Lexion Contract Management Software Review 2023
Contracts are the lifeblood of business. They define every business operation. Therefore, management of all contracting processes becomes critical for every business, considering that poor contract management practices typically result in about nine percent of their revenue loss. Lexion is a contract management software that helps companies manage their contracting processes efficiently.
With its AI-powered features and flexible integrations, Lexion promises to be one of the top choices in the contract management niche. This article delves deeper into Lexion’s features, integrations, pricing, and terms, including a company overview.
Lexion Overview
Lexion is a contract management software that makes contract automating, reporting, and organizing more manageable. It provides the essential features and integrations businesses need to improve efficiency and collaboration. With automated contract updates and alerts, you can stay ahead of timelines and tasks, allowing teams to focus on more strategic tasks.
The founders of Lexion met at the Allen Institute for AI in 2018, a year that marked several breakthroughs in natural language processing. The possibilities of natural language processing compelled the trio to work toward building a system that eliminates the tedious and repetitive tasks in operations. They designed a system that files contracts, extracts essential elements from them, and eliminates manual reporting.
Simplicity is at the core of Lexion’s design, as it boasts easy adoption and doesn’t require IT training or machine learning knowledge. With this software, operation teams can get their job done faster.
Lexion is backed by investors such as Point72 Ventures, Citi Ventures, Khosla Ventures, Madrona, and Wilson Sonsini. Companies like Hippo, OfferUp, WorkBoard, Outreach, TalkingRain, and Apptio trust Lexion and use their services. This may be because integrating Lexion into your system doesn’t require changes to existing processes.
- Established: 2019
- Founders: Gaurav Oberoi and Emad Elwany
- Headquarters: Washington, United States
5 Core Features of Lexion
Expert Opinion
Rating: 4.3/5
Lexion is an AI-powered contract management software that centralizes the contracting process for organizations to help streamline workflow.
Anyone can use Lexion thanks to its simple user interface that integrates seamlessly with the tools we already use. Using Lexicon for contract management reveals a significant difference in experience compared to using a manual contract management system.
With Lexion, finding and organizing contracts becomes much easier and faster. However, one challenge is that users have to clean up after copying contracts, which can be overwhelming.
The software took little time to configure, even without technical expertise. The support team is always available to help and listen to feedback on improving its services. However, it would be appreciated if the company could have an even more robust task management system. The customer support team has a record of welcoming feedback, so we expect them to improve its features in future updates.
Lexion’s integration with collaboration and E-signature tools makes monitoring workflow within the organization and with stakeholders easier. We also didn’t need much change management when we incorporated Lexion into our system, not just for the legal team but all employees.
Altogether, Lexion is a top CLM platform that you can consider for your contracting needs, whether your business is in the sales, procurement, legal, HR, IT, procurement, or finance industry.
Lexion Notable Features
While Lexion has several features, here are some notable ones:
1. Intuitive Task Management for Contracts
Lexion’s intuitive task management feature for legal teams helps speed up contract reviews and ensure excellent workflows. This feature allows you to accelerate deals and eliminate wasted time, as it streamlines intake, signatures, and approvals. You can also have your tasks on one dashboard, get visibility into open tasks, and review stuck actions.
This single dashboard lets you see what your team is working on and the current stage of different contracts. You can get more details by clicking on your desired task, eliminating the process of sifting through several emails to find the status of a deal. With this task manager, you can retain all contract history for reference.
Stakeholders can also work with you efficiently through email, thanks to Lexion’s task management tool. You can earn their trust by leveraging Lexion’s task manager to share critical metrics, such as reviewed contracts and time taken for the review.
The deputy general counsel at Fox Factory, Michael Leman, shared how Lexion makes workflow easier, as anyone in the company can ask for contract reviews through emails, and he can manage the process in one place.
2. Contract Repository
Lexion boasts of an AI-powered repository that helps you organize all your contracts in one place. That enables you to save time as anyone can easily find contracts and get automated alerts for crucial dates like contract expiration and renewals. An intelligent repository with all contracts can help you gain relevant insights into your contracts in minutes.
Lexion’s smart repository AI automatically reviews contracts and extracts key terms based on a third-party paper or a desired template. The intelligent repository also has a search feature that lets you quickly find relevant results by entering a clause type or party name. As a result, it eliminates the time it may take to check through folders and shared drives.
A benefit of this feature is the automatic update. Once saved, reports update automatically with new data that you can easily export or share with team members.
Kate Gardner, the legal operations director at Apptio, shared how Lexion helped the company analyze about 10,000 commercial agreements and helped the business scale up.
3. No-code Automation
You can complete tasks faster by automating processes like assigning task ownership, gathering approvals, and routing for signatures. With Lexion, you can increase efficiency and standardize processes by building automated workflows without IT support. This no-code automation feature makes it easier to create end-to-end computerized workflows.
Lexion can automatically generate template contracts, add followers, and send documents for signature. When necessary, the system can easily update these processes based on task status changes or deal details. This automation makes it easier to enforce standards for your contract processes.
4. AI Contact Assist
Lexion has a GPT-powered legal co-pilot that can help accelerate contract renewal, drafting, and redlining. AI Contract Assist puts the power of generative AI inside Microsoft Word and accelerates reviews by 80%, reducing deal cycles. You can leverage this tool to enforce your standards to scale, managing risks and compliance.
With AI Contract Assist, you can automate contract reviews against your playbooks to ensure they agree with your preferred position. You can explain the rules you desire your contracts to follow, and the AI creates a template based on this. This way, you can create multiple playbooks for different contract types and save them for when you need them.
With AI Contract Assist, you can generate new clause language by simply describing the language you’re looking for, and it will provide relevant suggestions. This AI will flag essential language for reviews and give suggestions to ensure compliance. It eliminates the time spent looking for examples on the internet.
Lexion Integrations
Lexion API allows you to create robust, secure, custom integrations with your crucial business systems. It also integrates seamlessly with several tools your business relies on to ensure a fully connected contract management system. Below are some integrations of the CLM software.
1. Collaboration Tools
Tools like email, Microsoft Word, Slack, and Microsoft Teams work efficiently with Lexion. Its email integration allows you to streamline legal intake, task management, and collaboration without the hassle of learning a new system. Stakeholders can easily send and receive approvals and legal requests through email.
Lexion works smoothly with Microsoft Word and supports simplifying and reviewing contracts. You can leverage this integration to save new contract versions and update drafts without leaving Word. What’s even better? Lexion automatically notifies team members working on the same page when contract changes occur.
Integrating Microsoft Teams and Slack maximizes efficiency by automating tedious administrative work. On the Teams and Slack applications, it has a practical chatbot that can access the contract repository and provide answers to queries. Stakeholders can get answers to their inquiries through the chatbot, allowing team members to focus on more critical tasks.
2. CRM Integrations
Lexion integrates seamlessly with CRM tools like HubSpot and Salesforce. Through this integration, you can accelerate deals and increase visibility by sending sales contracts, submitting tasks, and sending documents for signature without leaving HubSpot. You can access surface task status, massage history, activity log, and signature status while eliminating duplicate data entry and minimizing errors.
It also allows you to share crucial information across both platforms, making teams work more productively. You can also find important documents quickly.
3. E-signature Tools
With Lexion E-signature integration, you can easily use tools like DocuSign, Adobe Acrobat Sign, and HelloSign. These tools allow you to prepare, sign, report, and send files on contracts more easily without leaving Lexion. Signed documents are also automatically saved on the system, and you can get real-time updates and monitor the activity log on signature status.
Such an integration lets you see when someone signs or views a document, giving insights into who to follow up on. With the E-signature integration, you don’t have to worry about your repository being current because Lexion ingests contracts from DocuSign, HelloSign, and Adobe Sign.
4. Storage systems
You can centralize your contract portfolio by leveraging Lexion integration with storage systems like Dropbox, Google Drive, Smartsheet, and Box. That helps you create an AI-powered source of truth, all in one place. Lexion imports all contracts and mandates from storage systems to create smarter document storage.
With this integration, you don’t need to search through disconnected and disorganized systems to find relevant documents. Lexion also allows you to create a backup for your contract data through a trusted secondary system. It exports tagged and cleaned AI-extracted metadata to Smartsheet, Dropbox, Google Drive, or Box.
Lexion Pricing and Plans
Lexion currently doesn’t disclose its pricing information, but you can always schedule a demo through the website. You can provide your name, email address, and company name. Then, select your preferred date and time, after which the support team assigns you a company representative and sends the demo details to your email address.
The demo covers how Lexion manages all your old and new contracts and helps streamline every legal request tracking while minimizing change management. The sales representative will also enlighten you on how you can adapt Lexion to fit your business needs. You can get a customized quote based on your business’s exact needs.
Terms and Policies
Upon paying a subscription fee, the company provides access to the Lexion software, which you will use under the terms of agreement. You cannot sell, transfer, assign, lend, rent, or lease sublicense or provide a third party with the benefits of the service. All documents uploaded by the customers or service users are owned by the customer and will be treated with confidentiality.
Lexion collects users’ personally identifiable information directly, automatically, or from other sources. The company uses this information to administer and provide you with information about your account and its services. They may also disclose this information to third parties, following the agreement you accept on purchasing their services.
Lexion and their related third-party service providers use cookies, web beacons, pixels, and other technologies to deliver functionality and features of the service. The company has implemented security measures to protect the information it processes, but it cannot guarantee against unauthorized use, theft, and loss.
Customer Support
You can contact the support team at Lexion by sending a direct message through their email address. When you click “Login” at the top of the screen, you can select the option for contact support. This directs you to the company’s address at support@lexion.ai, where you can send a custom message to the team.
You can also contact the team through their company email address at company@lexion.ai or social media handles.
Wrapping up
Negotiating and managing a contract is such a sensitive task that it deserves the utmost attention to detail. Using a reliable CLM tool can contribute to the success of a deal, as it provides transparency and efficiency. Lexion strives to cut processing and operating costs related to contract management with its robust features.You can check out their services by requesting a demo through the company website. Let us know if you’ll try their services through our social media channels.
Contributors: Roseline Sea-Nduka (Writer), Okesipe Olumide (Graphic Designer)
