On September 16, we hosted a webinar on how to review contracts smarter and faster by using legal document software Loio.
Our speakers — the Product Manager Liliia Kushnir and the Head of Business Development Andrii Pantelelienko — showcased how any contract professional working in Microsoft Word can benefit from every one of Loio’s features. These include Summary, Table of Contents, and Styling.
If you weren’t able to attend the webinar, don’t worry! In this article, you will discover how you can save time and bring even more value to your clients by automating contract review with Loio.
Before we dive deeper into how Loio can bring your contract review to the next level, let us share a quick story of how the idea of Loio came to life in the first place.
How Loio emerged to make contract review and drafting more efficient
The idea of Loio was born in 2017. Our team was in the middle of an acquisition deal for our previous NLP-powered product in the field of edtech. The in-house legal team was incredibly stressed out as it was drowning in the impossible amount of legal documents to review really quickly. That’s when we first thought about a technological solution to streamline the process of working with contracts to help our lawyers. Luckily, we had both technological and legal expertise to do it successfully.
After conducting deep market research in 2018, we started developing Loio, AI-powered software for efficient contract review and drafting in Microsoft Word.
When using Loio is most beneficial
The main way to use Loio is, of course, to review contracts. But here are some specific cases where Loio can be especially useful:
- Reviewing the other party’s contract.
- Reviewing a contract before signing.
- Getting a quick overview of a signed contract and identifying the key data in a document of any length.
How you can benefit from Loio’s features
This is the first block of Loio’s functionality. The Summary feature scans your contract, extracting all the key data from it.
In this section, you can find out the health score of your document, browse through key terms used in the contract, and get the list of critical and mild issues that were found in your document. Let’s go through each feature:
- Health Score gives your document a score out of 100, based on the issues detected in the contract as well as the formatting bugs. It shows you how well-drafted your document is, and lets you track its progress as you edit it.
- Key Terms card collects all the important information from your contract: definitions, parties, essential terms such as money, parties, dates, places, etc. It is intended to help you quickly review the accuracy of the most critical details in your contract and navigate through the document by clicking on chosen terms.
- Critical Issues feature redlines all serious inaccuracies in the document, such as the discrepancy between the numbers and words in money amounts.
- Mild Issues feature is intended to spot the errors which are not so critical but still could lead to confusion.
Table of Contents (ToC)
Table of Contents is intended to help you navigate through your contract in the most convenient way. It provides you with the clear and simply organized structure of your document, letting you jump from the Title to a preferred Article just in one click.
As it was announced at the webinar, huge updates of this section are coming soon: ToC will be supplemented with the Clause Analysis tool. Thus, Loio’s users will handle clause management easily.
Last but not least, this block of functionality is the favorite one for a big part of our clients. This section lets a user quickly fix the most irritating formatting bugs, e.g. those that appear after the PDF to DOC conversion.
The styling feature identifies all of the styles used in the document, for example, the typeface and the font size used in headings or the body text. If some part of the text does not correspond to any of the identified styles (such as paragraphs pasted from other sources), Loio separates it into a different block. Then, if you wish, you can fix the inconsistency by merging this block with one of your main styles.
Though it may seem not a big deal, this feature can save a ton of time by relieving lawyers who care about formatting from the need to change the wrong fonts or line heights manually. It can also save money. Have a look at Loio’s recent case study with small law firm Brinen and Associates that expects to save roughly $150,000 per year thanks to optimizing legal document review.
Check out the webinar’s recording, too: https://www.youtube.com/watch?v=nONOklobPEU
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