Contract technology provider LegalOn has launched a new generative AI legal assistant. With the power of GPT-4, the security of SOC2 compliance, and extensive training and testing by attorneys, Assistant is generative AI upgraded for legal professionals. It has the abilities to check defined terms, locate critical clauses, draft revisions, and summarize a contract in seconds.
This assistant enables one to save time searching through contracts. Users can ask any questions about their contract – including its amendments and exhibits – and get answers on legal and business terms instantly. This allows them to effortlessly locate specific clauses or translate complex expressions into plain language, saving time. One can also ask Assistant to identify key terms within the contract, such as service descriptions, SLAs, and payment clauses, providing the user with a complete understanding of their agreements.
Further, LegalOn Assistant can draft new clauses and revisions that fit the rest of the submitted contract and match existing defined terms. It can offer suggestions based on the user’s position and business preferences.
Assistant can also help users quickly understand the key terms of a contract or clause with a concise, plain-language summary. Being able to instantly summarize risks and obligations speeds up their review as well as their communications with other stakeholders, which allows for an efficient understanding and communication of the key aspects of a contract.
The legal profession has understandably been wary of new technologies, given the sensitivity of legal work. Contracts are confidential and must remain so. Lawyers, therefore, must be cautious about the security of their documents and the use of their data on technology platforms, especially concerning whether it is used in training generative AI models.
However, as technology evolves and becomes more powerful, it’s important for lawyers – particularly in-house attorneys – to leverage all the available tools. As budgets and headcount often remain stagnant, in-house teams are seeking technology that helps them do more with less. It’s critical that these are skilled at legal work and built for legal teams. AI that provides inaccurate or generic answers may be more counterproductive than helpful in aiding legal work.
That’s why LegalOn states that they have put security, compliance, and contract aptitude as their key priorities in building LegalOn Assistant. Dozens of engineers and lawyers worked for months enhancing the capabilities of generative AI with specialized legal training and testing. Moreover, they incorporate advanced security and privacy measures, including SOC II Type 2 compliance, ensuring that companies can trust Assistant with their sensitive documents and questions.
To that end, LegalOn invited existing customers to try Assistant in early-access. Users have been able to save time and find critical information faster. One user, Kristen Jacobsen, Associate General Counsel at Golden Hippo, stated: “LegalOn Assistant is extremely user-friendly, and is a huge timesaver. I use LegalOn Assistant to tell me what defined terms mean as I am reading a contract – this saves a lot of time scrolling back and forth through the contract to look up definitions.”
Similarly, Anthony Tommarello, Corporate Associate Attorney at Industrial Service Solutions, uses LegalOn Assistant to draft new clauses from scratch, saying: “I use LegalOn Assistant to strengthen my contracts. It helps me identify risks and draft new clauses from scratch. I’ve found that it saves more than 50% of my time.”
Assistant is LegalOn’s latest generative AI feature that uses the latest GPT technology and Microsoft Azure’s OpenAI Service. Last year, LegalOn introduced AI Revise, the first contract redlining tool to combine detailed legal guidance content with generative AI. These features are included in every LegalOn subscription.
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