LegalSifter is an AI-powered platform that provides a solution to expedite and simplify contract review and negotiation. It serves legal teams, businesses, and contract managers who regularly engage with complex contracts and require efficient management of such documents.
At its core, LegalSifter utilizes advanced machine learning and natural language processing to identify, extract, and analyze key clauses and terms from contracts. By transforming unstructured contract language into structured, actionable data, LegalSifter significantly reduces the time required for manual contract review, enabling quicker, data-driven decision-making.
A key distinguishing feature of LegalSifter is its "Sifters," AI algorithms trained to recognize specific contract terms and clauses. Users have access to a library of hundreds of Sifters and can apply the ones most relevant to their specific review needs. Furthermore, LegalSifter offers a feature called "Sifter Trainer" that allows users to customize and train new Sifters, which adds a significant level of adaptability to the platform.
In May 2023, LegalSifter announced a strategic alliance with Factor, which will use LegalSifter Review to speed handling of counterparty contractual provisions and mark-up based on client-specific legal guidance, even when working from third-party paper. In addition, Factor will use LegalSifter to streamline playbook creation and maintenance.