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When businesses have high volumes of contracts that need to be negotiated on a regular basis, they usually do one of two things: hire a big law firm to do it for them or use their in-house legal team. However, there are several drawbacks to both of these options. For example, when a company leaves it to a big law firm to handle, they spend more money, lose visibility on the process, and never build long-term relationships with the lawyers who do the work for them. And when these contracts are dealt with on an in-house basis, time and attention are taken away from other, more pressing and high-value tasks within the business.

According to Lane Lillquist, co-founder of InCloudCounsel, there’s a third, far superior solution that incorporates machine learning and not only provides a consistent stream of work for the attorneys who work for InCloudCounsel, but provides businesses with a personalized team of experts dedicated to the proper, efficient, and low-cost execution of their contract negotiations. In addition to discussing the ins and outs of how the service works, Lillquist talks about document abstracting, which is a process that is powered by machine learning and capable of scanning hundreds of pages of documents for answers to specific questions.

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