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Bringing contracts into the digital age

2 Jul 2019

by David

How Lexible, the universal contract language, is disrupting more than 1,000 years of legal contracts

The missing link in our evolution

Humankind has accomplished much in the last 1,000 years. From the language of Shakespeare and the art of the renaissance, to the moon landings and the world wide web, progress has been nothing short of remarkable.

But one thing that has not evolved is the way in which legal contracts are written and used. The basic concepts have not changed since the days of Plato back in 458 BC – the fundamental essence of a contract is still a story-telling narrative. In contrast to today’s digital age, contracts remain rooted in their analogue past.

And that inertia stifles growth. New technology is powering growth in multiple sectors around the world. Innovation has helped businesses bring new products to market, find new ways of servicing clients, and open up new sources of income for forward-thinking organisations.

But the lack of technological advancements has held back law firms, resulting in a core problem of unpredictable revenue. In the face of increased competition, traditional revenue streams are unreliable. Businesses in the legal sector need new ways to drive income.

At the same time, customer expectations have evolved. Clients demand ‘as-a-service’ delivery, tapping into expert resources and paying for services as and when required. The days when a client was willing to accept waiting for a week for a review of an incoming NDA from their retained law firm are over.

So how can legal firms break the mold? What new tech opportunities exist to change the status quo? 

Standardising contracts for the digital age

Lexible is a universal contract language framework developed by experienced lawyers and leading-edge computational linguists. Lexible is concerned with classifying precise points of meaning often drafted using diverse wording in analogue contracts.

This means that legal professionals can use Lexible as a building block within ThoughtRiver’s platform to extract critical information from any contract with greater speed and accuracy.

This introduces a range of benefits for legal professionals, with the opportunity to work more efficiently and open up new sources of revenue.

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