Hundreds of millions of contracts are signed every year by almost everyone in our modern economy – from the simplest day to day agreements to the most complex tailor-made multi-billion transactions. The vast majority of these agreements are handled by lawyers – solo practitioners, law firms and corporate legal departments – and they have been negotiating, drafting and reviewing agreements for decades. As years go by, technology has changed almost every industry, and yet contract work remains inefficient in spite of that.
Bestpractix aims to disrupt the legal service industry and change the way lawyers handle contract work. Bestpractix provides lawyers with an AI-powered contract drafting platform allowing them to apply their own legal DNA and customize any agreement with just a few mouse clicks and minimal manual typing. They apply proprietary machine learning and natural language processing (NLP) technologies to analyze agreements and provide lawyers with valuable insights that help them understand what is going on in each agreement and how to properly revise it to match their legal policies and their clients’ needs. Not only that, but BestPractix also enables lawyers to use their product in the same familiar work environment that they have been working in for years, Microsoft Word.
The company was founded by Omer Hayun, CEO, a former corporate lawyer and business consultant, and Uri Goren, CTO, a machine learning and NLP expert who worked for Fortune 500 companies and was writing code since he was a kid.
“Taking part in SigmaLabs has been an amazing experience, SigmaLabs made sure we will be surrounded by the best professionals in every field – sales, marketing, fundraising – to mentor and support us facing the many challenges out there. Each of the mentors offered a different perspective to our dilemmas and problems, which helped us look at the big picture and better understand the path we wanted to take. We are grateful for being one of the selected few who joined the program”, Says Omer.