We are extremely excited to be featured in Virginia Business Magazine’s StartVirginia issue this year. You can read the full feature here.
Excerpt from the feature:
“Service provided: Generative Al-powered contract drafting and analysis tool for in-house lawyers
What makes your company different? LexQ is tailor-made for in-house lawyers working with commercial contracts, including NDAs, MSAs, SaaS, vendor, licensing and lease agreements. Our white-glove service enables you to fully customize your implementation with bespoke features while securely uploading your playbooks, templates and historical contracts data. We lead with security first — deployed on Microsoft Azure and compliant with SOC2 Type Il and ISO 27001 standards.
The pitch: For in-house lawyers who spend hours drafting and analyzing contracts, we offer a GenAl-powered Word plugin that significantly reduces the time spent on contract negotiation.
GenAl is rapidly emerging as a key driver in the legal tech market, projected at a compound annual growth rate of 9.1% from 2023 to 2030, with the market value expected to reach $50 billion by 2027. Data indicates that 50% of legal transactional work will be automated by 2024, with legal tech budgets set to triple by 2025. Our five- to 10-year grand vision is to become a one-stop shop for all legal research and analysis. From our commercial contracts beachhead, we will expand to other verticals such as financial services (M&A, tax, construction, etc.) and intellectual property, while also expanding our services to cater to mid- and large-sized law firms.”