For a second year, the FT’s Accelerating Business series has looked at the growing contribution of legal services providers in meeting the fast-changing needs of business. Increasingly, the focus has turned to generative artificial intelligence and its potential to transform legal work. Previous articles in the series have covered the technology’s role in contract review, ensuing data privacy concerns, and those tech providers competing to offer the latest tools to clients.
Ironclad The San Francisco-based legal technology company made its generative AI tool publicly available to the market in April this year. To reduce the number of contract templates it was using, US-based gym company Orangetheory used the tool to consolidate its templates from 1,000 down to 250. The AI helped identify duplicate terms and drafted suggestions for revised language, which the legal team then reviewed. The team estimates the project was completed in half the time expected.