Ironclad, a leading digital contract management company, has announced the introduction of a new product known as Ironclad Contract AI (CAI) on September 7, 2023. This innovative tool is set to revolutionize the way organizations handle complex contract analysis.
Ironclad CAI is an AI-powered chat interface designed to break down complex, multi-step analyses into manageable subtasks. By using these subtasks to inform the next set of tasks, CAI can provide comprehensive and detailed contract analysis. This approach opens a window into the ‘black box’ of artificial intelligence, showing users the steps it took to reach a conclusion.
CAI goes beyond returning a raw list of results (what most legal chatbots are able to do) and requires no in-depth analysis by a lawyer. “CAI is able to comb through a corpus of contracts and actually do the reasoning required to answer almost any contract-related question — showing you the steps it took to reach that conclusion — and handing that analysis back to your legal team," said Ironclad CEO and cofounder Jason Boehmig. “Where most generative AI is a black box, CAI is an open book.”
The chat interface, Ironclad Contract AI, named after Ironclad’s co-founder and chief architect Cai GoGwilt, will launch in beta in October.
Real-World Applications
In an example provided by Ironclad, a user queried CAI with a request to analyze seat counts for the last five sales orders and break them down by type. As CAI prepared the answer, it showed the steps it took: pulling up six types of contracts to analyze, reviewing data in those contracts for four properties, and looking for key terms in contracts. It then provided the answer, a breakdown of seat counts by type.
In another example, the user asked CAI to provide a chart of all contracts by governing law. In just moments, it displayed a bar graph and count by state.
Impact on Legal Professionals
The introduction of Ironclad CAI is set to allow legal teams to focus on more strategic tasks by automating complex contract analysis. Moreover, by providing detailed insights into contract terms and conditions, it can help legal professionals make more informed decisions.
As AI continues to evolve, tools like Ironclad CAI are expected to become increasingly sophisticated. While AI cannot replace the expertise and judgment of legal professionals, it can certainly augment their capabilities. By embracing these technologies, legal teams can not only improve their efficiency but also deliver better outcomes for their clients.
