LegalOn's "AI Revise" Tool

A LegalOn's "AI Revise" Tool is an AI-powered contract language recommendation application by LegalOn.

• Context:
  • It can perform Contract Redlining by turning alerts from LegalOn's AI Contract Review into precise revisions with one click.
  • It can ensure Trustworthy Contract Revisions with AI enhanced by Expert Legal Knowledge, ensuring legal precision and minimizing errors.
  • It can allow users to easily collaborate on contract revisions through integration with Microsoft Word Track Changes.
  • It can enable swift, one-click Redlining Workflow, allowing legal professionals to focus on negotiations rather than tedious contract reviews.
  • It can draw from extensive databases of Legal Content Libraries drafted by experienced attorneys to deliver professional-grade revisions in seconds.
  • It can generate precise, highly tailored revisions sensitive to the specific Contract Style, Party Names, and Legal Terminology present in each contract.
  • It can mitigate the risks of AI Hallucination by validating outputs with extensive attorney-led guidance.
  • ...
• Example(s):
  • LegalOn Revise, v2023-06-01.
  • LegalOn Revise, v2024-06-01.
  • ...
• Counter-Example(s):
  • "LegalOn Assistant".
  • ContractPodAI Platform that demonstrates AI-assisted contract analysis and drafting.
  • LawGeex Contract Review Tool that automates the review process using AI.
• See: LegalTech, Document automation, Artificial Intelligence in law, Contract Analysis Tool, Legal Document Editor, LegalOn Product.

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References

2024

• Perplexity
  • LegalOn Technologies recently released a new AI contract review tool called "AI Revise" as part of their product suite. Here are the key details about this feature:
  • Functionality: AI Revise is a generative AI tool powered by GPT technology from OpenAI that allows users to make sophisticated contract revisions quickly.
    • It generates professional-grade edits with one click, incorporating LegalOn's suggestions directly into contracts.
    • The revisions keep the context of the contract in mind, including proper capitalization, punctuation, numbering, and harmonization of legal terms.
    • It's built on top of LegalOn's existing AI Review technology and informed by expert legal guidance written by lawyers.
  • Benefits: AI Revise offers several advantages for legal professionals:
    • Speed and efficiency: It can produce contract revisions in seconds, significantly accelerating the review process.
    • Accuracy: The tool consistently produces professional-grade edits validated through extensive attorney-led testing.
    • Ease of use: It works "right off the shelf" without requiring playbooks, implementation, or preparation from customers.
    • Flexibility: Users can easily edit the AI-generated revisions or undo them if desired.
  • Integration with LegalOn Platform: AI Revise is part of LegalOn's broader AI contract review platform, which includes:
    • AI-powered contract risk identification
    • In-depth practical guidance and sample contract language from experienced attorneys.
    • Ability to review various contract types like Master Service Agreements and Purchase Agreements.
    • In-browser editor for contract revisions and collaboration.
    • Search functionality for prior contracts and templates.
  • Limitations: While powerful, AI Revise does have some current limitations:
    • The tool may be hidden or disabled when the system predicts its output might not meet quality standards.
    • Occasional errors can occur in communication with GPT.
    • Perfect alignment with unique contract formatting is not always guaranteed.
    • It's not compatible with tables or text containing strikethroughs.
  • Citations:

[1] https://www.legaldive.com/news/legalon-technologies-ai-review-generative-ai-tool-contract-editing/709094/
[2] https://intercom.help/legalon/en/articles/8144918-understanding-ai-revise
[3] https://www.legalontech.com/press-releases/legalon-technologies-unveils-ai-revise-tool-and-subscription-plans-for-us-customers
[4] https://www.legalontech.com/product
[5] https://www.infotech.com/research/legalon-case-study-ai-for-contract-review
[6] https://www.legalontech.com/ai-contract-review-software
[7] https://www.legalontech.com
[8] https://www.lawnext.com/2023/04/as-it-opens-commercial-availability-in-the-u-s-legalon-releases-gpt-powered-contract-editing-tool-ai-revise.html

2023a

• (GM-RKB ChatGPT, 2023) ⇒ Summarize the concept LegalOn "AI Revise" Application in 1- 2 paragraphs, promt.GM-RKB ChatGPT (model: gpt-4-1106-preview) Retrieved: 2023-12-31.
  • QUOTE: The "AI Revise" application, conceptualized as a part of the LegalOn suite of tools, is designed to assist legal professionals in reviewing and editing complex legal documents efficiently. Powered by artificial intelligence, AI Revise aids in the detection of potential legal issues, suggests improvements, and provides alternatives for consideration. Its algorithm understands the context and semantics of legal language, helping to reduce the time and effort spent on meticulous manual review processes. By leveraging machine learning and natural language processing (NLP), the application ensures that the legal texts adhere to current laws and regulations while maintaining the intended meaning. This not only improves accuracy but also serves to minimize the risk of human error, thereby streamlining the document revision workflow in legal contexts.

2023b

• (LinkedIn, 2023) ⇒ https://linkedin.com/posts/legalon-technologies_ai-is-a-powerful-force-multiplier-but-legal-activity-7095073582497607680-dwH_
  • QUOTE: AI is a powerful force multiplier, but legal professionals need more than an ordinary chatbot. That’s why we built AI Revise — to combine the power of AI with guidance content by seasoned attorneys — so you can focus on the work that matters most.
    • Insert precise redlines into your contracts with a single click.
    • Connected to your contract information to ensure context-aware revisions.
    • Enjoy peace of mind with the highest standards of data privacy and expert legal guidance.
  • ...
    • PROTECT CONFIDENTIAL DATA: Our data privacy protections ensure neither Microsoft nor OpenAl use any contract data to train or improve their models, and no data is stored for any period of time.
    • PROFESSIONAL-GRADE: Integrated with Legal On's proprietary Al Review technology and databases of legal content to ensure professional-grade redlines.
    • CONNECTED TO CONTRACT DATA: Securely connected to contract information to ensure that revisions are context-aware, including party names, terminology, and style.
    • PROMPT ENGINEERED: No prompting is required. We've spent thousands of hours engineering prompts to ensure high-quality, consistent results.
    • ONE-CLICK PRECISION: Insert precise redlines directly into your contract with one click. No ambiguous responses; just targeted edits right where you need them.

2023c

• (LegalOnTech, 2023) ⇒ https://www.legalontech.com/product/revise
  • QUOTE:
    • "Turn alerts from LegalOn's AI Review into precise redlines with a single click."
    • "Ensure trustworthy revisions with AI enhanced by expert legal knowledge."
    • "Start revising on Day 1 with no setup or AI training required."
    • "The power of Word and track changes, available on LegalOn."
    • "Easily collaborate with your team on outstanding issues, escalations, and approvals."
    • "Automatically save revisions into LegalOn to maintain version and negotiation history."
    • "Select your contractual position and let the AI review per LegalOn’s pre-trained standards configurable to your needs."
    • "Fix contract risks instantly with the first AI contract editor enhanced by expert legal knowledge."

2023d

• (LegalOnTech) ⇒ https://www.legalontech.com/introducing-ai-revise
  • QUOTES:
    • "AI Revise draws from extensive databases of legal content drafted by experienced attorneys to deliver professional-grade revisions."
    • "Swift, one-click redlining on Day 1. We've taken care of the AI training and prompt engineering, so you can focus on the work that matters."
    • "Precise and highly tailored revisions to the contract you're negotiating, sensitive to the specific contract style, party names, and terminology."

2023e

• (Law Next, 2023) ⇒ https://www.lawnext.com/2023/04/as-it-opens-commercial-availability-in-the-u-s-legalon-releases-gpt-powered-contract-editing-tool-ai-revise.html
  • QUOTE: Today, LegalOn is making its platform commercially available to all customers in the U.S., and as it does, it is releasing a new feature, AI Revise, which it says is the “first AI contract editing tool enhanced by expert legal knowledge.”

    “Our AI Review assists legal teams by spotting risks in third-party contracts and redlines and suggesting solutions to make contracts stronger before signature,” said Daniel Lewis, LegalOn’s U.S. CEO. “Now, we’ve taken a leap forward – AI Revise enables users to turn our suggestions into revisions.”

2023f

• (LinkedIn, 2023) ⇒ https://linkedin.com/posts/legalon-technologies_meet-ai-revise-your-contract-redlining-activity-7094694260301594625-_e4U/
  • QUOTE: Meet AI Revise, your contract redlining solution - now available to all users!

    We know the contracts keep coming, and your business partners need them turned around fast. Manual redlining is taking time you don't have.

     AI Revise is a single-click solution to redline and revise contracts instantly. AI Revise combines the power of AI with legal expertise from our seasoned attorneys so you can:

    • Cut your contract review time by half and turn contracts around faster
    • Find and eliminate risk with a single click
    • Free up time to focus on other important legal work

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