Lexion originated at the Allen Institute for AI, building bleeding edge technology that instantly and accurately extracts key terms from contracts.
Today, we’re taking our mission to reduce time in negotiations and speed up the deal process one step further. We're building upon the success of GPT-3, using the breakthrough technology to aid lawyers in contract review.
Lexion’s AI Contract Assist is a new addition to our Word plugin that helps lawyers draft, negotiate, and summarize contract terms.
Lexion’s AI Contract Assist automatically:
- Generates clause language with a description of the desired clause. This saves time, creating an initial draft that can be further refined as needed.
- Inserts clauses from a playbook or prior contracts. Utilizing previously approved language makes it easy to reference negotiated approaches.
- Produces suggested redlines by simply selecting a clause and describing the new stance that it should take.
- Summarizes clause language. Utilizing previously approved language makes it easy to reference negotiated approaches.
Watch this video to learn more:
Is this technology ready for business critical applications?
From Lexion's early days, we’ve been very careful not to over-promise on the capabilities of AI. Technology creates useful tools, but we recognize–and celebrate–where human expertise is essential.
In their current form, generative neural network language models like GPT-3 are impressively versatile and sophisticated. With such advanced technology, it's easy to consume the output at face value, as if we're entering a query into a search engine. Unfortunately, just as confidently as these models can generate human-like language, they can also be convincingly wrong.
But that’s not to say that they aren’t hugely valuable for commercial use.
In this current stage, these models are great at assisting expert users in getting their jobs done efficiently. This could mean helping a marketing team to produce an initial draft of a blog post, an advertising agency to brainstorm ad copy, or lawyers to review a contract.
The right approach with this technology is to tie together the expert and the AI, not to leave the expert out of the loop.
“Creating a tight iterative feedback loop with a lawyer at the helm means that the AI and human together produce a better outcome, faster,” said Gaurav Oberoi, CEO of Lexion. “In our beta tests, we already see users exclaim at how surprisingly easy to use and useful Lexion AI Contract Assist is, even when it produces language that they then have to edit into a final form.”
Where is this technology going next?
“It’s still the early innings for generative models, with active research being done in numerous areas,” said Emad Elwany, CTO of Lexion. “For instance, properly leveraging all of an organization’s historical contracting activity so that our assistant can produce more tailored and accurate outcomes has already produced great results for us.”
Our team has deep expertise in fine-tuning large language models to understand the contents of contracts (see our multiple published papers, talks, and AI awards here). With this new functionality, we are applying our expertise, our vast corpus of contracts and deal-making activity, and breakthrough technologies like GPT-3, to bring significant productivity boosts to the negotiating phase of contracting too – all while ensuring that customer data remains private and is never exposed.
“Lexion’s application of GPT-3 is a trend we expect to see other SaaS businesses adopt in the coming year”, said Kanu Gulati, Partner at Khosla Ventures and a board member at Lexion. “What excites us about Lexion is their team’s proven AI expertise to improve upon out-of-the-box models, combined with the detailed data that they capture and leverage from their highly sticky end-to-end workflow operations platform.”
See more AI Contract Assist
You can read more about the new AI Contract Assist here.