Radiant Law is to collaborate with LexisNexis on the exploration and development of new technology solutions for clients, in particular around contract analysis and process improvement.
The UK technology and outsourcing boutique, which provides a managed legal service for high volumes of procurement, licensing, sales and other commercial contracts, is teaming up with Lexis to look at new ways of applying technology to give greater insight and speed up the contracting process in order to minimise risk, reduce cycle times and boost revenue for clients.
Radiant’s CEO Alex Hamilton told Legal IT Insider: “We know that clients and in-house teams are really looking for insight into their contracts. There are lots of tools being built around contract management but they don’t show you where the problems are or how to close the contract faster. It’s an interesting time now tools such as machine learning are available to answer those questions. Given we spend our days and nights agonizing over how to improve processes and given LexisNexis’ firepower, it will be a great combination.”
“Customer-driven innovation is at the heart of how we develop new products and solutions for our customers,” said Ridhima Raina, Director of Strategy & Business Development at LexisNexis UK.
Signalling further similar initiatives to come she added: “We look forward to collaborating with innovators such as Radiant Law in developing new solutions that add significant value to lawyers in private practice and corporates.”
Radiant has long used its own proprietary drafting tool, Remarkable to speed up contract review. Remarkable extends Word to include a toolbar of over 50 features in order to help legal teams speed up review turnaround times, view issues and improve the value of contracts. One of those features is Remarkable Uno, which helps users to quickly search across multiple complex contracts for multiple terms.