Embracing the Future: How LegalNow AI is Revolutionizing Small Business Ownership and Cost-Saving in Legal Services
Shaswata Kapat
LegalNow is the 24/7 AI contract expert for small businesses. Our product will officially begin testing at the end of September. We welcome everyone to join our community and secure one of the first 1,000 Alpha spots. Create or review your legal documents with lawyer-grade AI! (Official website link and community link at the end of the article)
Introduction
In today’s fast-paced business landscape, small business owners face a multitude of challenges. Among these challenges, legal matters often rank high on the list. Contracts, renewals, and consultations are essential aspects of running a successful business, but they can also be expensive and time-consuming when handled by traditional means. However, the future of small business ownership is being transformed by the advent of Artificial Intelligence (AI) contract drafting, renewal, and consulting tools. These innovative solutions are not only streamlining legal processes but also helping small business owners save significant amounts of money by reducing their reliance on expensive lawyers.
The Burden of Legal Complexity
For small business owners, navigating the legal intricacies of contracts and agreements is a daunting task. Legal documents are filled with jargon, nuances, and potential pitfalls that can lead to costly disputes or lost opportunities. Traditionally, entrepreneurs have had no choice but to engage the services of lawyers to draft, review, and renew contracts, which can quickly add up in terms of costs.
Contracting is a common activity, but it is one that few companies do efficiently or effectively. In fact, it has been estimated that inefficient contracting causes small businesses to lose between 5% to 40% of value on a given deal, depending on circumstances. But recent technological developments like artificial intelligence (AI) are now helping companies overcome many of the challenges to contracting.
The main challenge small businesses face in contracting arises from the sheer number of contracts they must keep track of; these often lack uniformity and are difficult to organize, manage, and update. Most small businesses don’t have a database of all the information in their contracts — let alone an efficient way to extract all that data — so there’s no orderly and fast way to, for example, view complex outsourcing agreements or see how a certain clause is worded across different divisions. It requires a lot of manpower to draft, execute, and improve not only the contracts themselves, but also the contracting processes and the transactions these contracts govern.
If, for example, a SaaS tech company finds itself with a huge volume of procurement contracts that all have varying renewal dates and renegotiation terms, it would require hundreds of hours and a team of contract managers to review and track all this information to ensure that no renewal or opportunity is missed.
AI software, however, can easily extract data and clarify the content of contracts. (It could quickly pull and organize the renewal dates and renegotiation terms from any number of contracts.) It can let companies review contracts more rapidly, organize and locate large amounts of contract data more easily, decrease the potential for contract disputes (and antagonistic contract negotiations), and increase the volume of contracts it is able to negotiate and execute.
In our research, I have seen that many companies use expensive lawyers, and a smaller number of small businesses — mostly those with a high volume of routinized contracts — use more advanced software with AI capabilities. These small businesses have generally seen an increase in productivity and efficiency in their contracting.
Enter AI-Powered Solutions
AI contract drafting, renewal, and consulting tools are changing this landscape. These cutting-edge technologies leverage machine learning and natural language processing to automate and optimise various legal processes. And LegalNOW AI is a game changer of these tools, it’s faster than every other solution, it gives much more informed and nuanced review results for contracts and it’s intellect and authenticity of data far supersedes other market present AI solutions. Here’s how they are revolutionizing small business ownership:
Efficiency and Speed: LegalNOW AI can create and review contracts at a fraction of the time it takes a human lawyer. This means that small business owners can respond to opportunities more swiftly, reducing time-to-market and enhancing competitiveness.
Cost Savings: By automating routine legal tasks, small businesses can significantly reduce their legal expenses. LegalNOW AI offers cost-effective alternatives to hiring lawyers for every contract-related task.
Accuracy and Risk Mitigation: LegalNOW AI can identify errors and inconsistencies in contracts that may be overlooked by human reviewers. This leads to more reliable and error-free agreements, minimising the risk of costly legal disputes.
Accessible Expertise: Small business owners gain access to legal expertise that was previously out of reach due to cost constraints.LegalNOW AI provides instant access to legal knowledge and best practices.
Scalability: As small businesses grow, their legal needs evolve. LegalNOW AI can scale to accommodate increased contract volume and complexity without a proportional increase in costs ( Keep an eye out on our forthcoming launch and very much accessible pricing)
Renewal Automation: LegalNOW AI can track contract expiration dates and initiate the renewal process automatically, ensuring that critical agreements are not inadvertently allowed to lapse.
Consultation on Demand:LegalNOW AI can provide instant answers to legal questions, helping small business owners make informed decisions without the need for extensive research or lawyer consultations.
Conclusion
The future of small business ownership is being reshaped by LegalNOW AI and the juggernaut of AI.. We are not replacing human lawyers but rather enhancing their capabilities and making legal services more accessible and affordable for small businesses. By embracing our products, entrepreneurs can streamline their legal processes, reduce costs, and gain a competitive edge in today’s dynamic business environment. As AI continues to advance, small business owners who harness our capabilities and power will be better equipped to navigate the legal complexities of tomorrow.
Welcome to join our community, and let’s explore the future of AI + legal services together
LegalNow Website: https://legalnowai.com/
Discord Community: https://discord.gg/csnyvs6Tb2
