The product is no longer in beta and is available for purchase, but pricing is not available on the website. The tool offers redlines and suggested corrections, without the need for a contract database provided by the customer. LegalOn AI Revise: A GPT-powered contract editing tool that allows users to find and correct contracts by flagging inaccuracies and risks in contracts.This offering is still in limited beta and pricing has not yet been determined. Contract analysis is one of its many use cases, and with it, customers can draft documents guided by the built-in chatbot and can change the language and tone with a simple prompt. Lexis+ AI: LexisNexis recently announced its generative AI offering, which utilizes multiple generative AI tools, including ChatGPT, Google Bard and Microsoft Bing-depending on the circumstances.It is currently in beta and pricing is not yet available.
It assists with contract review by suggesting contract terms and clauses. Spellbook: A contract analysis tool built on OpenAi’s ChatGPT 4 that works in Microsoft Word.Please note, as indicated in the descriptions below, some of these products are still in beta and aren’t yet fully available. This entails understanding the company’s data management processes, the location of its servers, who has access to the data and the backup procedures in place-among other considerations. As a legal professional, you have an ethical responsibility to thoroughly investigate the technology provider that will host and store your data.
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There are other similar tools currently available and the number of products in this category will undoubtedly increase in the months to come.Īlso, it is important to remember that using such software involves entrusting sensitive client information to an external party. Keep in mind that this overview is not exhaustive. Because AI technology has rapidly matured in recent months, several AI-powered options for contract analysis have emerged for legal professionals seeking to integrate these tools into their practice.īelow, you’ll learn about many of the solutions currently available.
In prior articles, I’ve written about AI-based contract analysis tools however, the market has evolved dramatically since my initial coverage of the software category in 2018, in large part due to the generative AI boom. The introduction of GPT-enabled functionality into this category of software has the potential to dramatically impact the way attorneys handle contract work, resulting in substantial savings in both time and resources. If your legal practice involves frequent contract review, it would be a mistake to overlook the advantages that these software solutions offer. The system then leverages this knowledge to evaluate user-submitted contracts, contrasting them with a wide variety of related documents stored in its database.
The adaptive nature of contract analysis software enables it to continuously learn from newly added contracts, such as nondisclosure or employment agreements. This recent surge of contract analysis products built on machine learning and natural language processing streamlines and simplifies the traditionally laborious process of contract drafting and review. Over the past few months, the legal technology sector has experienced a veritable explosion of AI-powered contract analysis tools, largely driven by the advanced capabilities of AI models like ChatGPT and similar technologies.
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