Accelerating the Deal Cycle with AI: A Conversation with Gary Sangha, Founder and CEO of Lexcheck
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In an era of technological disruption across industries, legal processes often appear stuck in the past. Amidst red tape and decades-old precedents, Gary Sangha sees not obstacles but opportunities.
In his role as the founder and CEO of LexCheck, Sangha is actively exploring how AI can revolutionize legal tech, seeking to reshape the way transactions are managed by legal teams. Prior to establishing LexCheck, Gary blazed a trail in legal innovation as the founder of Intelligize, later acquired by LexisNexis. Commencing his career in securities law at esteemed firms like Shearman & Sterling in NYC and White & Case in Hong Kong, Sangha observed the hurdles confronted by corporate legal teams, recognizing a significant opportunity to leverage technology for solutions.
LexCheck: Accelerating Legal Workflows with AI Precision
At the core of LexCheck’s mission is streamlining and fortifying legal processes. Powered by AI, LexCheck offers contract review and negotiation technology and services, including industry-leading turnaround times. The platform leverages Artificial Intelligence, including Natural Language Processing (NLP) and Large Language Models (LLMs), to speed up reviewing, editing, and negotiating processes, which in turn improve sales velocity.
Azure AI Services in Action: LexCheck’s Accelerated Contract Workflows
To build the solution, LexCheck employs Microsoft’s AI Services to extract, analyze, and understand the meaning and structure of contracts. The platform harnesses Azure OpenAI to enable auto-proofreading, clause generation, provision mutualization, and cross-references analysis. The result? Accelerated contract workflows, reduced risk, and improved quality for LexCheck’s customers.
By utilizing Azure OpenAI Service, LexCheck seamlessly taps into GPT-3.5/4, automating the redlining process and simplifying the negotiation of contract terms between parties. The collaboration between LexCheck and Microsoft’s AI Services expedites the development and scaling of AI solutions, ensuring a faster, more straightforward, and cost-effective process.
LexCheck is exploring the prospect of leveraging OpenAI and Azure OpenAI Service for upcoming initiatives. The “Bring Your Own Data” approach aims to utilize proprietary data sources, enhancing document intelligence with increased accuracy and customization. Additionally, LexCheck is exploring the promise of multimodality, processing various document types and leveraging GPT Turbo + Vision for broader business scenarios.
Unlocking Efficiency: LexCheck AI Solutions Save 65–85% Time on NDAs
LexCheck users benefit significantly from AI solutions, saving 65–85% of time on NDAs. RSM, the sixth largest global accounting firm, experienced a 75% decrease in time spent reviewing NDAs, saving over 800 employee hours annually and scaling growth.
Attending conferences and trade shows is a valued part of NetApp’s marketing strategy, yet the contract review process was exceptionally time consuming. Procurement would review each sponsorship agreement for deviations from NetApp’s preferred position, then send to Legal for feedback. While an important process, it was tedious for all involved. After working with LexCheck, NetApp achieved a 90% reduction in time spent reviewing sponsorship contracts and a staggering 99% reduction in associated training costs, enabling teams to focus on revenue-generating tasks.
Navigating the AI Hype: Advice for New Startup Founders
For new founders stepping into the AI startup realm, Gary suggests companies prepare for the potential descent of generative AI from the Peak of Inflated Expectations to the Trough of Disillusionment. Drawing parallels with past innovations such as the dot-com bust, Gary emphasizes the cyclical nature of innovation cycles. In this stage, he advises against adopting AI solely for its novelty or dismissing it due to present shortcomings. Instead, founders should take a measured approach and focus on solving their customer’s core needs.
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