Genie AI has launched a new skill for its generative AI-powered legal assistant. Launched last month, the Legal Assistant is available in beta for free. The new skill means that the Legal Assistant will ingest any legal document and review it clause by clause. It will provide commentary on any risks associated with each clause, highlighting them as red, amber or green depending upon the severity of the risk.
Contract reviews, especially those received from suppliers or customers, can incur considerable costs. Whether internal in legal department time or cost for outsourced legal services. Genie AI believes that a 50-page contract that might once have taken days to review can be completed in under 3 minutes. The responses tagged within the contract are tailored to the entire document, the party, and the context surrounding the user’s deal.
Nitish Mutha, CTO and Co-Founder of Genie AI says, “We have designed the user experience to be highly interactive, mirroring exactly how you would draft and review a document with another colleague or your lawyer. This is just the start of our move towards multimodal AI, where we offer interactions far beyond chat.”
Early adopters of the solution are seeing the benefits. Liam O’Brian, Head of IT & Data Protection Officer for a UK charity, says, “RAG Review provides a really thorough insight into the risks within a legal document. It’s incredibly useful for me and I found the comments it generated on high risk clauses very helpful.”
How does it work
The process, which lets lawyers use AI to assist in their role, or businesses to speed up contract reviews, is the same. Genie AI gives an example of a review for an employment contract, but other use cases exist.
- Upload the employment contract document.
- It is possible to review the whole contract or just certain clauses.
- Hit the traffic lights icon within Genie AI to initiate the Legal Assistant.
- The legal assistant will ask whether you represent the Company or the Employee.
- The legal assistant will then flag each clause as red, amber or green and explain how fair the clause is to the relevant party.
- Each risk is highlighted and explained with a comment.
Once the review is complete the Legal Assistant can advise on changes to the clause or help draft an entirely new clause. The example infers that the Legal Assistant understands the concept of parties within a contract. It will prompt to flag whether the submission is on behalf of the customer/Supplier, NDA provider/recipient, Employee/Employer, Seller/Individual. The platform supports hundreds of different document types.
Enterprise Times: What does this mean
By the time contracts reach the legal team, there is often little time left to complete the deal. While AI will not completely remove the human from the loop, the assistance it can give legal teams and business leaders to accelerate the turnaround will be welcome. Furthermore, legal teams, rather than being seen as a blocker, can be seen as an enabler during the process. It may give rise to a change in the process for procurement. Where running contracts through the legal assistant may help negotiations earlier in the process.
A recent survey by LexisNexis identified that 96% of legal professionals expect AI to impact how they practice law. Genie AI believes its solution, now used by over 1,300 law firms, in-house lawyers, and legal professionals, will make that percentage a reality.
During its beta phase, Genie AI is free to use; signup here. Having signed up for this beta, our experience of this echoes O’Brian, simple to use and a very useful tool, especially as part of a larger CLM solution.