Helpful Summary
- Overview: We review five of the best AI tools for creating, editing, and reviewing legal documents (plus a bonus tool for getting them signed).
- Why you should trust us: We specialize in document management and have done tons of research to provide unbiased recommendations for AI legal tools.
- Why it matters: AI tools can cut document processing time by up to 50%, reduce human errors, and offer significant cost savings by automating repetitive tasks.
- Action points: Our top recommendations for AI legal tools are Genie AI, Juro, Lexis+ AI, Motionize, and LinkSquares.
- Further research: Explore the SignWell blog for more tips and tricks for efficient document management.
Looking for the Best AI Tool to Manage Your Legal Documents?
Creating, editing, reviewing, and managing legal documents can be difficult and time-consuming.
However, AI tools have recently started changing how legal documents are handled. Experts say AI can reduce the number of documents that need to be reviewed by humans by 40-60%. This has the knock-on effect of reducing human errors (and their associated costs).
Wondering which AI tools are worth your time?
This guide will showcase some top AI tools for legal documents to help businesses manage documents better. We’ll discuss their benefits and what to consider when choosing one. We’ll also introduce SignWell as a secure, efficient e-signing tool for legal documents.
Why Listen to Us?
At SignWell, we’ve helped over 61,000 businesses streamline their document management processes. We have a ton of hands-on experience with various AI tools and can provide unbiased recommendations based on our knowledge and expertise.
What are AI Tools for Legal Documents?
AI tools for legal documents use artificial intelligence to automate and simplify various tasks involved in legal document management.
These tasks can include:
- Drafting and reviewing contracts
- Extracting data from documents
- Organizing and categorizing documents
- Converting documents into different formats
- Ensuring the legality of documents
Benefits of Using AI Tools for Legal Documents
- Time Efficiency: AI tools can quickly and accurately handle repetitive tasks, freeing your team to focus on more strategic activities. Data showed that intelligent document processing reduces document processing time by up to 50%.
- Accuracy and Compliance: These tools minimize the risk of human error and ensure that documents comply with current laws and regulations. Research shows that AI document review can improve speed and accuracy by 90%.
- Cost Savings: Automating legal document processes can reduce the need for extensive manual labor, resulting in significant cost savings.
Factors to Consider When Looking for AI Tools for Legal Documents
- Ease of Use: The tool should be user-friendly and easy to integrate into your existing workflows and tech stack.
- Features and Functions: Look for specific features that match your business needs, such as document drafting, contract analysis, or compliance checks.
- Cost: Consider your budget and the potential return on investment.
5 Best AI Tools for Legal Documents
- Genie AI
- Juro
- Lexis+ AI
- Motionize
- LinkSquares
1. Genie AI
Genie AI helps businesses draft legal documents quickly and accurately. It leverages advanced AI models like GPT-4 to provide suggestions and identify potential issues in contracts and other legal documents.
Key Features
- Legal Templates: Get started quickly with over 4,700 up-to-date document templates.
- Clause Library: Quickly add more than 500 plain language clauses to your documents.
- AI Risk Review: Get real-time risk assessment and recommendations.
- Collaboration: Seamlessly collaborate with your team on document drafting and editing.
2. Juro
Juro is designed to streamline contract management. It offers AI-enabled features like automated contract creation, e-signatures, and detailed analytics to help businesses manage their contracts more efficiently.
Key Features
- AI Contract Creation: Use AI to draft contracts based on pre-set templates and inputs.
- Smart Clause Suggestions: Recommends clauses and terms based on previous contracts.
- Real-Time Editing: Let parties collaborate in real time during review and negotiation.
- Advanced Analytics: Provides insights into contract performance, risk areas, and compliance.
3. Lexis+ AI
Lexis is a popular legal database—and Lexis+ AI adds AI-powered tools to expedite contract drafting and review. It features conversational search, summarization, AI document review, and custom commands like “draft me an email based on these cases.”
Key Features
- Legal Research and Drafting: Provides detailed answers to legal questions, drafts various legal documents, and summarizes case law and other legal materials.
- Brief Analysis: Analyzes legal briefs to identify strengths, weaknesses, and relevant case law, highlighting favorable and unfavorable authorities.
- Document Summarization: Quickly generates summaries of legal documents, including key legal holdings, material facts, and the court’s rationale.
- Conversational Interface: Offers a user-friendly interface that mimics engaging with a knowledgeable colleague, improving ease of use and integration into daily tasks.
4. Motionize
Motionize is an MS Word add-on that supports AI-powered contract drafting. It adds tons of useful features to the Word document editor, allowing legal professionals to streamline their contract drafting process and increase accuracy.
Key Features
- PII Anonymization: Use AI to automatically detect and anonymize personal information in contracts for compliance with privacy regulations.
- Clause Recommendations: Receive suggestions for relevant and necessary clauses based on the type of contract being drafted.
- Clause and Definition Management: Track, search, and find relevant clauses and definitions within documents.
- Bulk Uploading and Automatic Styling: Manage large volumes of documents and have them automatically styled according to your branding guidelines.
5. LinkSquares
LinkSquares uses AI to analyze and manage legal documents. It provides insights into contract terms, identifies risks, and helps businesses easily maintain compliance.
Key Features
- Contract Repository: Centralize all your contracts into an intelligent, searchable database.
- Contract Drafting and Approval: Streamline drafting, review, and approval processes with customizable templates and integrations.
- Project Management: Manage all legal contract tasks alongside the contracts they apply to.
- Reporting: Access real-time analytics and data visualizations to track contract performance.
Bonus Tool: SignWell
Once you’ve drafted your legal documents, you may need a tool to help you securely send and sign them. SignWell may not be an AI tool, but we offer a best-in-class e-signing workflow that lets you gather legally binding signatures in a fraction of the time it would take manually.
Key Features
- Document Templates: Save frequently used legal documents as templates for quick setup.
- Drag-and-Drop Fields: Set up documents by adding signature, initial, date, and other fields.
- Document Tracking: Monitor the progress of your documents in real-time.
- Multi-Party Signing: Easily gather signatures from multiple parties on a single document.
- Signing Orders: Quickly define signing orders to keep the process organized.
Conclusion
AI tools for legal documents can significantly enhance the efficiency and accuracy of your legal processes. When choosing an AI tool, consider factors like ease of use, features, cost, and security.
We may not be an AI tool, but SignWell offers many of the same benefits—faster document turnaround times, less manual effort, and fewer errors… all while keeping your documents secure and legally binding.
Ready to streamline your legal document management? Try SignWell for free.