The "single most impressive" legal tech product at CLOC
CLOC Global Institute 2022 was a big event, and we certainly had a great time launching Catylex into the CLOC-o-sphere.
CLOC Global Institute 2022 was a big event, and we certainly had a great time launching Catylex into the CLOC-o-sphere. We knew there would be plenty of Legal Ops teams looking for solutions to contract challenges. We also knew that Catylex would be well-received, because so many businesses really are thirsty for contract data. But we didn't quite expect this accolade: the single most impressive product at the conference.
What's so impressive about Catylex, I hear you ask?
First, we deliver data at scale, without the cost and time associated with human data extraction. In his Above The Law article, Joe Patrice describes Catylex as being "like a fourth year associate-in-a-box." This captures the idea that Catylex serves up data with the quality you might expect from a fourth year associate. But unlike the associate, Catylex works faster, around the clock, and doesn't stop for lunch or bathroom breaks. With time and cost dramatically lowered, why risk living another day in contractual darkness?
Second, we deliver results out of the box. Legal teams simply back up the truck full of mystery documents, and Catylex does all the work. You don't need to spend weeks training and tuning a machine before you see value. You don't need to send your lawyers off to data science boot camp. Catylex already did all the training and tuning for you. You just press go and start consuming the results. It actually works. Not perfectly, but it works. This is probably what impresses people the most.
We know there are many legal tech vendors out there claiming to have AI-powered contract review out-of-the-box. We also know how many legal teams have been burnt by over-hyped and under-performing contract analysis products. And that's what makes it so pleasing to have third party validation of Catylex. We've put a huge effort into making it work. Now we get to share that with the world.