As a leading AI-powered CLM, we’re dedicated to bringing the latest AI advancements to customers while keeping human sensibilities at the core of everything we build. And we don’t just build features with the latest tech–we also have some of the largest investments in enterprise-level data security in the contract lifecycle management (CLM) industry. Today, our intuitive, easy-to-use platform provides governance with granular permission and access control to ensure responsible use of AI, putting strategic oversight in human hands. And we’re just getting started.
AI Assist™ Now Generally Available
That’s why I’m thrilled to introduce a slew of new legal AI tools and updates that will increase the speed of innovation for entire businesses, not just legal teams, everywhere. Announced at our inaugural in-person Ironclad Live in San Francisco, we’ve made AI Assist™ generally available. The first ever generative AI-powered contracting tool to be publicly released, AI Assist™ uses OpenAI’s GPT-4 to let users instantly redline contracts based on pre-approved clause language established in AI Playbooks. The redlines appear as tracked changes, so teams can quickly scan and either accept or reject updates in one click. AI Assist™ will also provide suggestions based on selected clauses, plus draft, analyze, and summarize your contracts when needed. Saving hours and hours of manual review, the nearly endless possibilities of AI Assist™ free up time for lawyers to focus on the strategic work only human intelligence can address.
Updated OCR & Smart Import Features
We’ve also implemented optical character recognition (OCR) technology into Ironclad Repository, so any manually uploaded documents are scanned and fully text-searchable. And for teams that have programming resources to dedicate to contract management, we announced a new Smart Import API (currently in beta) that will allow teams to digest an unlimited number of contracts from any business application without downloading, storing, and reuploading them into Ironclad. Along with Ironclad AI’s ability to detect up to 194 contract data properties, including 19 contract fields and 175 out-of-the-box clauses on documents uploaded via Smart Import, all these legal AI tools pack a powerful punch.
New: Custom AI Clauses & Contract Data Management
But what if teams have industry-specific contract properties that Ironclad AI doesn’t detect? Or they have some really edge use cases to which its out-of-the-box clauses may not apply?
Well, we’ve got you covered. Launching in a closed beta on April 19th is Custom AI Clauses, a brand new feature that allows teams to train Ironclad AI with their own contracts without requiring AI engineering resources. All they have to do is provide some example clause language, and Ironclad AI does the rest. This new legal AI tool changes the game; teams will not only have full control of their clause data, they’ll also improve accuracy over time as Ironclad AI’s model continues to learn the teams’ specific needs–all sans an in-house AI team.
Launching alongside the Custom AI Clauses beta, teams will also be able to configure and manage those contract properties and use Ironclad Insights’ new data analytics capabilities to report on contract data. This will help teams create custom reports to dive deeper into their contracts to understand things like how long the average sales contract lifecycle is or how much time teams spend on low-value, high-risk contracts.
An Immersive Afternoon in San Francisco
The announcements of these legal AI tools weren’t the only exciting moments to hit the day. The first ever in-person Ironclad Live, held at the 1 Hotel in San Francisco, featured keynotes from Ironclad’s Co-Founder and CEO Jason Boehmig, Co-Founder and Chief Architect Cai GoGwilt, and OpenAI’s GPT-4 Whisperer Ted Sanders, plus customer spotlights with legal leaders from AirTable, Everlaw, and OpenAI. The event also included product sessions led by Ironclad’s product team and a networking happy hour with customers and AI industry experts.
As our own Cai GoGwilt puts it, “AI is not a wave but a sea change for next year and beyond.” Here at Ironclad, we’ve only begun to scratch the surface of the ocean of possibilities that generative AI technology brings, not just to the legal industry but to the entire world. But we’re not afraid to dive deep. And we can’t wait to show you what we’re building next.
To learn more about all things Ironclad AI or if you missed our live event, register for Ironclad Live Virtual on April 20th and explore our legal AI tools at ironclad.ai. To see Ironclad in action, request a demo today.
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of and access to any of the resources contained within Ironclad’s site do not create an attorney-client relationship between the user and Ironclad.
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