Best AI Contract Review Software for SMBs

AI contract review tools are transforming how small and medium-sized businesses (SMBs) manage contracts. These tools save time, reduce costs, and minimize errors by automating tedious tasks like data extraction, risk evaluation, and compliance checks. For example, AI can reduce a 92-minute manual review to just 26 seconds and cut manual effort by up to 50%.

Here’s what you need to know:

• Key Features to Look For: Simple setup, affordable pricing, AI-powered analysis, strong security, and integration with existing tools.
• Top Tools: Options like ContractSafe, LEGALFLY, Spellbook, and Evisort cater to SMBs with different needs, from bulk contract reviews to seamless Microsoft Word integration.
• Pricing: Entry-level plans start around $19/month, with more advanced software costing $600–$750/month or higher.

Quick Tip: Test software demos to find the best fit for your workflows and budget. AI tools can save your business time and money, allowing you to focus on growth while improving contract accuracy and compliance.

What to Look for in AI Contract Review Software

Picking the right AI contract review software can make a big difference for your SMB. Contract mismanagement can cost organizations an average of 9.2% of their annual revenue, so having the right tools in place can help cut costs and reduce risks. The right software should offer features that simplify and automate your contract management process.

Simple Setup and User-Friendly Design

The ideal software should be up and running in days, not months. For SMBs without dedicated IT teams, intuitive navigation, role-based permissions, and quick onboarding are key. When considering options, test the software with your actual contracts during demos. A good platform will also simplify complex legal jargon, turning it into actionable insights that are easy to understand.

Affordable Pricing

Clear, upfront pricing in US dollars is important for managing your budget and avoiding hidden fees. Entry-level plans often start around $19 per month, with costs scaling depending on the number of users and features you need. Be sure to consider additional fees some vendors may charge, such as for document uploads or storage. Given that reviewing a single basic agreement can cost up to $6,900, even a modest subscription can quickly pay for itself.

Core AI Capabilities

The software’s AI engine should be built to handle detailed contract analysis. It should be trained on legal documents, tailored to your compliance needs, and focused on accuracy. Key features to look for include deviation detection and AI-assisted redlining, which flag discrepancies and suggest edits based on your legal playbooks. The software should also group potential issues by risk level. With legal teams spending an average of 3.2 hours on a single contract review, AI tools can speed up the process by up to 85%. Custom playbooks are another must-have, enabling the AI to align with your preferred language and negotiation standards.

Data Security and Compliance

Contracts often contain sensitive information, so robust security is non-negotiable. Look for software that complies with US data protection laws and industry-specific standards. Features like encrypted storage, secure user authentication, and detailed audit trails are essential. Ryan Groff, Senior Solutions Consultant at Thomson Reuters, emphasizes:

Integration and Growth Support

Your AI contract review software should integrate seamlessly with tools you already use, such as CRM systems, email platforms, and document storage solutions. This integration can streamline your workflows and improve efficiency. Opt for platforms with flexible pricing and scalable plans that can grow with your business needs. With AI-powered tools projected to cut manual contract review and drafting by 50% by 2025, choose software that offers unlimited document storage in entry-level plans to avoid surprise costs as your business expands.

Best AI Contract Review Software for SMBs

Discover some of the top AI contract review tools tailored for small and medium-sized businesses (SMBs). Each option strikes a balance between speed, affordability, and advanced technology to cater to SMB-specific needs.

ContractSafe

ContractSafe brings AI-powered contract management to the table without tacking on extra costs. It offers automated workflows to streamline contract processes alongside AI-driven data extraction tools.

A standout feature is its support for unlimited users on every plan, paired with an intuitive interface. With an impressive overall rating of 4.8/5 and a 4.9/5 ease-of-use score, users frequently praise its simple implementation and exceptional customer support.

Pricing starts at $375/month for the Organize plan and goes up to $746/month for the Maximize plan (billed annually). For SMBs with tight budgets, ContractSafe offers robust AI tools without overspending.

LEGALFLY

LEGALFLY shines in situations requiring fast bulk contract reviews, thanks to its customizable AI agents designed to ensure data privacy. These agents can be tailored to suit specific business needs, making LEGALFLY a great choice for SMBs managing diverse clients or high volumes of contracts.

Legly

Legly emphasizes clarity, offering portfolio visualization features that highlight potential deal-breakers and extract key metadata from contracts. This information is presented in an easy-to-digest visual format, making it especially useful for smaller businesses or those just starting with AI contract review.

Legly’s visual tools simplify understanding contract relationships and dependencies, allowing even non-legal professionals to spot potential issues before they escalate.

Spellbook

Spellbook integrates GPT-4-powered drafting capabilities directly into Microsoft Word, eliminating the hassle of learning a new platform. Its compliance checks and drafting assistance work seamlessly within the familiar Word environment.

Legal teams report significant time savings, with users noting, "Spellbook probably helps me bill an extra hour a day" and "I use it every day. It saves me at least one hour, sometimes two hours, a day".

For SMBs already using Microsoft’s ecosystem, Spellbook offers an easy way to add AI capabilities without disrupting established workflows.

Evisort

Evisort specializes in managing large-scale document workflows with features like dynamic templates, advanced search, and real-time reporting. It’s particularly effective for SMBs experiencing rapid growth or handling complex contract portfolios. The advanced search functionality lets you quickly find specific clauses or terms across your entire database, while real-time reporting provides insights into contract performance and compliance.

LinkSquares

LinkSquares delivers AI-powered contract analysis through automated tagging and workflow streamlining. It boasts a 4.2/5 overall rating, with customer support scoring 4.5/5. While its setup may take longer than some alternatives, users report significant time savings once the system is fully implemented.

The platform’s AI automatically categorizes contracts and extracts critical data points, cutting down on manual review time. Its tagging system organizes contracts by type, risk level, or custom criteria, making it easier to manage.

For SMBs willing to invest time in setup, LinkSquares offers a comprehensive AI solution for contract management, addressing efficiency challenges faced by growing businesses.

Software Comparison Table

Here's a detailed comparison of several AI contract review tools to help you find the best fit for your small or medium-sized business (SMB):

Software	Key Features	Pricing (USD)	Best For	Pros	Cons
ContractSafe	AI-powered workflows, unlimited users, and data extraction.	$600–$750/month (billed annually)	SMBs looking for robust features without extra AI costs	Includes AI at no additional charge; easy to use; strong customer support.	Higher monthly cost.
LEGALFLY	Bulk contract review and data privacy features.	Contact for pricing	High-volume contract processing	Quick bulk reviews.	Lack of transparent pricing.
Legly	Visual contract management with portfolio visualization.	Contact for pricing	Teams needing clear visual insights	Intuitive and user-friendly interface.	Pricing details not available.
Spellbook	GPT-4 integration, Microsoft Word compatibility, and compliance checks.	Contact for pricing	Users within the Microsoft ecosystem	Smooth integration with Microsoft Word.	Requires Microsoft Word.
Evisort	Advanced search tools and powerful analytics.	Contact for pricing	SMBs with complex contract portfolios	Scalable workflows; reliable AI performance (4.7/5 on G2).	Setup can be challenging.
LinkSquares	Automated tagging and streamlined workflows.	Contact for pricing	SMBs ready for deeper implementation	Detailed AI analysis and categorization.	Longer setup process.

This table highlights the key features, pricing, and suitability of each software option. Pricing for AI contract review tools can vary greatly. For example, team plans like those offered by ContractSafe are priced between $600 and $750 per month, while more advanced plans can go beyond $2,000. One standout feature of ContractSafe is its inclusion of AI-powered tools in its base plan, which eliminates the need for extra fees - something many competitors charge for.

To make the best choice, consider testing the software through demos. This will give you a sense of how well the interface and AI features align with your current workflows. Investing in the right platform now could save your team significant time - potentially cutting manual contract review efforts by 50% by 2025. Over time, the right tool can translate into both time and cost savings as your business scales.

How AI Contract Review Software Changes SMB Operations

AI contract review software is transforming how small and medium-sized businesses (SMBs) handle contracts. By automating repetitive tasks, it helps save money, reduce risks, and improve teamwork.

Cost Savings and Increased Efficiency

Using AI for contract review can cut process times and costs by as much as 90%. Automating routine tasks saves hours of manual labor, which translates into significant cost reductions.

Consider this: lawyers typically spend 40–60% of their time drafting and reviewing contracts. SMBs without in-house legal teams often rely on expensive hourly rates for these tasks. For instance, a financial services company saw a 40% drop in labor costs and a 50% faster contract processing time after adopting an AI-powered system for data extraction, review, and compliance monitoring.

AI also delivers impressive accuracy, achieving rates of up to 94% in contract review tasks, compared to 85% for seasoned lawyers. This heightened precision reduces errors and minimizes the need for costly revisions. By cutting down on manual work and outsourced legal fees, businesses can redirect resources toward growth opportunities.

And it’s not just about saving money - these efficiencies also play a big role in managing risks, as explained below.

Improved Risk Management

AI doesn’t just save time and money - it also helps businesses spot and address risks early. By identifying problematic clauses and compliance gaps, it reduces the chances of costly mistakes. For example, a healthcare organization cut compliance-related costs by 50% and overall contract management expenses by 30% after implementing AI to review contracts for regulatory compliance.

AI tools maintain consistency and accuracy when processing large volumes of legal documents. They also keep businesses up-to-date with changing regulations, reducing the risk of non-compliance and potential penalties. Plus, these tools can uncover opportunities to cut costs and boost revenue.

Enhanced Collaboration and Security

AI goes beyond cost and risk benefits by improving teamwork and safeguarding sensitive data. Centralized storage eliminates email chaos and version control headaches, making collaboration smoother for SMB teams.

A global manufacturing firm that adopted an AI-driven contract management platform reported a 35% drop in contract management costs, a 60% boost in compliance adherence, and a 45% faster contract processing speed. This kind of efficiency also strengthens relationships with external partners. Andy Taer, business developer team leader at ESC Spectrum, shared:

AI-powered tools can slash contract processing time by up to 80%, speeding up deal closures and improving cash flow. On the security front, centralized document storage with controlled access safeguards sensitive information, reducing the risks of data breaches or unauthorized access. And as businesses grow, AI solutions can scale effortlessly without requiring a proportional increase in staffing.

Conclusion

The advantages of AI-driven contract review are undeniable. AI can slash the time needed for a 92-minute review down to just 26 seconds, all while delivering greater accuracy than traditional manual processes . Considering that basic contract reviews can cost thousands of dollars, the potential for cutting expenses is immense.

The most effective AI tools combine precise accuracy, smooth integration with existing systems, and strong security measures. When evaluating solutions, prioritize those that offer user-friendly interfaces, seamless compatibility, and critical security features like encryption and compliance certifications. These elements are especially important when dealing with sensitive contract data.

Small and medium-sized businesses (SMBs) are already reaping the rewards of AI tools, saving a median of 13 hours per week. This extra time allows teams to shift their focus from tedious manual reviews to more strategic growth initiatives. Additionally, scalable software ensures that as your business grows and contract volumes increase, you won’t need to proportionally expand your workforce. This not only reduces manual workloads but also helps mitigate risks effectively.

While AI excels at handling repetitive tasks, it’s important to remember that it works best as a complement to human expertise. As Ryan Groff from Thomson Reuters puts it:

The most successful SMBs will use AI to handle routine processes while keeping human oversight for complex negotiations and strategic decisions.

Don’t hesitate to request demos and test different solutions against your specific workflows. This hands-on approach will help you identify the tool that delivers the efficiency gains your business needs.

FAQs

How can AI contract review tools help small and medium-sized businesses save money and work more efficiently?

AI contract review tools offer small and medium-sized businesses (SMBs) a way to save money and work more efficiently by automating the contract review process. Instead of spending hours on manual analysis, these tools can reduce review times by as much as 90%. This means businesses can handle more contracts without the need to bring in extra staff.

On top of saving time, AI helps SMBs minimize errors and ensure compliance by providing thorough and accurate contract reviews. The result? Lower costs, smoother operations, and more time to focus on growth and keeping customers happy.

What features should I look for in AI contract review software for my small business?

When selecting AI contract review software for your small business, it's essential to focus on features that make contract management easier and faster. Look for tools that can analyze contracts efficiently, highlight key clauses, and flag risks to help you avoid mistakes and save valuable time.

Choose software with a simple, intuitive interface and customizable templates so it can adapt to your specific requirements. It’s also important to ensure the software integrates seamlessly with your existing systems, like CRM platforms or document storage solutions, to keep your processes running smoothly.

With these features in place, you can cut down on manual work, lower legal risks, and handle contracts more effectively - helping your business run more smoothly.

How does AI contract review software help SMBs manage risks and stay compliant?

AI contract review software offers small and medium-sized businesses (SMBs) a smarter way to handle risks and stay compliant. By automating the contract review process, these tools can spot potential legal or contractual problems, like non-compliant terms or unusual clauses, reducing the likelihood of costly mistakes and ensuring contracts align with regulatory requirements.

These tools can quickly analyze large volumes of contracts, flagging risks and highlighting key details. This doesn’t just save time - it improves accuracy and simplifies workflows. For SMBs, that means more time to focus on their core business while staying safeguarded against legal missteps.