LegalZoom, the leading choice for online small business formations, has announced the beta launch of Doc Assist, a complimentary document summarisation tool that leverages the capabilities of generative AI and LegalZoom’s expertise in legal technology. This innovative product is designed to help small businesses efficiently review documents, maintain organisation, quickly grasp essential information, and access guidance from reputable attorneys for more informed decision-making.
Doc Assist is a straightforward concept. Users can upload any legal document, and the tool instantly provides key information, condenses critical clauses, and suggests pertinent questions tailored to the document type. Doc Assist seamlessly combines state-of-the-art Generative AI technology with LegalZoom’s deep understanding of legal documents and their structures, serving as a custom-made guide for navigating the complex realm of legal paperwork.
Small businesses often feel apprehensive about dealing with attorneys, perceiving them as costly and using confusing, intimidating terminology. They often lack the time to find the right attorney, and concerns about expenses can deter them from seeking legal guidance. Consequently, many small businesses opt to bypass legal counsel, taking unnecessary risks by signing contracts, maintaining incomplete employee records, and placing trust in agreements from larger, established companies. The internet is flooded with legal documents, and many businesses adopt these documents without comprehending the content they are endorsing or sending for signatures. Remarkably, 85% of current LegalZoom customers have not engaged with an attorney, and it is estimated that 40-60% of the population leaves its legal needs unattended to, a figure that worsens when underserved communities are considered. The problem is evident.
“Every small business should have the ability to comprehend the contracts it enters into or submits for signature. Generative AI is a crucial component, but its effectiveness is amplified when paired with a qualified attorney well-versed in the specific type of legal document at hand. LegalZoom is uniquely positioned to provide access to both,” stated Dan Wernikoff, CEO of LegalZoom.
