LegalOn's Contract Review Platform
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A LegalOn's Contract Review Platform is a 3rd-party contract review platform that is a LegalOn product.
- Context:
- It can (typically) support features such as: LegaOn's "Review", LegalOn's "Revise", ...
- It can (typically) offer suggestions for contract modifications based on pre-set legal standards or custom rules.
- It can (often) serve as a tool for Risk Assessment and Compliance Checking within contracts.
- It can (often) integrate with existing Legal Practice Management Software.
- ...
- It can be accessible to multiple users within an organization, allowing for collaboration and shared access to contract documents.
- It can include Platform Educational Resources .
- It can leverage AI to improve its analytical performance over time with the inputs from legal professionals.
- …
- Example(s):
- LegalOn Contract Review Platform, 2023-11-01: LegalOn expanded its contract review platform by introducing support for Letters of Intent and Distribution Agreements, increasing its coverage to 12 contract types. This update also strengthened the platform’s capabilities for in-house legal teams, allowing them to streamline complex negotiations more effectively(LegalOn
- LegalOn Contract Review Platform, 2023-05-01: LegalOn introduced AI Revise, a GPT-4-powered tool that enables users to redline contracts directly within Microsoft Word. This feature allows legal teams to automate clause identification, risk assessment, and contract revisions faster than ever before.
- LegalOn Contract Review Platform, 2022: Launched in the U.S. market, LegalOn’s platform gained traction with its AI-driven risk detection and contract modification recommendations, built on over 50 pre-built legal playbooks customized by experienced attorneys. This year also saw integrations with legal practice management software
- LegalForce Contract Review Platform, 2021: The earlier version, LegalForce, reached over 1,500 customers, including 300 law firms. It introduced key features like the **definition checker**, which proofreads the consistency of terms, and **case tracker**, which manages contract review requests across departments.
- LegalForce Contract Review Platform, 2019: The initial release of LegalForce, Japan's first AI-powered contract review platform, provided automatic contract review with risk detection and over 600 templates. This release was aimed at improving the efficiency and accuracy of legal teams by reducing manual contract review tasks.
- …
- Counter-Example(s):
- See: LegalOn "Review" Application, Legal Technology, Contract Management System, Contract-Focused Chatbot, Interactive Legal Contract Review Application.
References
2023
- Web-search summary
- The LegalOn Contract Review Platform offers a comprehensive suite of features designed to streamline and enhance the process of contract review. Key features include:
- . **Accurate Review in Seconds**: The platform utilizes advanced AI to instantly identify and rectify risks in contracts, providing point-by-point alerts 】.
- . **Consistent Risk Management**: It helps in identifying hard-to-spot risks, ensuring that contracts are reviewed against consistent standards that are configurable to specific business needs .
- . **Efficiency**: The tool reduces the time spent on tedious line-by-line reviews, allowing for quicker deal turnaround and more time for other legal work .
- . **Continuity and Knowledge Management**: LegalOn digitizes contract knowledge, simplifying the onboarding of new team members and ensuring consistent review, even in the absence of key personnel .
- . **Ease of Implementation**: The platform can be started right away without a time-consuming setup process, and it integrates smoothly into existing legal workflows and applications .
- . **Contract Templates**: Access to over 100 market-standard contract templates, maintained by attorneys, facilitates the creation of new contracts quickly .
- . **AI-Powered First-Pass Review**: The AI identifies nuanced contract risks and provides guidance for negotiation, streamlining the review process .**#. **Pre-Trained AI**: LegalOn’s AI is pre-trained to detect hundreds of nuanced contract risks for various contract types, requiring no user training or setup.
- . **Expert Guidance**: The AI Review includes alerts, sample language, and practice notes written by experts, tailored to the contract type and the user's position as buyer or seller.
- . **Customizable Alerts and Settings**: Users can adjust review settings to match their organization's needs, allowing them to focus on important decisions without getting bogged down in details【21†source】.**#. **Tailored Risk Identification**: The platform provides alerts tailored to the user's role (buyer or seller) and the specific type of contract, including NDAs, MSAs, Purchase Agreements, etc.【23†source】.**#. **Instant Redlining with AI Revise**: The platform enables instant transformation of AI alerts and suggestions into precise redlines with a single click, along with the power of Word and Track Changes in the browser for editing【24†source】.**#.. **Collaborative Tools**: LegalOn facilitates collaboration on contract issues, escalations, and approvals【24†source】.**#. **Contract Repository and Search Functionality**: The platform allows for the creation of a central repository for contracts, clauses, and templates, and provides a fast search function for finding specific clauses from past contracts【25†source】.**#. **Contract Comparison Tool**: It also offers the ability to compare contracts article by article to identify changes from past contracts, which is particularly useful during contract renewals【25†source】.** Overall, LegalOn's Contract Review Platform is designed to enhance the efficiency, accuracy, and consistency of contract review processes, leveraging AI and other advanced technologies to streamline workflows and provide expert guidance.
- The LegalOn Contract Review Platform offers a comprehensive suite of features designed to streamline and enhance the process of contract review. Key features include:
2018
- https://www.artificiallawyer.com/2018/10/05/meet-legalforce-japans-first-ever-legal-ai-platform/
- NOTES:
- First AI Contract Review Platform in Japan: LegalForce was introduced as the first legal AI document review system in Japan, marking a significant development in the country’s legal tech landscape.
- Led by Local Lawyer: The company was founded and led by Nozomu Tsunoda, a Japanese lawyer who aimed to innovate how contracts were reviewed by leveraging AI technology.
- Beta Phase in 2018: LegalForce was in its beta testing phase during 2018, working with large Japanese companies like Fujitsu, Suntory, and Mitsubishi to gather feedback before its official release in early 2019.
- AI-Powered Contract Review: The platform's primary goal was to use AI to streamline the review of routine contracts, reducing the need for manual human oversight and increasing efficiency.
- Focus on Reducing Human Oversight: LegalForce aimed to minimize human error in contract review by automatically detecting risks and ensuring consistency in legal documents, particularly focusing on issues like misalignment and misspellings.
- Long-Term Goals: LegalForce had plans to handle multilingual documents and improve the management of large contracts by organizing complex legal information, ensuring efficient contract review processes for large-scale businesses.
- Potential Interest from Global Law Firms: With many large US and UK law firms operating in Japan, there was growing interest in using LegalForce as a Japanese-language-first AI system, specifically designed to handle the nuances of Japanese legal documents.
- NOTES: