Bloomberg Law Unveils AI-Powered Contract Assistant

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Oct 03, 2024, 12:39 ET

ARLINGTON, Va., Oct. 3, 2024 /PRNewswire/ -- Bloomberg Law today announced Contract Assistant (beta), a new generative AI conversational search tool for Bloomberg Law Contract Solutions that simplifies contract analysis for in-house counsel. For more information and to schedule a demo, visit https://aboutblaw.com/bfPe.

Contract Assistant is a new generative AI conversational search tool for Bloomberg Law Contract Solutions that simplifies contract analysis for in-house counsel.

Contract Assistant quickly surfaces key information from lengthy contracts, identifies and summarizes the key provisions, and gives the user the option to learn about specific areas of a contract such as amendments, expiration dates, and renewals. It also allows users to pose questions about a contract in its entirety, such as "as the representative for the buyer in this agreement, which provisions should I pay closest attention to during negotiations and why?" This allows users to fast-track review of key aspects of the contract. Contract Assistant's plain English responses are clearly formatted and use easy to identify internal references, citing where in the contract the information is found. It offers guidance if a question can't be fully answered.

Bloomberg Law will be previewing the new Contract Assistant at the Association of Corporate Counsel Annual Meeting in Nashville October 6-9.

Bloomberg Law Contract Solutions streamlines processes, reduces risks, and improves the overall efficiency of legal services within an organization. Following the release of Clause Adviser earlier this year, Contract Assistant is the second generative AI drafting enhancement for Bloomberg Law Contract Solutions, continuing Bloomberg Law's commitment to leveraging the latest technology, to solve attorney workflow problems.

"Contract Assistant not only simplifies the contract review process but also boosts the operational efficiency of legal teams, enabling more precise and effective contract analysis and negotiation," said Todd Barton, vice president of product, Bloomberg Law. "This addition to Bloomberg Law Contract Solutions underscores our dedication to continuous innovation and to addressing the dynamic needs of in-house counsel."

"We're really impressed with Bloomberg Law's Contract Assistant. As a team that regularly handles large, complex contracts, the tool's ability to provide a high-level overview and identify missing or risky provisions will be incredibly useful," said an associate counsel at a prominent multi-industry company. "Being able to ask specific questions, such as 'What should we focus on during negotiations?' can help us streamline the review process and ensure we don't overlook key details. We look forward to incorporating it into our workflow to enhance our contracting efficiency."

A new product launched in 2023, Bloomberg Law Contract Solutions features a secure centralized repository, seamless integration with Microsoft Word, advanced analysis tools, and AI-powered extraction of key contractual terms. It helps in-house contract teams significantly reduce the time and resources spent on contract-related tasks, improve compliance and risk management, and contribute to the overall strategic goals of their organization.

About Bloomberg Law
Bloomberg Law combines the latest in legal technology with workflow tools, comprehensive primary and secondary sources, trusted news, expert analysis, and business intelligence. For more than a decade, Bloomberg Law has been a trailblazer in its application of AI and machine learning. Bloomberg Law's deep expertise and commitment to innovation provide a competitive edge to help improve attorney productivity and efficiency. For more information, visit Bloomberg Law.

SOURCE Bloomberg Law