Relativity, a global legal technology company, announced at ILTACON 2023 the launch of Relativity Contracts (Contracts), Relativity's integrated solution for contract analysis available in RelativityOne. Contracts allows users to glean actionable insights when analysing agreements to meet changing regulatory requirements, realise business value and reduce legal risk.
Relativity Reinvents Contract Analysis
With Contracts, users can streamline reviews with a best-in-class viewer and powerful workflows, accelerating contract analysis and making project management a breeze. Contracts' document review capabilities increase accuracy and help reviewers make informed decisions faster, reducing contract review time by 40% and realising 50% project cost savings.
"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," said Phil Saunders, CEO at Relativity. "We've heard great feedback from customers who are already leveraging Contracts to meaningfully advance their workflows, and we look forward to seeing even more customers take advantage of Contracts to expedite reviews and transform agreements into actionable, structured data."
The AI integrated into Contracts empowers customers to leverage pre-built models, train their own custom models and import results from external models to transform contracts into structured data. Based on their subscription plan, RelativityOne customers will have access to up to 1,000 free documents to start using Contracts at no cost.
"We are excited to start using Relativity Contracts to expand our firm's technology capabilities," said Kate Jansons Johns, Manager of Knowledge & Practice Support Services at Nutter McClennen & Fish LLP. "Relativity Contracts will enable our transactional attorneys to enhance their due diligence workflow with the document organisation and analysis our litigation attorneys have come to rely on with RelativityOne."
"Already, Relativity Contracts has allowed us to create value and efficiencies for our clients on their contract reviews and remediations," said Michael Willis, Partner at PwC. "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."
Investing in Generative AI, with Product Launch Later this Year
In addition to the AI leveraged in Contracts, Relativity continues to research and invest in the latest AI technology, with an increased focus on generative AI. The company is actively piloting GPT-4 through the Microsoft Azure OpenAI Service in collaboration with select customers, evaluating the performance of these models in investigation and litigation use cases. The initial results are very promising, and Relativity is committed to approaching AI innovation responsibly, underscored by its AI Principles announced earlier this year at Relativity Fest London.
"Relativity's GPT-4 pilot program provides law firms like ours a chance to learn and experiment with new AI technology in a secure and responsible way, and our participation has helped accelerate future planning for our practice," said Nick Cole, Director of Litigation Support at Foley & Lardner LLP.
"We're impressed with the results thus far, and we're fortunate to have the opportunity to collaborate closely with Relativity's dedicated applied scientists and product managers to test, iterate and better understand the potential and implications of AI technology that will certainly alter the future of the legal industry," said Melinda Levitt, Litigation Partner at Foley & Lardner LLP.
Relativity will unveil its generative AI product leveraging the Microsoft Azure OpenAI Service and release it later this year at Relativity Fest, taking place in Chicago Sept. 26-28.
See another ILTACON 2023 announcement: Oddr Addresses Law Firm Billing Pains at ILTACON 2023.
Disclaimer: The views and opinions expressed in this article do not necessarily reflect the official policy or position of Novum Learning or Legal Practice Intelligence (LPI). While every attempt has been made to ensure that the information in this article has been obtained from reliable sources, neither Novum Learning or LPI nor the author is responsible for any errors or omissions, or for the results obtained from the use of this information, as the content published here is for information purposes only. The article does not constitute a comprehensive or complete statement of the matters discussed or the law relating thereto and does not constitute professional and/or financial advice.