“We lived through the 2008 financial crisis, when the risks buried inside derivatives contracts almost broke the banking system,” said Catylex COO and co-founder Andrew Downes. While one might have hoped for some sort of comprehensive financial industry reform that would prevent this sort of economic calamity going forward, that didn’t materialize and we’re back to relying on the banks to protect the world from the risks they create.
Most companies aren’t going to break the economy when hoisted by the petard of their own agreements, but that doesn’t make the risk any less palatable. The last time we checked in on Catylex at the 2022 CLOC show, the solution functioned as a “fourth-year associate in a box” pulling key data and allowing attorneys to monitor the whole body of contracts rather than keeping tabs on 10 percent or so. Today, the company launched its Essentials offering, a new version of the software that “dramatically lowers the time and cost of understanding what’s buried inside a portfolio of contracts.”
In a world of misapplied AI, this is the promise it brings to the legal industry. “When it actually works, Contract AI is a game-changer” said Catylex CEO and co-founder David Rosen. “You get the data you need, at scale, without the hard work.”
But arguably a better announcement from Catylex is the end of canned demos… jump on a free trial and start using it with your own data to see how it performs.
Don’t take our word, try it for yourself. To start your free trial, sign up at Catylex.com, where you can load your first 60 contracts for free (600 pages worth of contracts, to be precise). If you like the trial, plans start as low as $400 per month ($4,800 per annum), for 1,000 contracts (10,000 pages of legalese). With Essentials, you’ll get immediate insight into 20+ legal concepts, no matter which specific words were used (many more concepts are available in our Professional and Enterprise plans). You can search your portfolio by combining these AI concepts with additional keywords, and you can create your own custom Tags to mark the CONTRACT AI THAT WORKS things you care about. Even better, you can used saved searches to automatically tag issues as soon as contracts are loaded into the system. Everything is stored safely in a secure cloud repository, backed by SOC2 audit. Insight is just one small click away. What are you waitng for?
And if the trial doesn’t have everything a company needs, they can upgrade to versions with more bells and whistles.
Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.