Generative AI is Having a Moment: Integrating Other AI and Domain Expertise Will Make it Last

Generative AI is everywhere – and it's impressive. It can write a poem in the style of your favorite celebrity and even pass the bar exam - a task that took me too many late nights during law school!

As a former corporate attorney, I understand the challenges that come with contract review. It can be a time-consuming and tedious process requiring much attention to detail. But, if not fixed, contract risks can escalate into disputes years later. That's why I'm excited about the potential of generative AI to change the paradigm in contract review, making the process faster, easier, and more efficient.

At LegalOn Technologies, we've been exploring the use of generative AI in contract review. While it cannot perform contract review on its own, we've found that when combined with our proprietary AI and legal guidance content, it can do extraordinary things!

The limitations of generative AI

It's important to note that generative AI alone cannot automate contract review. When I asked ChatGPT if it could identify missing contract clauses, it responded that it is "not well-suited" to do so "because it requires a well-defined set of rules and criteria to generate the output" and "an understanding of legal concepts."  

Generative AI is a predictive language model that generates human-like responses to text prompts based on a statistical model. It doesn't understand the content it generates, assess the accuracy of its output, or rationalize through a series of steps.

Reviewing a contract, on the other hand, requires logic and legal knowledge. Each type of contract contains hundreds of legal concepts, each of which can be expressed in many different ways. Whether a particular concept is risky or not depends on various factors, such as the context of the contract, the contract type, and the negotiating position.

The importance of combining AI and legal expertise in contract review

At LegalOn Technologies, we've spent years training our AI technology to identify hundreds of nuanced contract clauses specific to every contract type we cover. We use legal expertise and reasoning to guide the AI to determine whether a particular clause (or omission of that clause) is a risk, depending on the contract type and negotiating position. By combining our expert legal knowledge with AI's capabilities, we cut the time needed to review contracts and elevate our customers to higher-value decision-making.

Our approach - AI, guidance, and you - has made LegalOn the largest contract review product in the world, trusted by over 3,000 companies and law firms globally. With LegalOn, 98% of users save time in their contract review process (40%-time-savings on average), and 90% improve review quality.

Generative AI is making contract review even better

When enhanced with logic, reasoning, and legal expertise, generative AI can unlock even more time savings. At LegalOn, we've built a solid foundation for generative AI by spending thousands of hours training our AI and authoring legal content databases, all under the supervision of expert attorneys. Now, we're using generative AI tools on top of that foundation to make AI contract review better than ever.

Recently, we unveiled AI Revise, the first GPT-powered contract editor enhanced by expert legal knowledge. Users can instantly turn LegalOn's proprietary alerts and suggestions into contract revisions. This is just the beginning! 

At LegalOn, we believe that generative AI paired with other AI techniques and legal knowledge will dramatically impact how legal work gets done. We look forward to working with innovative legal teams to solve their contract review problems and advance legal practice with technology. We'd love to hear from you if you're interested in learning more.

If you're attending the CLOC Global Institute, check out LegalOn's platform, including AI Revise, at Booth 200 and our Solutions Lab with Turo Inc., the world's largest peer-to-peer car-sharing marketplace.