contract automation

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Bloomberg Law has announced the launch of Bloomberg Law Contract Solutions,  a new AI enabled contract workflow for In-House Counsel. The product is designed to help lawyers streamline drafting and negotiation with tools for profiling, searching and extracting clauses.  The product was designed in consultation with corporate legal teams.

 Live Virtual Event Bloomberg Law Contract Solutions will be introduced at a live virtual event on Thursday, May 11 at 1:00 p.m. ET, accessible at http://onb-law.com/xYZk50OfKjg.

Bloomberg Law Contract Solutions Features:

  • A secure, centralized repository, including a database of automatically extracted clauses to deliver an organized single source of truth that can be filtered, sorted, and searched across – with little to no data entry.
  • Seamless integration with Microsoft Word, allowing users to access their contract repository and clause library directly from their document, providing a fast and easy starting point for drafting and revising contracts.
  • Advanced analysis tools, accelerating the review of draft agreements and allow users to efficiently identify and incorporate preferred language to ensure favorable terms.
  • AI-powered extraction of key contractual terms, providing greater visibility into final agreements to help identify and flag potential risks and obligations.

Bloomberg Law has previously leveraged AI and machine learning in a variety of workflow solutions including Points of Law  for litigation research and its transactional intelligence tool Draft Analyzer which provides benchmarking and analysis of deal documents.. Bloomberg Law Contract Solutions builds on this pioneering legacy, leveraging proprietary semantic search and natural language processing (NLP) technology to deliver advanced search engine and contract analysis features.

Continue Reading Bloomberg Law Contract Solutions Offers AI Enabled Drafting for In House Counsel -Launch Even May 11th

LegalOn Technologies (“LegalOn”) a leading legal technology company from Japan,  has announced its expansion into the United States and  the appointment of Daniel Lewis as US CEO. Daniel Lewis is well known in the U.S. legal tech community as the co-Founder of Ravel Law (later acquired by LexisNexis). Ravel Law completely reimagined the delivery of caselaw research results and was the first platform to offer Judge’s “Precedential Behavior Analysis.”

According to the press release “LegalOn has built the world’s leading AI contract review solution for in-house teams and law firms. The company has over 3,000  law firm and law department customers, a team of 400 employees, $101m in recent funding. LegalOn was founded in 2017 by two corporate lawyers and the company is backed by leading investors

Nozomu Tsunoda, CEO is quoted in the press release: “We have over 3,000 customers, a team of 400 employees, $101m in recent fundraising, and now we’ve added an experienced executive, Daniel Lewis, to lead our US expansion.”

Daniel Lewis and Nozomu Tsunoda of LegalOn Technologies

Lewis joins LegalOn as US CEO after five years at LexisNexis leading practical guidance businesses serving 100k+ attorneys. He previously founded and led Ravel Law, a legal analytics software company. “One of the biggest challenges that general counsel and in-house teams face is providing timely review on urgent, high-volume contracts like NDAs and purchase agreements,” says Daniel Lewis, US CEO.

I recently interviewed Lewis and JP Biard, the Head of Global Strategy. Lewis  described how the drag and drop feature provides complete contract analysis in  lightning speed. The product provides clause by clause analysis and guidance. Another unique feature is that the product supports “point of view” analysis meaning that it provides guidance based on the position of the party. There are currently over 60 Japanese agreements supported. LegalOn is in the process of building up the U.S. corpus of contracts it will support by using Natural
Continue Reading Daniel Lewis Co-Founder of Ravel Law Joins LegalOn Technologies