Top contract review tools for lawyers in 2024

Many solutions enable firms to build a library of pre-approved clauses and templates, ensuring that documents reflect firm precedents and best practices. Additionally, some other solutions allow for the creation of playbooks, which can be particularly useful for in-house counsel who often review identical contracts, allowing for swift and efficient assessments.

These contract review assistants offer many other valuable benefits to legal professionals:

• The software can significantly reduce the time spent searching for clauses. Lawyers can quickly insert redlines of the appropriate terms without the tedious hunt through past contract precedents.
• The software flags potential issues and suggests improvements, serving as a robust double-check system, minimizing the chance of overlooking critical points in a contract.
• Playbooking features save considerable time when dealing with frequently reviewed contracts. With a set playbook, in-house counsel can conduct fast, efficient assessments of frequently reviewed contracts, such as NDAs or sales agreements.
• If the tool allows for firm precedents or firm-approved clauses, it will enable the firm to reinforce its standard language for contracts and their best practices.

When selecting a tool, you should conduct a pilot program. Rather than opting for the first tool that appears promising, approach the evaluation process with a defined checklist of essential features. Consider whether you have existing precedents to leverage, how well the solution performs for Canadian law or Canadian contacts, if you need to automate the review of playbooks, the importance of supporting languages like French, and the level of security required. Assess these criteria against your specific needs and preferences to ensure you choose the most suitable solution.

The tools highlighted below are just a few examples of the many available options. They have been categorized based on their suitability for solo lawyers, small firms, large firms, or in-house counsel. I'll also provide some ideas for selecting a solution for your needs.

For Solo Lawyers and Small Firms:

• Spellbook: This Canadian software uses GPT-4 and other large language models to review contracts and propose contract clause language. Unlike some other solutions, you do not have to have contract precedents and can begin using it right away. What I like about the team behind Spellbook is that they continuously innovate and introduce new features and functionality.
• Thomson Reuters Drafting Assistant: This solution seamlessly integrates with Practical Law, giving you access to their extensive library of clauses and precedents. Again, this solution is suitable for solo and small firms where lawyers may not have firm precedents to draw on.

For Large Firms:

• Syntheia: This software transforms contract precedents into actionable data. It functions as a knowledge hub, extracting critical information from firm precedents. This solution seems to focus more on knowledge management than other options available.
• DraftWise: This solution offers comprehensive drafting and negotiation support. It leverages not only LLMs but also their own AI technology. It excels at tapping into firm knowledge bases and leveraging client preferences for efficient drafting.
• Henchman: This European-based software takes a multi-LLM (Large Language Model) approach and has good multi-lingual capabilities. It would be a good option for someone who needs a solution with strong French language possibilities.  

For In-House Counsel

All the solutions above are worth considering. The solutions below are specifically suited for in-house counsel with one caveat: many contract lifecycle management (CLM) solutions are introducing MS Word plugins as part of their offering. So, if your company already has a CLM solution, consider starting there first.

• LegalOn and Ivo seem like strong contenders for in-house teams, offering a playbook-driven contract review process. The solution will quickly red line a contract based on the playbook. 
• Leah Copilot (from ContractPodAI) uses playbooks and precedents to guide its contract review and redlining. Unlike the other solutions, Leah has a risk and remediation report that can be generated when reviewing a contract.

Contract review software is an invaluable asset for lawyers of all stripes. By automating tedious tasks, mitigating risk, and providing valuable insights, these solutions empower lawyers to work smarter, not harder.