The world of contract negotiation has taken a massive leap forward with the introduction of Ironclad‘s AI Assist™, the first GPT-4-powered contract negotiation tool. Legal teams can now harness the power of artificial intelligence to streamline their contract review processes, while also dramatically increasing their overall efficiency.
AI Assist™: Revolutionizing Contract Negotiation
Saving Time and Increasing Efficiency
According to Ironclad CEO and co-founder Jason Boehmig, the results of AI Assist™ have been nothing short of remarkable. Where an initial pass at contract redlining typically takes about 40 minutes, AI Assist™ enables users to complete the task in just two minutes. With large enterprises already using Ironclad AI to review over 50% of their incoming contracts, the compounding business impact is unprecedented.
Enhancing Legal Teams’ Capabilities
Ironclad’s AI Assist™ is designed to augment the issue-spotting and negotiation capabilities of legal teams, allowing them to focus on challenging strategic work that requires deep legal problem solving. By automating manual legal review, AI Assist™ dramatically speeds up the contract review process, identifying and redlining irregularities in contracts with over 90% accuracy, saving countless hours of manual review.
GPT-4: The Power Behind AI Assist™
AI Assist™ leverages OpenAI’s GPT-4, the most advanced AI available, to provide users with an intuitive and customizable experience. Users can control when and how to apply AI Assist™, enabling them to scale their contract review and compliance processes without reinventing the wheel every time they review a contract.
Ironclad’s New AI Customization and Enhanced Tools
In addition to the general availability of AI Assist™, Ironclad announced the release of several new features within Ironclad AI, allowing customers to:
Custom AI Models
Train Ironclad AI using their own contracts and the clauses, language, and data most relevant to their business, ensuring AI models are tailored to their specific needs.
Business Insights with Ironclad AI
Gain valuable insights and drive impact with Ironclad’s full stack analytics and visualization platform, Insights. This platform extracts and analyzes data on contract clause usage, providing customers with a wealth of actionable information.
Uploading Unlimited Contracts
Ironclad’s new Smart Import API allows for unlimited contracts to be uploaded, indexed, tagged, and stored in the Ironclad Repository. This feature expands upon the existing Smart Import capabilities, which already handle up to 2,000 contract uploads at a time.
Implications for the Legal Industry
As Stephen Myers, VP, Head of Legal at People.ai, stated, “We’ve reached a tipping point in the legal field where lawyers will start to become exponentially more effective through artificial intelligence.” With AI Assist™ doing the heavy lifting during contract review, legal professionals can focus on putting their knowledge to use in a more streamlined and efficient manner.
Conclusion
AI Assist™ is a game changer for legal teams and the legal industry as a whole, offering a powerful tool that streamlines contract review and negotiation processes. By leveraging the most advanced AI technology available, Ironclad has created a platform that not only saves time and increases efficiency but also enhances the capabilities of legal professionals. As the legal field continues to embrace AI, tools like AI Assist™ will be instrumental in driving innovation and transforming the industry for the better.
FAQs
1. What is AI Assist™?
AI Assist™ is the first GPT-4-powered contract negotiation tool developed by Ironclad, a leading digital contracting platform. It uses artificial intelligence to assist legal teams by instantly generating contract redlines based on pre-approved legal guidelines and creating net-new contract language via prompt.
2. How does AI Assist™ benefit legal teams?
AI Assist™ helps legal teams save time and increase efficiency by automating the manual contract review process. It also enhances their issue-spotting and negotiation capabilities, allowing them to focus on more challenging strategic work that requires deep legal problem solving.
3. What is GPT-4, and how is it used in AI Assist™?
GPT-4 is the most advanced AI model developed by OpenAI. It is used in AI Assist™ to provide users with an intuitive and customizable experience, enabling them to control when and how to apply the AI in their contract review and compliance processes.
4. What new features are included in Ironclad AI?
Ironclad AI now includes custom AI models, business insights with Ironclad’s full stack analytics and visualization platform (Insights), and the ability to upload unlimited contracts using the new Smart Import API.
5. How will AI Assist™ impact the legal industry?
AI Assist™ marks a tipping point in the legal field, as it enables lawyers to become exponentially more effective through the use of artificial intelligence. By doing the heavy lifting during contract review, AI Assist™ allows legal professionals to focus on applying their knowledge in a more streamlined and efficient manner, ultimately transforming the industry.
