Contracts are essential to any business operation. They set expectations, protect interests, and lay the foundation for strong relationships.

That’s why a thorough contract review is indispensable.

“Half-heartedly reviewing contracts is almost always a path to problems down the road.  If a contract lands on your desk, grab a big mug of coffee and clear some time to do a proper reading. Take the time to do it correctly.  Everyone will be glad you did, especially you.”
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~Sterling Miller, CEO and Senior Counsel for Hilgers Graben PLLC
Ten Things: HOW TO READ A CONTRACT

Legal teams sometimes rely on professional contract review service providers to simplify contract reviews and uncover ambiguities. These providers bring legal expertise and experience, flagging issues and suggesting redlines relevant to your company. They help you:

• Save time: Professionals handle the time-consuming review process, allowing you to focus on growing your business
• Mitigate risk: Their legal insights protect you from detrimental terms or ambiguities, safeguarding your interests
• Ensure compliance: Services keep contracts aligned with current laws and industry standards, reducing legal exposure
• Foster better relationships: Clear contracts help establish trust and cooperation between parties, promoting healthier business relations

What you should look for in a contract review service provider

• Expertise: Ensure the provider has a team of seasoned legal professionals. Their industry-specific knowledge is key to addressing unique challenges. This allows them to provide insights tailored to your sector, handling specific regulatory and business nuances
• Comprehensive review: The service should cover essential aspects such as risk analysis, compliance checks, and clear language to ensure solid contracts. This helps prevent costly mistakes, mitigate potential risks, and ensure legal soundness
• Turnaround time: Time is money. The provider should offer fast reviews, helping you stay agile. Quick responses allow your business to capitalize on opportunities, avoiding delays that could lead to missed chances or disruptions
• Price and value: Balance cost and quality. A higher upfront cost can provide long-term value by reducing risks. Remember, quality services might seem more expensive at first, but they can save money in the long run by avoiding legal pitfalls and streamlining operations
• Technological integration: Look for providers that use AI and other tools. This streamlines the process, reduces human error, and speeds up reviews. AI tools can also help detect patterns and anomalies more effectively, enhancing the overall quality of the contract review

Also read: How to Choose the Best AI Contract Review Software

Top 6 contract review service providers for in-house legal teams

When choosing a contract review service provider, consider the unique needs of your in-house legal team and then find a partner that aligns with those needs.

#1 Lex by SpotDraft

Lex is a dedicated team of legal experts who handle routine legal tasks so in-house legal teams can focus on helping the business make key decisions. Lex offers contract reviews tailored to the unique needs and guidelines of your organization, ensuring compliance and consistency.

Lex aims to save you time and provide peace of mind, knowing that your contracts are being carefully reviewed by trusted professionals.

Pros:

• The team speeds up the contract review process
• You get 24x7 support
• The team also helps with CLM implementation if needed

Cons:

• The pricing might be higher for small businesses or startups

#2 WNS

WNS offers comprehensive contract review services utilizing advanced AI to speed up the process and reduce manual errors. They handle large volumes of contracts efficiently and provide a range of legal outsourcing services to help businesses focus on core activities.

WNS combines technology with a team of over 300 legal professionals to provide high-quality, accurate, and secure legal support services. Their services cover everything from contract abstraction to review and compliance monitoring.

Pros:

• Advanced AI technology for faster review
• Efficient management of large contract volumes
• Reduces manual errors and improves accuracy

Cons:

• Initial setup time and costs may be high
• AI may not catch nuanced legal issues

#3 Elevate

Elevate provides comprehensive contract review services combining technology and human expertise. Elevate offers end-to-end contract review services, leveraging proprietary AI technology and expert analysis to transform contract data into actionable insights.

Elevate’s managed contracts services include drafting, reviewing, and negotiating routine contracts, freeing up your lawyers for higher-level work.

Pros:

• Combines technology with human expertise for accuracy
• Flexible solutions tailored to specific needs

Cons:

• Can be more expensive than purely tech solutions
• Might face integration issues with existing systems

#4 Infosys‍

Infosys leverages its tech prowess to offer contract review services that streamline your processes. They focus on automation and AI to make the review process faster and more efficient. Infosys provides a suite of services including contract drafting, review, negotiation, and compliance monitoring, all supported by its robust technology infrastructure.

Infosys's approach to contract review is designed to reduce manual errors and speed up the process.

Pros:

• Strong technology integration
• Streamlines overall contract review

Cons:

• Significant investment may be required
• Potential learning curve for new users

#5 Clairvolex

Clairvolex offers AI-powered contract review services focused on accuracy and reducing review times. Their scalable solutions are suitable for handling complex contracts efficiently. Clairvolex's AI-driven platform automates the contract review process, providing quick and accurate insights into contract terms and obligations.

Clairvolex's solutions are designed to be adaptable to various business needs, ensuring that their clients can handle increasing volumes of contracts without compromising on quality​.

Pros:

• AI technology reduces review times
• High accuracy in complex contract management

Cons:

• Initial setup might be complex
• AI limitations in understanding context-specific nuances

#6 QuisLex

QuisLex brings a lot of expertise to the table. They specialize in contract review and management, focusing on compliance and risk mitigation. Their team of experts ensures that your contracts are handled with the utmost care and accuracy.

QuisLex offers services such as contract abstraction, summarization, risk assessment, and compliance monitoring.

Pros:

• Expertise in compliance and risk mitigation
• High reliability and accuracy

Cons:

• Higher cost due to expert involvement
• Variable turnaround times depending on contract complexity

Also read: Revolutionizing Contract Review with AI and Manual Validation

Try Lex for comprehensive contract review services

Lex by SpotDraft provides a comprehensive suite of services, including drafting, reviewing, and storing contracts. The platform leverages AI to automate routine tasks, speeding up processes, and enhancing workflows​.

On-demand expertise

Lex offers trusted legal experts who handle various tasks efficiently, from drafting contracts to ensuring compliance with relevant laws and regulations. This support gives in-house legal teams confidence and guidance​.

Flexibility and customization

Lex tailors its services to specific business needs, including contract review, to accommodate different industries and workflows. This customization ensures that legal teams get the support they need to meet their objectives​​.

For in-house legal teams seeking comprehensive contract management, Lex is a valuable option. Consider booking a demo to explore its capabilities, simplifying operations, and fostering stronger business relationships.