SAN FRANCISCO, Sept. 18, 2023 (GLOBE NEWSWIRE) -- SpeedLegal, a leading AI-powered legal tech startup, has launched a series of advanced product features to bring the smoothest contract review process to its users. The new features include a revamped customer interface and AI automation that provides intelligent analysis and expedited review of contracts.
Business professionals spend an average of 1.5 hours per day on legal documents, 3 days to get approval from the General Counsel or external law firm, and 4.5 days to collect signatures from clients or vendors. This costs an average of $1,000 per contract and $140,000 per year in legal fees for startups and SMBs. With SpeedLegal’s product enhancements, this time is reduced to just 10 minutes. Businesses no longer have to spend hours reading and reviewing contracts, delaying transactions, and increasing the risk of losing the deal.
"We are thrilled to introduce these new capabilities that harness the power of artificial intelligence to accelerate and simplify the contract review process," said Hans Paul Pizzinini, Founder and CEO of SpeedLegal. "By integrating state-of-the-art natural language processing models like GPT-4 and LLaMA into our workflow, SpeedLegal can deliver unprecedented efficiency and ease-of-use when it comes to analyzing, drafting, and negotiating contracts."
Key new features include:
- "Ask our AI" - Users can get contract queries answered in real-time by SpeedLegal's NLP engine.
- Advanced search and filtering - Quickly find clauses and critical information in large contracts.
- Automated risk analysis & redline - AI reviews contracts and flags potential risks and compliance issues.
- Smarter communications - AI facilitates discussions between business and legal teams within the platform.
The enhancements leverage OpenAI's GPT-4 model and Meta’s LLaMA to enable next-level performance. SpeedLegal was recently named one of the top AI startups in the world by TechCrunch and will be featured at TechCrunch Disrupt Battlefield in San Francisco on September 19-21, 2023.
"We believe this product launch solidifies SpeedLegal as the leader in using AI to revolutionize contract reviews," added Pizzinini. "We're making the process smoother, faster, and more efficient for all."
About SpeedLegal
SpeedLegal is an AI-powered legaltech company on a mission to make contracts simple. Combining natural language processing, intelligent automation, and easy-to-use design, SpeedLegal's product simplifies the contract review process for businesses and legal teams. Learn more at speedlegal.io
For media inquiries please contact jocelyn.degance@speedlegal.co
