Per Axberg: AI Driven Legal Contracts

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 engage in efficient and 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 it was that 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 where you can match lawyers and use their spare capacity. We can buy the time that they haven’t sold already, they spend less time selling themselves and they still make a profit from it. We can also sell their time for less money to startups. Global companies started using this service, they needed lawyers to check incoming contracts – bulk, boring tasks – to see if there are risks, if there’s 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, today it’s much, much more than that.
• Legly is a robot that acts pretty much like 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 what are the breaches of your guidelines and so on. It helps companies to check contracts pre-signature. We can also take this machine and apply it to contract portfolios for law firms checking on legal due diligence when you’re buying or selling a company to look for certain things in the documents.
• Legly helps you to find lots of things in the documents, helps you to go through contracts much, 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 sales people are the people who see the documents from their customers and they are the ones who know the deal, know the business, knows who the customers are and their relationship. 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 make legal counsels sleep better, but also can increase capacity of non-legal experts such as co-workers at sales and purchase teams.

Linkedin: https://www.linkedin.com/in/per-axberg/ 

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.

You can discover Legly: https://www.legly.io/ 

ABOUT THE HOST

There are over 140,000 FinTech ventures out there, including FinTechs, InsurTechs, HealthTechs, and WealthTechs. And the number keeps on changing every month. One statistic remains the same: 25% of these ventures have received investment and support from the financing world. 75% of these businesses still seek financing support from institutional and corporate investors alongside value-creating commercial collaboration opportunities with Global Fortune 500. 

Through this podcast series, I would like to demystify the world of corporate venturing, including how corporations collaborate with growth ventures, how venture capitalists and corporate venture capitalists make investment and collaboration choices in ventures and give tech founders and entrepreneurs, the strategies, tactics, tools, and techniques to build, grow and scale their business by understanding how those with financing power think. So, listen in, share and comment as you see fit.

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Website: www.sabinevdl.com