June 21, 2023

Per Axberg: AI Driven Legal Contracts

38 minutes

On this episode of the Scouting For Growth podcast, Sabine VdL talks to Per Axberg, CEO of Legly – a revolutionary platform that leverages the power of artificial intelligence to provide critical insights on B2B contracts, both before and after signing. This helps sellers, purchasers, and lawyers conduct efficient, accurate contract review, thereby saving precious time.

During the discussion, they dive deep into three fascinating topics: learning about Per's journey and the inspiration that led to the creation of Legly, and what spurred him to set up this AI-driven platform for B2B contracts. Explore why SaaS platforms for legal contracts are not just an added convenience but an essential tool for today's entrepreneurs, and how they play a role in supporting and streamlining business operations. Delve into the three most crucial best practices that entrepreneurs and legal departments can adopt to make the most of those platforms, particularly when scaling their enterprise.

KEY TAKEAWAYS

We built a platform that lets you match lawyers and use their spare capacity. We can buy the time they haven’t sold yet; they spend less time selling themselves, and they still make a profit. We can also sell their time to startups for less money. Global companies started using this service; they needed lawyers to check incoming contracts – bulk, boring tasks – to identify risks, check for anything that breaches their preferences and guidelines, etc.

Technology has started to get better and AI has started to be able to do things for commercial purposes, at the same time we met with the head of law at one of these big companies who made a WILD (warranties, indemnity, limitation liability and delay) card for his sales people, he said if we focus on these four things we’ll get rid of most of the risks. This was the beginning of Legly; it’s much, much more than that.

Legly is a robot that acts pretty much as a lawyer would. You can upload one contract for free to try it, and you will get the document back in a minute or so with highlights in different colours and comments on the side telling you what to focus on, what is important. You could also tailor that to the breaches of your guidelines, and so on. It helps companies check contracts before signature. We can also use this machine to apply it to law firm contract portfolios, to check legal due diligence when you’re buying or selling a company, and to look for specific items in the documents.

Legly helps you find many things in documents and go through contracts much faster. Particularly it helps lawyers to find things in the contract before signing that they may not be used to checking for, to be able to find breaches to the preferences before involving the rest of the organisation, before waiting fort some weeks for the legal team to come back with feedback and so on, and thereby be able to handle much more of the contract process.

BEST MOMENTS

‘Before, you had to read through the documents, and there could be thousands of them, but now you just drag and drop, pretty much, and you get a list directly.’

Usually, salespeople are the ones who see their customers' documents and know the deal, the business, who the customers are, and their relationships. They are much more suited to check these documents, as far as they can.’

‘We’re not replacing any lawyers. Rather than them having to check the whole document, they might just get 2 or 3 questions. That’s much more efficient.’

‘You have to start testing these tools and gaining an understanding of it so that you can structure your work in a better way that suits these kinds of technologies because they will become a ‘hygene factor’ in the future.’

ABOUT THE GUEST

Per Axberg is the CEO and co-founder of Legly. Legly has developed a contract review automation tool that uses AI and ML to review and provide feedback on B-2-B contracts before signing. Legly is a great example of how legal tech not just makes legal counsels sleep better, but also can increase the capacity of non-legal experts such as co-workers on sales and purchase teams.

Legly uses artificial intelligence to review and provide feedback on B2B contracts before signing. This way, sellers, purchasers, and lawyers can do a better contract review in less time.

ABOUT THE HOST

Sabine VanderLinden is a corporate strategist turned entrepreneur and the CEO of Alchemy Crew Ventures. She leads venture-client labs that help Fortune 500 companies adopt and scale cutting-edge technologies from global tech ventures. A builder of accelerators, investor, and co-editor of the bestseller The INSURTECH Book, Sabine is known for asking the uncomfortable questions—about AI governance, risk, and trust. On Scouting for Growth, she decodes how real growth happens—where capital, collaboration, and courage meet.

If this episode sparked your thinking, follow Sabine VanderLinden on LinkedIn, Twitter, and Instagram for more insights.

And if you’re interested in sponsoring the podcast, reach out to the team at [email protected]

...more

View all episodes

By Sabine VanderLinden

1212 ratings