The company also announced an open API for AI-powered contract ingestion and new
capabilities to bring customizable AI experience to the entire contract lifecycle
Ironclad, the leading digital contracting platform for modern legal teams, announced today that it will be releasing its generative AI tool – AI Assist™ – to its entire customer base. The first generative AI-powered contract negotiation tool to be released publicly to the market, AI Assist utilizes OpenAI’s GPT-4 to assist legal teams by instantly generating contract redlines based on pre-approved legal guidelines, creating net-new contract language via prompt, and more.
“The results with AI Assist have been beyond what we could even have imagined,” said Ironclad CEO and co-founder, Jason Boehmig. “An initial pass at contract redlining usually takes about 40 minutes. With AI Assist, we’re seeing users complete them in two minutes. Already, some large enterprises are using Ironclad AI to review over 50% of their incoming contracts, so the compounding business impact there is unprecedented.”
“We’ve reached a tipping point in the legal field where lawyers will start to become exponentially more effective through artificial intelligence,” said Stephen Myers, VP, Head of Legal at People.ai. “I’ve tested other generative AI negotiation tools, and Ironclad is leaps and bounds beyond what others are offering. AI Assist does the heavy lifting during contract review and allows me to put my legal knowledge to use in a more streamlined, efficient way.”
Using the most advanced AI, and developed to be intuitive and allow customers to control when and how to apply it, AI Assist is now available for all Ironclad customers. All users can now leverage the power of generative AI in their contracts to:
- Augment Legal’s issue-spotting and negotiation capabilities: AI Assist automates manual legal review so teams can focus on challenging strategic work that requires deep legal problem solving.
- Dramatically speed up the contract review process: instantly identify and redline irregularities in contracts with over 90% accuracy and save countless hours of manual review.
- Scale contract review and compliance: AI Assist makes redline suggestions based on a company’s preferred clause and language guidelines in their existing Playbooks – meaning companies don’t have to reinvent the wheel every time they review a contract.
- Optimized for accuracy and security: Ironclad has processed over 1 billion contracts and trained its AI models with large data sets of public, proprietary, and secure contract data.
New AI Customization and Enhanced Tools
Along with the general availability of AI Assist, Ironclad also announced the release of several new features within Ironclad AI, which lets customers:
- Define and extract the most relevant data for your business using custom AI models: train Ironclad AI using your own contracts and the clauses, language, and data most relevant to your business.
- Gain business insights from Ironclad AI: gain valuable business insights and drive impact with Ironclad’s full stack analytics and visualization platform, Insights, which now extracts and analyzes data on contract clause usage.
- Upload unlimited contracts at scale: while Smart Import already handles up to 2,000 contract uploads at a time, the new Smart Import API will now allow unlimited contracts to be uploaded, indexed, tagged, and stored in the Ironclad Repository.
“Our approach with AI is to help legal teams slice through the rote work they don’t want to do, so they can focus on the interesting problems they went to law school to solve,” said Cai GoGwilt, co-founder and Chief Architect at Ironclad. “AI Assist clears the ‘underbrush’ and is a force multiplier for legal teams – a super-power that knows problems to look for, offers ways to solve them, and puts the decision making in the users’ hands.”
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