Bloomberg Law has announced the launch of Bloomberg Law Contract Solutions, a new AI enabled contract workflow for In-House Counsel. The product is designed to help lawyers streamline drafting and negotiation with tools for profiling, searching and extracting clauses. The product was designed in consultation with corporate legal teams.
Live Virtual Event Bloomberg Law Contract Solutions will be introduced at a live virtual event on Thursday, May 11 at 1:00 p.m. ET, accessible at http://onb-law.com/xYZk50OfKjg.
Bloomberg Law Contract Solutions Features:
- A secure, centralized repository, including a database of automatically extracted clauses to deliver an organized single source of truth that can be filtered, sorted, and searched across – with little to no data entry.
- Seamless integration with Microsoft Word, allowing users to access their contract repository and clause library directly from their document, providing a fast and easy starting point for drafting and revising contracts.
- Advanced analysis tools, accelerating the review of draft agreements and allow users to efficiently identify and incorporate preferred language to ensure favorable terms.
- AI-powered extraction of key contractual terms, providing greater visibility into final agreements to help identify and flag potential risks and obligations.
Bloomberg Law has previously leveraged AI and machine learning in a variety of workflow solutions including Points of Law for litigation research and its transactional intelligence tool Draft Analyzer which provides benchmarking and analysis of deal documents.. Bloomberg Law Contract Solutions builds on this pioneering legacy, leveraging proprietary semantic search and natural language processing (NLP) technology to deliver advanced search engine and contract analysis features.
“The way that Bloomberg Law Contract Solutions uses AI in the clause identification tool is very helpful for our team because we do not have to do the guesswork of figuring out whether there is a modification to our agreement that requires our attention,” said John Prindiville, senior corporate counsel, VetCor and a Bloomberg Law Contract Solutions customer. “This new product enables you to think more clearly and be more focused in your negotiations. It saves you time, enabling you to be a better attorney and provide thoughtful responses.”
“Contracts are a pain point for every corporate legal department, whether they manage ten or 10,000 agreements,” said Joe Breda, president, Bloomberg Law. “We’re committed to helping legal teams operate more efficiently so they can spend their time on more high-value work. Bloomberg Law Contract Solutions is just the latest in a long line of offerings from us that fills a void in the workflow technology landscape.”
For additional information about Bloomberg Law Contract Solutions, visit http://onb-law.com/9ith50OgVJu.