Shantel
Key Takeaways
- Relativity, a global legal technology company, has officially launched Relativity Contracts at ILTACON 2023, marking a significant step forward in contract analysis through the power of AI.
- Relativity Contracts offers an integrated solution for contract analysis within RelativityOne, aiming to provide actionable insights, streamline reviews, and accelerate project management.
- This innovative technology incorporates AI capabilities to transform executed agreements into structured, valuable data, contributing to regulatory compliance, reduced legal risk, and enhanced business value.
About Relativity: Pioneering Legal Technology
Relativity, a prominent player in the global legal technology landscape, has unveiled Relativity Contracts, an integrated solution designed to revolutionize contract analysis. With a strategic focus on delivering actionable insights, enhanced efficiency, and reduced legal risk, Relativity aims to bridge the gap between AI technology and the legal sector.
Reinventing Contract Analysis with Relativity Contracts
Relativity Contracts introduces a host of features aimed at transforming contract analysis. By offering a state-of-the-art viewer and robust workflows, this solution accelerates the process of analyzing contracts while simplifying project management. The document review capabilities within Contracts contribute to increased accuracy, faster decision-making, and a remarkable 40% reduction in contract review time. The result? A 50% reduction in project costs, making Relativity Contracts an indispensable tool for legal teams.
Phil Saunders, CEO at Relativity, expressed his excitement about the launch: “We’re thrilled to bring Relativity Contracts to our community, and believe this robust solution, powered by RelativityOne, will enable our customers and partners to unlock the full value of AI-enabled contract analysis.” He emphasized the positive feedback from customers who have already witnessed the benefits of Contracts in their workflows.
Empowering Legal Teams with AI Integration
One of the key strengths of Relativity Contracts lies in its integration of AI capabilities. This technology empowers users to leverage pre-built AI models, create custom models, and import results from external models to transform contracts into structured data. This integration is a game-changer, enabling legal professionals to navigate the complexities of contract analysis with newfound ease and efficiency.
For RelativityOne subscribers, the partnership with Contracts offers access to up to 1,000 free documents, allowing users to harness the benefits of AI-enabled contract analysis without additional costs. This accessibility underscores Relativity’s commitment to making cutting-edge technology accessible to legal teams of all sizes.
Industry Endorsement: Transforming Workflows
The launch of Relativity Contracts has garnered support from legal professionals and industry leaders alike. Kate Jansons Johns, Manager of Knowledge & Practice Support Services at Nutter McClennen & Fish LLP, shared her enthusiasm for the technology: “Relativity Contracts will enable our transactional attorneys to enhance their due diligence workflow with the document organization and analysis our litigation attorneys have come to rely on with RelativityOne.”
Michael Willis, Partner at PwC, highlighted the transformative impact of Contracts on client engagements: “By automating processes and streamlining workflows we have been able to reduce the time it takes to get our hands on the key value data within large data sets. It’s exciting looking forward to how we can continue to leverage this technology within the contracts world.”
Exploring Generative AI for Future Innovations
In addition to its groundbreaking AI integration in Contracts, Relativity is doubling down on its commitment to innovation with a focus on generative AI. The company is actively piloting GPT-4 through the Microsoft Azure OpenAI Service, in collaboration with select customers. This initiative aims to evaluate the performance of AI models in investigation and litigation use cases.
Relativity’s forward-thinking approach to AI innovation is guided by its AI Principles, announced earlier this year at Relativity Fest London. This commitment to responsible AI development ensures that the technology serves as a force for positive change in the legal industry.
Future Unveiling: Generative AI Product
Building on its AI advancements, Relativity is set to unveil its first generative AI product leveraging the Microsoft Azure OpenAI Service. This exciting development is scheduled to be introduced at Relativity Fest, a highly anticipated event taking place in Chicago from September 26-28. The introduction of this generative AI product is expected to further cement Relativity’s position as a leader in shaping the future of legal technology.
Relativity’s Presence at ILTACON 2023
ILTACON 2023, a prominent event in the legal technology calendar, provides the perfect platform for Relativity to showcase its innovations. Attendees are encouraged to visit Relativity’s booth #407 to experience demos, connect with the team, and gain insights into the future of legal technology. Additionally, Relativity’s CEO Phil Saunders will provide a company update during the event, highlighting the company’s commitment to innovation and collaboration.
A Vision for the Future
The launch of Relativity Contracts at ILTACON 2023 marks a milestone in the evolution of contract analysis. By seamlessly integrating AI capabilities into legal workflows, Relativity is propelling the legal industry into a new era of efficiency, accuracy, and transformative insights. With an unwavering commitment to innovation, Relativity is not only reshaping contract analysis but also reshaping the future of the legal technology landscape.
