfield Fund. The company promised to use the funds to develop its contract review technology further. 

Following this promise, LexCheck announced the launch of its new AI, LexCheck Copilot, in September 2023. The AI assistant helps accelerate contract drafting, reviewing, and editing. It does this by automatically proofreading the contract, reviewing in-line issues, and suggesting fixes. 

• Established: 2015
• Founder: Gary Sangha
• Offices: New York, US (Headquarters), Toronto, Canada

5 Core Features of LexCheck

Expert Opinion

Rating: 4.5/5

The LexCheck contract acceleration and intelligence platform streamlines negotiations by delivering redlines and issues lists in minutes.

We’ve confirmed LexCheck to be a great contract review and risk assessment platform. It helps businesses of different sizes save time and money, improve efficiency, and reduce risks. The platform uses AI to review and markup contracts according to an organization’s unique playbook in minutes.

We particularly love how LexCheck can revise clauses within contracts in no time. Another impressive ability of LexCheck is that it offers features for various levels of contract drafting and review. This ranges from standard commercial agreements to complex deals.

LexCheck not only improves accuracy in contract reviews but also integrates well with existing legal systems. This reduces the time and resources needed for document processing. 

However, it is worth mentioning that LexCheck can be expensive for small businesses. The high price of the solution may be a challenge. That is because while the platform provides excellent technology, it doesn’t help a business grow in all ways.

Overall, LexCheck is valuable for businesses looking to improve their contract management process.

LexCheck Notable Features

LexCheck offers several notable features that make it stand out compared to alternatives. These core features are:

1. Contract Review Automation

Automating the contract review process helps save legal, sales, and procurement teams substantial time and effort. With the feature, you can email or upload your contract to the platform and receive a markup in less than five minutes. You can also deliver contextual comments, insertions, and deletions so that the original contract remains mainly intact.

LexCheck uses Natural Language Processing (NLP) and machine learning algorithms to extract and analyze essential information in contracts. This often involves the parties involved, work scope, and payment terms. Upon examining the contract’s terms, the platform offers relevant suggestions for improvement.

LexCheck’s knowledge bases also contain information about standard contract terms and conditions. It is equipped with the best practices for contract drafting and negotiation, reducing your review time by up to 90%. The automated contract review feature helps free your legal team to focus on other high-value, strategic tasks.

2. Risk Identification and Mitigation

Identifying risks in contracts is essential to closing beneficial deals for a business. LexCheck’s risk analysis feature helps you quickly detect and mitigate potential risks. These risks may include unfair contract terms or potential conflicts of interest. It might also be the financial implications of different contract provisions.

LexCheck uses various techniques, such as keyword analysis, semantic analysis, and financial modeling, to assess these risks. Using LexCheck, you can lower risks and ensure consistency by aligning your team around a contract playbook. This way, every party involved understands their position in the agreement.

3. Contract Playbooks

Contract playbooks train the AI on your negotiation best practices to further accelerate the review process. You may wonder why you need contract playbooks. It’s common knowledge that every organization faces liability. Ensuring company-wide consistency in contract negotiations helps to manage risk and maximize sales. LexCheck allows you to apply your contracting best practices to every contract reviewed.

LexCheck offers two major playbook types to help with your contract review process. These are core playbooks and custom playbooks. The core playbooks include ready-to-use guides that can be implemented across various commercial contracts. 

Developed with input from Fortune 500 legal teams, core playbooks offer near-instant implementation. They suit standard commercial contracts, such as NDAs and software license agreements.

On the other hand, custom playbooks are made for a company’s unique contracting needs and negotiation guidelines. Using custom playbooks, you can ensure the contracts follow your preferred legal position. LexCheck can also customize playbooks to meet specific industries or organizations’ demands.

4. Communication and Collaboration

LexCheck offers a scalable solution for various industries. These entail global enterprises, private equity, and law firms. It also provides solutions by departments. This way, relevant team members and stakeholders can collaborate efficiently to close deals. Users can track ongoing contract negotiations as they occur using a centralized platform.

The platform’s real-time monitoring features help you remain updated on contract progress. You can see who views or comments on each document. Its messaging features streamline communications between teams. Task management features also make it easier to assign tasks within the application.

LexCheck provides a centralized repository for all contract documents, including drafts, redlines, and final versions. This makes it easy for your legal team to collaborate with other stakeholders and make more informed decisions.

5. Reporting and Analytics

Effective reporting and analytics tools are essential to assess growth within any platform or business. LexCheck offers analytics to track contract performance and identify possible improvement areas. For example, you can generate reports on the average time to review contracts.

LexCheck’s reporting and analytics features include contract performance, risk, and negotiation reports. Contract performance reports provide valuable insights into the average time to review contracts. It also states the number of contracts negotiated and those closed.

Contract risk reports help identify common errors, omissions, and contract terms that might not benefit you. Negotiation reports generate the most negotiated contract terms. It also lets you know the contracts that take the longest to negotiate. Overall, these reporting and analytic features help you identify what you’re doing right and how to improve your contract management process.

LexCheck Integrations

LexCheck offers seamless integration with existing Contract Lifecycle Management (CLM) solutions to complement their capabilities. It also integrates with many popular CRM and eSignature systems. Microsoft Dynamics 365, DocuSign, Salesforce, and HubSpot are a few.

These integrations allow you to automatically create contracts from CRM data, track the contract progress, and sign contracts electronically. More of its integrations include AdobeSign, HelloSign, and PandaDoc.

LexCheck also integrates with legal and business software applications to improve stakeholder collaboration. These software include ContractPodAi, Coupa, NetDocuments, and ContractWorks.

Plans and Pricing

LexCheck uses a subscription-based model for its payment. The platform’s pricing can vary depending on three variables. First, the number of contracts to be reviewed. Second, the level of risk assessment. Third, the extent of its reporting and analytics features. LexCheck offers a free trial to enable businesses to try out the platform before committing to a paid subscription.

To use the platform, you can book a demo on the company website. To schedule a demo, prepare to fill out a form detailing your basic contact information. They typically request your full name, job title, company name, and business email. Once you submit the form, LexCheck’s team will reach out to the business email provided.

Contact the company’s sales team for a specific quote based on your business’s needs.

Terms and Policies

Like most online service providers today, LexCheck has defined terms of service that guide the use of its customer’s data. Before using the company website, applications, plugin, or any other properties, you must agree to its terms of service. Compliance with all its applicable laws and regulations is also necessary.

These service terms include its copyright, refusal rights, and non-permissible use by minors. To use LexCheck’s services, users have to be at least 18 years of age and legally able to enter a contract. It is the user’s responsibility to review these terms. 

So, consider reading them thoroughly before agreeing to use the platform. If you find it unacceptable or disagree with the company’s terms, please do not use the site or any of its applications.
LexCheck also takes user privacy seriously. You can tell by their privacy policy designed to keep your personal and financial information secure. While using the platform, you may need to provide your contact, demo, and financial data. You may have further questions or concerns about the use of your data. If so, contact the company at support@lexcheck.com.

Customer Support

To access LexCheck’s customer support, you can reach them from the company website. Click on “Get in Touch” to showcase your interest in using the platform. LexCheck will provide you with a form to input your details and email address. A company representative typically responds within 24 hours.

Final Words

A Forrester study found that companies using CLM technology saw a 356% ROI over three years. The study found that a thorough contract analysis tool can lower costs for hiring lawyers to review documents. It also reduces mistakes and potential risks. 

Implementing contract management solutions can be time-consuming and challenging to deploy. LexCheck, however, boasts of quick and seamless deployment to reduce your IT team’s burden.

Are you wondering if LexCheck’s technology can give the same results for your legal team? Go to the Company website. There, you can schedule a demo and check out the tool’s features.

Contributors: Queen Quadri (Technical Writer), John Ayanfe (Graphic designer)