Legal Name: Lawgood
Location: Los Angeles, California
Reviews: 4+ rating on App Store
Industry: Global Legal Services Industry
Size: $849B in 2017 (Source: Global Legal Post)
Projections: $1011B by 2021 (Source: Global Legal Post)
Do you wish to prevent liabilities that are born out of poorly written or reviewed contracts, but cannot meet your lawyer’s astronomical fees? Lawgood, a machine learning-powered software-as-a-service (SaaS) tool, tries to solve this need gap. The platform helps entrepreneurs and in-house counsel gain access to lawyers at an affordable rate.
It connects you with lawyers who can easily review your contract. And it can even help you draft contracts from scratch.
To have your contracts reviewed, all you need to do is upload your document and the system will assign a lawyer to you. Then, according to a write-up on F6S, major red flag issues are picked up from the different decision flows and vetted by lawyers. These problem areas may range from “standard terms that are not in your favor” and “terms that are not up-to-date with current law”. A report will then be generated featuring tips on how to fix these issues.
The startup charges $95 per contract or $200 per month to diagnose issues in unlimited contracts. This as a much more affordable option as compared to traditional legal counsel, which Lawgood claims averages at $300 per hour!
Also, the combination of real lawyers and a smart algorithm helps legal teams draft personalized market-driven contracts. This AI-powered DIY contract generator is available at $89/month, and lets users create and edit unlimited documents. Additionally, it provides access to a library of contract types, market intelligence on industry and location terms and regulations. What’s more, enterprises can get special plans tailored to their requirements.
Thanks to AI technology, it is faster and cheaper to review and write contracts by doing away with expensive resources and tedious research.
Origin and Founding Team
Co-founder William Moriarty graduated from Columbia Law School and worked in corporate law for more than four years. In an interview with VoyageLA, Moriarty admitted that he has always been driven towards democratizing legal services.
During his early legal career, he noticed that it was often the simplest things, such as help with drafting a contract, that make the biggest difference to most small businesses. So, in order to make legal counsel more accessible to everyone, he built Lawgood.
Performance and Trends
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