Last Updated on: 22nd November 2023, 03:49 pm
Genie AI, a rapidly expanding legaltech company, has introduced a new skill to its AI legal assistant. While Genie AI was already proficient at processing complex legal documents and answering legal queries, it can now conduct a comprehensive clause-by-clause review of entire documents, comprehending and elucidating all potential risks.
Traditional contract analysis has historically been time-intensive and susceptible to human errors. What might have taken a legal professional several days to review and annotate in a 50-page document can now be marked up from scratch in a mere three minutes! After uploading a document, Genie AI users are just a click away from initiating a document review, with responses tailored to the entire document, the parties involved, and the context relevant to the user’s specific legal transaction.
Nitish Mutha, the CTO and co-founder of Genie AI, commented, “We have designed the user experience to be highly interactive, mirroring exactly how you would draft and review a document with another colleague or your lawyer. This is just the start of our move towards multimodal AI, where we offer interactions far beyond chat.”
A survey conducted by LexisNexis revealed that 95% of 1000 legal professionals expect AI to have a significant impact on the way they practice law, with 59% recognising substantial potential in using AI for drafting legal documents. Genie AI is at the forefront of this transformation, with over 1300 law firms, in-house legal teams, and legal professionals (including paralegals) utilising their AI Legal Assistant, serving more than 30,000 businesses worldwide.
Liam O’Brian, Head of IT & Data Protection Officer for a UK charity, praised the Risk Review feature, stating, “RAG Review provides a really thorough insight into the risks within a legal document. It’s incredibly useful for me and I found the comments it generated on high risk clauses very helpful.”
During its beta phase, Genie AI is offering free access to its AI Legal Assistant. To register and use this innovative tool, visit https://app.genieai.co/signup.