Below is our recent interview with Hans Paul Pizzinini, CEO at SpeedLegal:
Q: What is SpeedLegal?
A: SpeedLegal is an AI-Powered Contract Management Platform that helps CFOs, COOs, CEOs, GCs and busy professionals understand their contracts and verify that each term complies with market standards. This saves SMEs $1k/contract ~$60k/year in legal expenses when reviewing contracts so that users can focus on the parts that require more attention.
Think Grammarly for contracts.
Q: Any highlights on your recent announcement?
A: We have 30 Enterprise clients in the pipeline and several paid POCs and paying clients.
We are working with SMEs and public companies.
We are raising our priced round in Q1 2023.
Q: Can you give us more insights into your offering?
A: Ever signed a contract without fully comprehending what it said? We feel the same way.
SpeedLegal simplifies time-consuming contracts into easy-to-understand reports. Our AI platform instantly understands your contract, clarifies each clause, and verifies that each term complies with market standards. We take care of the details so you can focus on the big picture.
Contracts are the foundation of all commerce, but they’re basically impossible to understand. They’re dense and filled with jargon. Oftentimes, they’re literally written in Latin. On average, business professionals spend 1.5 hours daily on legal docs, 3 days to get approval from the General Counsel or the external law firm and 4.5 days to collect the signatures from their clients. With SpeedLegal this time goes down to 10 minutes. Long hours spent on reading and reviewing contracts delays transactions, damages trust between the parties, increases the risk of losing the deal. This is worth ~$6k/professional/year in time saving and ~$24k/year in missed opportunities.
Q: What can we expect from your company in next 6 months? What are your plans?
A: In the next 6 months, we will roll out an improved version of our flagship product (the Red Flag Table™), and we will release a new way of reading contracts (new undisclosed tech).
Also, our contracts will become Smart.
Q: What is the best thing about your company that people might not know about?
A: We automate the contract review process and we help our users answer the questions:
- Can I sign this document?
- What parts of this contract are not standard/compliant with the market standard?
- What parts should I not accept and negotiate?