Legal aid fees and contract knowledge can be a barrier for a lot of entrepreneurs. Philip Michael talks with Hans Paul Pizzinini about a new legal service that could make things a lot easier for business owners.
Real estate brokers and agents have a pain point when it comes to contracts. These professionals typically spend over two hours a day working on legal documents. It can take an hour to walk clients through home purchase agreements and disclosures, and then it can sometimes take up to five days to collect signatures.
Pizzinini said the pandemic had exacerbated this problem. Virtual contract meetings have made the process even more complicated.
SpeedLegal is an AI service that allows real estate professionals to close more transactions faster. It acts as virtual legal aid, helping clients understand and sign contracts in seconds. And the technology simplifies things because clients never have to meet the broker in person.
As a tool for brokers, SpeedLegal can simplify complicated contracts for their clients, speeding up the process. For buyers, the service aims to step in at the offer stage. Buyers will receive the RPA (Residential Purchase Agreement), and this service will make the document more digestible.
Is AI a threat to the entrepreneurial workforce?
“We use deep learning models to extract the key information from the contract and highlight risk,” Pizzinini said. “It takes 75% of the time out of going through the contract line by line.”
Machine deep learning is made up of artificial neural networks that can quickly process pages of legal jargon and deliver the results to human decision-makers. Pizzinini thinks that AI technology like SpeedLegal will help the human workforce, not replace it. If an AI program can do the grunt work, it frees up humans for more strategic things.
What do you think? Is AI a useful legal aid tool or a threat to entrepreneurs? Let us know in the comments!