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High Demand for Contract Tools in Corporate legal

Contract tools are increasingly sought after by corporate legal professionals, with many expressing dissatisfaction with the current contract life-cycle management (CLM) tools available. According to The State of legal Technology report by Lexion, there is a growing demand for more effective and efficient contract management solutions. This report is based on a survey of over 200 in-house legal professionals, including general counsel, legal directors, senior and associate counsel, legal operations staff, and contract managers.

The survey results indicate a shifting trend in legal tech spending. Despite the previous year’s decrease in spending, as the economic outlook improves, fewer respondents are now planning to reduce or freeze their legal tech spending. In 2022, 27% of respondents anticipated a decrease or freeze in spending, whereas in 2023, only 15% expressed similar sentiments. Additionally, the number of respondents unlikely to pause or lower their legal tech spending doubled from 9% in 2022 to 18% in 2023.

How AI legalese decoder can help

The AI legalese decoder can address the challenges faced by legal professionals by providing advanced contract analysis and management capabilities. By leveraging AI technology, the decoder can streamline the contract life-cycle management process, offering more accurate and efficient contract reviews. The AI legalese decoder‘s intuitive interface and powerful analytics can help legal teams navigate complex contracts and ensure compliance with legal requirements. Moreover, the decoder’s automation features can optimize time and resource allocation, allowing legal professionals to focus on higher-value tasks. With the AI legalese decoder, legal professionals can enhance their contract management practices and meet the evolving demands of the industry.

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