news 
SpotDraft Taps AI to Help Streamline Contract Management
More and more legal professionals are embracing AI, surveys show. According to a recent poll from legaltech company Clio, 79% of firms used some form of AI for casework last year, up from just 19% in 2023. Despite some skepticism about the technology, in-house counsel has shown an interest, as well, with one survey suggesting that nearly half of attorneys believe AI can lead to cost savings for their departments.
To meet this demand, legaltech providers are popping up left and right. SpotDraft is one such newcomer, founded in 2017. The company sells tools to help in-house legal teams simplify their contracting tasks. CEO Shashank Bijapur notes that the idea for SpotDraft came while he was an associate at Bengaluru-based law firm White & Case, which handled high volumes of corporate contracts.
SpotDraft’s platform utilizes AI to extract key details and clauses from contracts, providing summaries of changes and suggested follow-up work. A unified task center shows upcoming deadlines, renewal reminders, and individual and team jobs, helping organizations stay organized – at least in theory.
One of SpotDraft’s AI-powered features, VerifAI, uses AI to review contracts against a selected guide or template. This is expected to significantly reduce the amount of time spent on learning and configuring tools, allowing teams to focus on strategic work.
Source: techcrunch.com
