New Law pioneer leverages automated contract review to speed contract cycle time for clients
Arlington, VA – August 11, 2021 – BlackBoiler, the leader in automated contract review and markup technology, today announced a non-exclusive partnership with Factor, the market leader in legal managed services, to help deliver better client services in a broad range of engagements, ranging from high-volume deadline-driven projects to ongoing legal and contracting workflow challenges.
In addition to dramatically reducing cycle time for contracts, BlackBoiler’s patented AI-powered technology enables legal departments to achieve a significantly higher level of accuracy and efficiency throughout a contract’s lifecycle—from the generation of a contract to negotiation and execution of the document. BlackBoiler’s technology grows smarter and increases efficiency after every use, ultimately cutting contract review time by more than 70%.
“We are proud to be working in partnership with Factor to address one of the most notoriously inefficient workflows in the legal industry. Both independently and through our partnership with Factor, BlackBoiler helps some of the largest organizations in the world utilize their historical contract data to automate the contract review and markup process, improving the speed of business while boosting the bottom line,” said Dan Broderick, Co-Founder and CEO of BlackBoiler.
Factor combines the expert legal resourcing and market know-how of Traditional Law, with the process efficiency, smart legal technology, and data-driven project management of New Law. Factor deploys more than 650 lawyers, legal specialists, technologists, and consultants to help the world transact better.
“In partnership with BlackBoiler, Factor will not only be able to help clients improve speed to contracting by driving efficiencies in reviewing agreements, but also help them more rigorously standardize these agreements,” said Ed Sohn, SVP, Head of Product & Solutions at Factor. “BlackBoiler’s technology is the market standard for reviewing and editing high-volume contracts. Based on early results, we expect to see significantly enhanced results over time.”
BlackBoiler was recently selected as the “Best AI-based Solution for Legal” in the fourth annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global artificial intelligence (AI) market today.
Based in Arlington, Virginia, BlackBoiler is a National Science Foundation-backed software company focused on the automation of contract review. The company’s patented automated contract markup tool is designed to work seamlessly with programs users already know how to use: Word and email. Through proprietary techniques, BlackBoiler creates client-specific editing models and leverages these models to markup inbound contracts instantaneously in the Track Changes feature of Microsoft Word. BlackBoiler grows smarter and increases the efficiency of contract review with each additional use.