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 analyzing agreements to meet changing regulatory requirements, realize business value and reduce legal risk.
Relativity Reinvents Contract Analysis
With Contracts, users can streamline review 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 realizing 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 in 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.
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“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 organization 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.
“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 at ILTACON 2023
ILTACON 2023 will take place August 20-24 in Orlando, Fl. The conference offers comprehensive peer-driven programs, educational content and face-to-face networking. Attendees are encouraged to visit Relativity’s booth #407 to receive branded gear, meet with the Relativity team and see demos.
SOURCE: PRNewswire
