Large companies have a problem: Keeping tabs on their hundreds or even thousands of contracts and knowing what is in them.
The legal technology company Knowable believes it has a solution to that problem: Technology that translates contract language into structured data to give companies a broad understanding of what contracts they have, what is in those contracts and what parts of the business they affect.
Yesterday, Knowable formally announced the launch of this contracts management platform, which uses a combination of artificial intelligence and human intelligence — what Knowable calls its “lawyer-in-the loop model” — to turn contract language into usable data and provide graphic insights into what those contracts say and do.
“Contracts are wildly undermanaged and under-leveraged today,” said Mark Harris, CEO of Knowable. “Contracts govern every aspect of every commercial arrangement a company has, making them one of the most valuable and powerful information assets in business. And yet most companies can’t even find their contracts, let alone tell you what’s in them.
“Our sole focus is helping our clients know what’s in their contracts, translating dense legal language into data that’s intelligently structured and impeccably accurate.”
Knowable’s platform has its roots in the alternative legal services company Axiom, of which Harris was cofounder. Last February, gearing up for a possible IPO, Axiom spun off its technology and managed services entities into two new companies: Knowable and Axiom Managed Services (now Factor), while staying with its core business of providing on-demand legal talent to corporations.
Last July, LexisNexis announced an investment in Knowable and a joint venture by which Knowable would continue to operate independently, but would be able to have access to LexisNexis’ brand, resources and infrastructure. In December, Knowable hired Nicholas Reed, who had been vice president of product strategy at LexisNexis and earlier was cofounder of legal research startup Ravel Law, as senior vice president of product and research and development.
At Legalweek in New York last week, Knowable’s platform won both the Judges’ Choice and Professionals’ Choice awards in the LegalLaunch: Product Innovation Competition.
The platform uses both AI and human reviewers to translate contract language into structured data. It is offered as a standalone product or can work in tandem with other enterprise applications.
It features drag-and-drop functionality for adding documents individually or in bulk, advanced search and filtering functionality, and initiative reporting through visual dashboards.
“By translating prose into positions, we are helping the in-house lawyer evolve his or her role into that of a more modern risk manager, presiding over the company’s most precious assets and opportunities,” Reed said in a statement issued by the company.
“It’s an exciting time across the board, but this technology doesn’t just make lawyers better, it changes how businesses operate and that captures the attention of general counsel and the C-suite in a way other legal technology can’t.”