Bloomberg Law has announced the beta release of Contract Assistant, a generative AI conversational search tool designed for Bloomberg Law Contract Solutions. This innovative tool simplifies the process of contract analysis for in-house counsel, allowing legal teams to quickly identify key provisions and streamline their review processes.
Key Features of Contract Assistant:
- Efficient Information Retrieval:
- Quickly surfaces essential information from lengthy contracts.
- Identifies and summarizes key provisions, enabling faster reviews.
- Tailored Inquiries:
- Users can ask specific questions about contracts, such as identifying critical provisions to focus on during negotiations.
- Provides clear, plain English responses with easy-to-follow internal references to where information is located in the contract.
- Guidance on Complex Queries:
- Offers helpful guidance if a question cannot be fully answered, enhancing the user experience.
Preview and Upcoming Events:
Bloomberg Law will showcase the new Contract Assistant at the Association of Corporate Counsel Annual Meeting in Nashville from October 6-9, providing attendees an opportunity to experience its capabilities firsthand.
Benefits for Legal Teams:
- Operational Efficiency:
- “Contract Assistant not only simplifies the contract review process but also boosts the operational efficiency of legal teams,” stated Todd Barton, VP of Product at Bloomberg Law.
- User Testimonials:
- An associate counsel from a multi-industry company expressed enthusiasm for the tool, noting its ability to deliver high-level overviews and identify missing or risky provisions. This functionality is expected to streamline their review process significantly.
Bloomberg Law Contract Solutions:
Launched in 2023, Bloomberg Law Contract Solutions features:
- A secure centralized repository for contracts.
- Seamless integration with Microsoft Word.
- Advanced analysis tools for key contractual term extraction.
These features aim to reduce the time and resources spent on contract-related tasks, enhance compliance and risk management, and align with the strategic goals of organizations.
With the introduction of Contract Assistant, Bloomberg Law continues to demonstrate its commitment to leveraging cutting-edge technology to solve attorney workflow challenges. This generative AI tool stands to revolutionize the contract analysis landscape, empowering legal teams to perform more precise and efficient contract negotiations.