Elevator Pitch: LegalOn Technologies is an AI-powered contract review platform that identifies and prioritizes third-party contract risks in seconds so legal teams can negotiate with focus and precision. Lawyers love us because we automate what’s tedious and put all the practical insights and precedent clauses you need in one place to make review easy. General counsels and legal ops teams use LegalOn to accelerate contracting and maintain compliance, improving margins and increasing revenue for their business.
What makes you unique or innovative? At LegalOn, we put legal in the driver’s seat. While other platforms act as a black box and automate redlines, we prioritize risks and give legal teams the practical insights they need to decide what to negotiate. Legal teams can easily tune the alerts to their own preferences and playbook. This approach has made LegalOn in Japan the largest contract review platform in the world. And we’re just getting started in the United States – innovating new tools for U.S. lawyers as we ready for launch.
What problem do you solve? Legal teams do not want to be stuck reviewing routine contracts line-by-line and business teams do not want deals to be stuck in legal. Fully manual review of high-volume, low-value contracts drains legal’s time and energy, cuts into margins, and slows or kills deals. Yet, overlooking pivotal, hard to spot contract risks creates exposure for the business. Lawyers and business teams need a faster, more efficient way to do contract review.
Your competitors? Contract review AI is a new and emerging ecosystem with a broad range of use cases. We believe this is a massive market and view our main competition as the status quo – many lawyers are not aware of how AI can help them with contract review. There are several early-stage startups developing software products or tech-enabled services in the contract review space. There may be some CLM companies developing products in this space too, although it can be said generally that CLM companies automate workflows, not the substantive work of pre-signature contract review.
Founded: 9/17/2022. In U.S., it is headquartered in San Francisco. Its parent company, founded in 2017, is headquartered in Tokyo, Japan.
Target customer. Corporate legal and legal operations teams, law firms of all sizes, and government.
Price. Pricing ranges from five to six figures based on users, volumes, and contracting needs.
Expected 2022/2023 gross revenue? N/A.
Number of users/paying customers? N/A.
Traction to date. N/A.
Plan for growth over next five years. We believe that we are at the tipping point of a fundamental shift in how legal work gets done. We want to help innovative legal teams lead the way with faster, more efficient, and more accurate AI-enhanced contract review and negotiation. We’ll launch with a product offering aimed at the core of routine contracting, to be used by legal teams that want to innovate. Over the next several years, we will rapidly expand the variety of contracts users can automatically review and increase the number of tasks we can automate for lawyers in the contract workflow. We expect that our target market in legal will expand across industries and company and firm sizes. We’ll also support a robust set of integrations, deeper customizations, and international needs.”
Outside funding. More than $5M in outside funding
Describe any ways in which your company is diverse or promotes diversity. At LegalOn, diversity and inclusion are essential to our success as a global organization. Our founding team in the U.S. is composed of team members from the United States and Japan with a diverse range of identities and experiences. As we grow in the U.S., we strive to create a culture of mutual respect and understanding for all employees, regardless of ethnicity, race, gender, and orientation.