Generative AI for Legal Contracts
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All eyes are turning toward artificial intelligence (AI), with companies bringing on board more AI technology and investors doubling down on generative AI. OpenAI, the company behind Chat GPT, for example, would be valued at a whopping $29B with Microsoft’s potential $10B investment in the company.
Microsoft Ventures has already invested in generative AI for legal applications through Evisort, an AI-powered contract intelligence company. In December 2022, Evisort announced its AI Labs had trained generative AI that can draft and redline contracts, based on the preferred language and existing contracts that are unique to each organization.
“Today’s legal, finance, procurement, sales, and operations departments must have access to the critical data within their company’s contracts, and this can only be done at scale with AI,” said Jerry Ting, Co-Founder and CEO of Evisort. “AI-enabled technology helps business leaders realize the value of negotiated contracts by connecting contract data across the organization.”
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