We live in a world where contracts govern virtually every business transaction. These legally binding instruments are the backbone and operating manual for those transactions, and they determine the risk that each party carries. The challenge is that the vast majority of contracts go signed without being read or understood. This leads to a host of issues, including unnecessary litigation, disputes, and unintentional breaches of contract. It's a systemic problem that Screens.ai aims to address. We sat down with Otto Hanson, Founder and CEO of the legal tech start-up, and talked about his vision.
Otto's vision is ambitious yet straightforward: to create a world where people actually understand the contracts they sign. Where anybody can upload any contract and get an expert opinion about that contract in a matter of seconds, at a fraction of the cost of hiring a legal expert on a one-to-one services basis. For legal professionals, the technology doesn't aim to replace their expertise but rather to complement it. “Whenever a business can access a qualified, live expert with whom they can discuss questions, concerns, and intentions, that will always be the gold standard.” says Hanson.
Otto’s vision was to address a significant problem in the business world: the complexity and time-consuming nature of contract reviews. He recognized that billions of contracts are signed each year by U.S. businesses, with companies spending an average of $6,900 to review even a simple, low-risk contract. This insight led to the development of the Screens.ai platform, which uses artificial intelligence, combined with human expertise, to offer contract review services at a fraction of the traditional cost.
For the millions of daily transactions where consulting a lawyer isn't always feasible, Screens offers a middle ground. It provides businesses with a way to sanity check the contracts they sign and answer basic questions like what does this thing actually mean? How good or bad is it for me? How does it compare to other contracts in this particular industry?"
For law firms and in-house legal teams, Screens.ai presents an opportunity to scale their expertise and reach a broader audience. By creating AI "screens" that embody their knowledge and best practices, legal experts can offer their insights to a much larger client base, potentially opening up new revenue streams, enhancing their reputation in specific practice areas, and enabling them to serve their clients more efficiently.
Hanson's ultimate goal is clear: "We hope to create a world where the next time somebody hands you a contract, you have a smart, fast and very affordable way to get a gut check and quickly understand how good or bad it is.” This confidence helps businesses make more educated decisions about whether or not they want to enter into that transaction.
As the legal industry continues to evolve, Screens.ai is excited to play a crucial role in bridging the gap between expert legal knowledge and everyday business contract needs, offering a promising tool for both legal professionals and their clients.
