LawVu and Litera have launched AI-powered tools to help legal professionals boost efficiency, eliminate admin burden and quickly gain access to valuable insights.
Developed in partnership with Microsoft, LawVu’s new AI Assist feature for its legal workspace platform helps in-house legal teams action contracts faster by summarising key contract information, removing the need to read hundreds of pages.
The language processing tool makes it easy to retrieve key contract details such as parties involved, key dates, signatories, scope, liabilities and warranties, as well as identify contract renewal and expiry dates.
“LawVu was already allowing in-house legal teams to manage their contracts, matters and vendor spend all in one place,” Sam Kidd, chief executive and co-founder of LawVu, said.
“Now, with the power of AI embedded in that workflow, we are taking a crucial next step in transforming what in-house legal teams can do and how efficiently they can do it,” Kidd added.
AI Assist is the result of LawVu’s involvement in the Microsoft AI First Movers program, which provides early access to Microsoft’s AI technology.
The company has developed several other features leveraging Microsoft’s Azure Form Recogniser and Zuva’s DocAI.
The AI Contract Import and Review feature makes importing existing contracts into LawVu up to four times faster, saving thousands of valuable lawyer hours per year.
The AI Contract Extraction tool automatically captures and extracts key contract clauses and data much faster than before, saving in-house legal teams huge amounts of administrative time and effort.
LawVu is also utilising AI to drive efficiencies internally.
GitHub Copilot helps the company’s software engineers to write better code faster, allowing them to offload the laborious task of generating test cases for new code.
The LawVu partner program offers technology vendors the opportunity to resell its legal workspace platform.
Litera adds AI to Kira
Global technology solutions provider Litera has also added generative AI capabilities to its Kira contract review and analysis software.
The enhancements help legal teams eliminate manual work and accelerate the setup, review, analysis and synthesis phases of due diligence and other contract reviews.
The Kira Smart Summaries feature helps legal professionals synthesise content in contracts and other documents with greater accuracy and speed, enabling them to deliver strategic advice to clients faster.
Over the upcoming year, Litera will make further AI enhancements to Kira which will allow legal teams to gain instant access to insights from contracts, easily set up projects, collaborate and extract granular data points.
“As leaders in legal technology, Litera strives to develop solutions to energise the firms we serve and to alleviate the challenges they face,” Litera chief product officer Meredith Johnson said.
“These product enhancements are not just a chat-bot add-on.”
“We are taking a very deliberate approach to innovation, crafting AI that is safe, secure, purposeful and amplified by the power of over twelve years of investment in training AI and input from our customers.”
The Litera partner program offers resellers, integrators, development and training partners the opportunity to drive revenue with its suite of legal productivity solutions.
Source: CRN
