Mark Harris, co-founder of Axiom and Now Knowable CEO, discusses the founding and growth of Axiom, as well as the challenges they faced. He also talks about their partnership with Kira to translate contract data, their joint venture with LexisNexis, and the vision for Knowable in digitizing contracts.
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Quick takeaways
Knowable, a spinoff of Axiom, aims to revolutionize contract management by providing precise insights derived from structured contracts data and leveraging machine learning and human expertise.
The joint venture between Knowable and LexisNexis brings together two powerful entities in the legal industry, enabling Knowable to leverage LexisNexis' scale, resources, and commitment to innovation for the development of comprehensive solutions in contracts data analytics.
Deep dives
Knowable: Transforming the Contract Industry with Technology
Knowable, a spinoff of Axiom, is poised to become a market leader in the field of structured contracts data and analytics. With a vision to revolutionize the way contracts are understood and created, Knowable aims to provide precise and accurate insights derived from contracts data. Leveraging machine learning and human expertise, Knowable helps enterprises unlock value from their contracts by translating raw contract data into structured information. The joint venture with LexisNexis brings resources and scale to Knowable's capabilities, enabling them to further enhance their offerings. In the future, Knowable envisions contracts becoming more automated and streamlined, paving the way for a new era of intelligent and data-driven contract management.
From Axiom to Knowable: The Journey of Transforming Legal Services
Mark Harris, co-founder of Axiom and current CEO of Knowable, reflects on the evolution of Axiom and the founding vision that led to its success. Axiom initially aimed to disrupt the legal industry by creating an internet-enabled marketplace for freelance legal talent. Over time, Axiom expanded its offerings to include managed services and contracts data analytics. The spinoff of Knowable, in partnership with LexisNexis, presents an opportunity to focus on the transformative potential of structured contracts data. With LexisNexis' investment, Knowable gains access to their vast legal content and expertise, helping pave the way for future innovations and market leadership in the contracts industry.
Unlocking the Power of Contracts Data with Knowable
Knowable is championing the movement towards structured contracts data and analytics as the future of the legal industry. By translating contracts from prose to structured information, Knowable enables enterprises to gain deep insights from their contracts. Knowable's unique repository of contracts data and its proprietary machine learning models provide the tools for a range of applications, from contract management efficiencies to informed decision-making in M&A and other corporate transactions. As Knowable continues to refine its offerings and automate processes, it anticipates a future where contracts are understood without the need for extensive reading and created without the need for extensive writing, ushering in a new era of efficiency and productivity in the contracts realm.
The Joint Venture between Knowable and LexisNexis: Expanding Possibilities
The joint venture between Knowable and LexisNexis brings together two powerful entities in the legal industry. Knowing that contracts are vital documents with vast amounts of untapped potential, both companies share a passion for unlocking value from contracts data. This partnership allows Knowable to leverage LexisNexis' scale, resources, and commitment to innovation, opening up new opportunities for collaboration and integration. Knowable's specialization in contracts data analytics, combined with LexisNexis' expertise and content, will lead to the development of comprehensive solutions that deliver actionable insights and drive transformative change in the legal field. The joint venture sets the stage for future synergies and advancements in the way contracts are managed and utilized.
Nineteen years ago, Mark Harris and Alec Guettel founded Axiom, a pioneering service to provide on-demand legal talent to corporate legal departments, growing it into a company with a roster of more than 2,000 lawyers that works with over half of the Fortune 100, while also developing technology and managed services arms.
Last February, gearing up for a possible IPO, Axiom spun off its technology and managed services entities into two new companies: Knowable, which uses machine-learning technology to help companies better understand their contracts, and Axiom Managed Services (AMS), which offers people, processes and technology to provide outsourced legal help to companies.
With the spin-off, Harris and Guettel moved to Knowable, with Harris as CEO and Guettel as CTO. In July, Knowable announced that it had entered into a joint venture agreement with LexisNexis Legal & Professional, allowing Knowable to continue to operate independently, but with the benefit of LexisNexis’s resources and infrastructure.
On this episode of LawNext, Harris joins host Bob Ambrogi to discuss his new “contract intelligence” company, which aims to help companies get a global view of their risks, obligations and entitlements. He also recounts his 19 years starting and growing Axiom.
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