AI legal tech pioneer, LawGeex approved to participate in Utah’s groundbreaking regulatory sandbox program, granting AI the first-ever license to practice law.
NEW YORK (PRWEB) MAY 04, 2021
LawGeex today unveiled the Utah Supreme Court’s decision to grant the legal technology company authority to practice law as a company under the state’s new regulatory sandbox program. Designed to rethink the legal system and increase access to legal services, the program permits nontraditional legal services providers, including those with non lawyer investors, to deploy innovative legal business models that deliver high-quality, affordable legal services.
Utah’s path to a better legal system has accelerated opportunities for innovation in the legal industry. LawGeex, the first company to bring AI-driven Contract Review Automation (CRA) technology to the legal industry, is again at the forefront of innovation as the first AI technology now licensed to practice law.
“The evolution of LawGeex from a ‘technology product’ to an end-to-end contract review and negotiation solution for clients was well underway,” said Noory Bechor, Co-founder and CEO at LawGeex. “This program has accelerated our path to providing clients with a more holistic solution that will add tremendous value to their work by improving the efficiency and accuracy of the entire contract process.”
The ability to practice law under the sandbox program brings with it several highly anticipated advantages for businesses who lack in-house legal resources or are looking to increase efficiencies in the deal-making process, including the ability to
leverage LawGeex’s team of AI-powered experienced attorneys to receive data-driven legal advice, and
delegate the entire contract review and negotiation process to LawGeex’s Managed AI, thereby reducing additional third-party involvement, cost of external counsel, etc.
“The legal industry is experiencing massive transformation led by the adoption of technology. The Utah Supreme Court’s decision to include LawGeex in the regulatory sandbox program is testimony to AI becoming mainstream. Our unique Managed-AI approach empowers us to drive an innovative service model as an affordable alternative to traditional legal services that will undoubtedly benefit clients,” said Bechor.
“We hope that by allowing AI technology and digital intelligence to propel legal practices into the 21st century, we will better meet the legal needs of the business world, but also create new jobs at the intersection of law and technology.”
LawGeex is the first AI company to be added to Utah’s regulatory sandbox program, joining approximately 20 other innovative companies that have been granted a limited license to practice law.
The LawGeex AI-powered platform reduces cost and accelerates deal closure by automating the complex legal work of pre-signature reviewing, redlining, and negotiating contracts. Legal teams can offload routine work to refocus their efforts on strategic issues and reduce risk and cost. LawGeex’s managed AI has been recognized by Gartner and HBO as a leading force in bringing powerful innovation and technology to the legal world. Dozens of Fortune 500 and Global 2000 companies—including HP, eBay, and GE Power—trust LawGeex.