Lexion, an AI-powered contract management system, today announced Lexion Workflow, a new module that accelerates the in-house legal contracting process. Lexion’s Workflow spans the entire end-to-end contracting lifecycle from intake, drafts, and negotiation, to approvals and signature. Unlike other contract management systems, stakeholders can work with Lexion’s Workflow entirely via email, eliminating the need for complex configuration and training.
“Incredibly easy is our key focus,” said Gaurav Oberoi, co-founder and CEO of Lexion. “In-house legal teams are tired of CLMs that over-promise and under-deliver. The root cause of that frustration is nearly always tied to organization-wide change management requirements and lengthy implementations. After speaking with more than 50 in-house counsel, it was clear to us that the key to unlocking value was to give legal teams an intuitive dashboard to manage intake and tasks, while letting the rest of the company simply email in requests, redlines, approvals, and follow-up questions.”
“With Lexion, anyone in our company can simply send an email asking for a contract review, and it turns the request into a task on a dashboard,” said Michael Leman, Deputy General Counsel at Fox Factory (NASDAQ: FOXF). “I can then manage the entire process in one place, while my internal clients can remain in email. Unlike the prior CLM system we used, Lexion has made company-wide adoption painless, and given our legal team tools to clearly communicate status, measure performance KPIs, and accelerate contracting.”
According to Gartner, legal departments will increase their technology spend 300 percent by 2025, and yet only realize 30 percent of the potential benefit of their CLM investments because of the complexities of requirements gathering, change management, and user adoption. Lexion is positioned to capture this demand by offering a pragmatic platform that delivers on the promise of speeding up contract review and eliminating legal busywork. Lexion will accomplish this with a focus on ease of use and AI-powered automation as key drivers.
“Many of our clients are interested in improving the contracting process,” said David Wang, Chief Innovation Officer at Wilson Sonsini. “However, they are wary of the cost of implementation, and the difficulty of getting the entire organization to adopt elaborate systems. Lexion’s novel, email-centric approach, is a game changer in that it addresses the chief barriers to adoption and dramatically increases the chance that the business will realize the benefits of the system.”
With the addition of Workflow to Lexion’s AI-powered Repository, Lexion now offers an end-to-end contract management solution for in-house legal teams that helps them capture key metrics and accelerate deals while using AI and automation to help them scale.
Lexion is an incredibly easy to use contract management system, powered by AI. We're on a mission to make legal teams highly productive and happy, by accelerating contract review and eliminating busywork through automation and AI. We use best in class natural language processing technologies to make it 100x easier for legal teams to find what’s in their contracts and automatically stay organized. Best of all, Lexion’s email-centric approach, and legacy contract onboarding, makes implementation and adoption easy. We built Lexion at Microsoft co-founder Paul Allen’s artificial intelligence research institute (AI2) and are backed by the same investors that funded OpenAI (Khosla Ventures), helped launch Amazon (Madrona Venture Group), and have advised Google (Wilson Sonsini). With a top notch and experienced team from Microsoft, Facebook, Google, and Amazon, we built a company that CB Insights ranked the #1 most promising AI legal tech startup in the world two years in a row (2020, 2021). Most importantly, fantastic brands trust Lexion to manage their contracts: Outreach, OfferUp, Blue Nile, and many more. Visit https://lexion.ai for more.
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