Streamline AI, a process automation platform for in-house legal teams, has formed a partnership with Clearlaw that the two companies hope will assist businesses with their contracting work.
Clearlaw is an AI-powered contract intelligence platform, and it will be integrated into Streamline as part of the collaboration between the legal technology companies.
The integration will provide Streamline AI users with more than 350 unique data points they can use to help with the contract review process.
“By partnering with Clearlaw, we can leverage the power of AI by extracting structured data from our client’s own legal documents, and enhance Streamline’s ability to accelerate the contracting process, particularly for sales agreements,” said Streamline AI CEO Kathy Zhu.
The integration will also help legal teams further automate workflows and “provide data that empowers operations across business functions,” according to Clearlaw CEO Jordan Ritenour.
Leaders of the two companies told Legal Dive that Clearlaw’s ability to transform contracts into structured data will be helpful when a non-legal team member submits a request via Streamline for the legal department’s assistance with a contract.
Streamline AI will take the data from the contract and pre-fill clients’ requests for legal’s help with the agreement.
“After that, Streamline’s automation then kicks off a workflow sequence to assign, notify, and/or loop in other stakeholders based on the identified and extracted contract data,” the two companies said in a statement.
For example, a sales rep could attach a draft of a contract to their request for legal assistance. Streamline would then route the contract to Clearlaw for analysis.
If the contract exceeds a certain dollar threshold and doesn’t contain any terms outside the customer’s standards or fallbacks, Streamline will immediately alert the legal team so they know to prioritize review of the agreement.
Additionally, Streamline AI could request an approval from the accounting team if the payment terms are too aggressive. Alternatively, it could tell the sales rep to negotiate better payment terms if they want to close the deal sooner.
This type of technology-powered assistance is designed to not only speed up the contract approval process but also save the legal team significant time, the leaders of Streamline AI and Clearlaw said.
“Streamline and Clearlaw are working closely to build a best-in-class solution that seamlessly integrates intake with contract intelligence,” the companies said.
They plan to co-market the joint solution, according to a press release, and Streamline will make the Clearlaw solution available as an add-on service to its base offering.
