LegalOn Technologies recently released a new AI contract review tool called “AI Revise” that will help in-house legal professionals “make sophisticated contract revisions in seconds,” according to a company press release.
The software features the latest GPT technology from OpenAI and detailed legal practical guidance, LegalOn Technologies said.
The company launched an early access period in January 2023 and announced that LegalOn is now commercially available to all customers in the United States.
“LegalOn is the best implementation of review technology I’ve seen,” said Hans Kim, a general counsel to startups and venture capital funds and former head of legal at Atrium, in a LegalOn press release.
AI Revise is one of many tools that will be within LegalOn’s product suite, the company said. LegalOn’s subscription offerings will include AI Revise and many other “time-saving and contract-strengthening features.”
LegalOn’s product includes many new benefits and features, including the ability to quickly review master service agreements (MSAs) and purchase agreements.
The product also features the ability to identify specific contract risks by contract type and negotiation position, the LegalOn press release said.
“I use LegalOn consistently,” said Alenda Martin, senior contract manager at Turo. “The AI picks up critical issues quickly and accurately. The guidance and sample language are helpful to fix and negotiate those risks. And now, AI Revise feels like a major advance — it’s really exciting to see.”
Users of the software can also revise contracts and work with colleagues via an in-browser editor. Additionally, they can search prior contracts and templates to find “on-point clauses as you draft and edit.”
“The AI provided spot-on alerts to identify risky contract terms,” said Josh Schmand, associate general counsel at ScribeAmerica. “The practice notes were excellent and helped me edit more efficiently.”
