Wolters Kluwer’s legal and regulatory division has released a new AI-powered feature it says will allow legal departments to query their contracts using “advanced natural language processing.”
The functionality is part of the company’s Legisway product, which is an all-in-one SaaS legal information and contract management solution for corporate legal departments.
The AI enhancements to Legisway will enable in-house legal teams to monitor both their contractual obligations and the risks that could affect their business more effectively, according to a Wolters Kluwer press release.
“Corporate legal departments depend on Legisway to manage vital information and collaborate more efficiently across their business,” said Ken Crutchfield, vice president and general manager of legal markets at Wolters Kluwer legal & regulatory U.S. “Using Wolters Kluwer’s proprietary AI to grant broader visibility into contract terms provides tangible and immediate value that connects directly with the needs of our customers.”
Additionally, the new AI upgrades integrate into Legisway’s recently launched legal services portal.
The portal is a collaborative ticketing tool that is designed to streamline the requests legal departments receive for support from non-legal colleagues.
“This accelerates validation of new requests, promoting accelerated contract review and seamless collaboration with other teams,” the Wolters Kluwer press release said.
Beyond contracts, in-house legal teams can use Legisway to assist with intellectual property, real estate, entity management and compliance matters.
Wolters Kluwer is among many companies, including those in the legal technology space, that are investing heavily in AI-powered software. This push comes amid growing interest from legal departments in using the latest AI, with one survey finding that 75% of legal chiefs expect to use generative artificial intelligence in the legal function in the near term.
In its press release, Wolters Kluwer said that 50% of its digital revenues now come from products that leverage AI.
The company also said its AI Principles guide the design, development and deployment of advanced technologies.
“Wolters Kluwer strives to create AI systems that are human-centric, focused on solving business problems and benefiting our customers, while also considering the potential impact they may have on society and our environment,” the company’s AI Principles state.
