ChatGPT comes to contract management in latest Ironclad announcement.
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ChatGPT isn’t delivering robot lawyers any time soon. In fact, it’s pretty depressed about working in Biglaw. But after clearing away the media hype, it’s clear that the technology will transform the legal workflow as users imagine new and more interesting ways to deploy OpenAI’s technology to solve lawyerly problems. Which is always the trick. AI has a “garbage in, garbage out” problem and when it’s using the internet to figure out what Clarence Thomas thinks… it’s gonna have a bad time. Maybe in time that’ll get sorted out.

That said, when paired with a market-tested platform to understand and properly respond to specific circumstances, lawyers can see significant gains in productivity right away.

Ironclad just issued a major announcement about its contract lifecycle management product integrating with OpenAI’s tech. Apparently, this has been a while in the making and now that everyone is talking about GPT3, it’s the perfect time to raise the curtain. As CTO and co-founder, Cai GoGwilt explained:

There has been a “race for novelty” in our industry, but Ironclad has always prioritized investing in technology that drives impact and real business results for our customers. After testing GPT within Ironclad for several months, it’s clear that this is much more than novelty – it is a groundbreaking innovation.

In that spirit, we have been quietly working to bake GPT3 into our product across a number of areas – and I am thrilled to announce Ironclad’s latest AI advancement, which harnesses this groundbreaking technology from OpenAI: AI Assist.

Now in beta, AI Assist will allow users to generate redlined versions of contracts with language drawn from pre-approved clauses set by the legal team. The user can then simply review the tracked changes and approve or reject as needed.

More wild is the system’s ability to generate changes in response to open-ended prompts. That’s a fancy way of saying the user can type “make all of the confidentiality clauses mutual” or something like that and the system instantly spits out a redline with the right pre-cleared language.

We’d already covered Ironclad’s AI-driven layer and back then we were genuinely impressed that the system promised to instantly identify unacceptable clauses in outside contracts based on one’s in-house playbook, automatically loop in the correct approvers at the right times, and pull and tag data from agreements like value, dates, and parties. This is a whole other level.

Good stuff in, good stuff out is exactly what you want.

Earlier: ChatGPT: What It Is And Why It Matters To LawyersChatGPT Has Pretty Depressing Thoughts About Biglaw And The Billable HourChatGPT Crowns Clarence Thomas As Champion Of Gay Rights In Feedback Loop Of StupidIronclad Unveils New AI-Driven Layer Across Entire Contract Lifecycle

Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.