Keep in mind that this overview is not exhaustive. Because AI technology has rapidly matured in recent months, several AI-powered options for contract analysis have emerged for legal professionals seeking to integrate these tools into their practice.īelow, you’ll learn about many of the solutions currently available.

In prior articles, I’ve written about AI-based contract analysis tools however, the market has evolved dramatically since my initial coverage of the software category in 2018, in large part due to the generative AI boom. The introduction of GPT-enabled functionality into this category of software has the potential to dramatically impact the way attorneys handle contract work, resulting in substantial savings in both time and resources. If your legal practice involves frequent contract review, it would be a mistake to overlook the advantages that these software solutions offer. The system then leverages this knowledge to evaluate user-submitted contracts, contrasting them with a wide variety of related documents stored in its database.

The adaptive nature of contract analysis software enables it to continuously learn from newly added contracts, such as nondisclosure or employment agreements. This recent surge of contract analysis products built on machine learning and natural language processing streamlines and simplifies the traditionally laborious process of contract drafting and review. Over the past few months, the legal technology sector has experienced a veritable explosion of AI-powered contract analysis tools, largely driven by the advanced capabilities of AI models like ChatGPT and similar technologies.

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