London, UK. 30th November, 2023: London based AI legal tech company, Genie AI, has created a new way to negotiate legal documents – clause by clause.
- Those reviewing legal documents can select one of three icons: “Agree, disagree or unsure” giving users a quick, visual way to understand document progress.
- Rather than having to wait for the whole document to be turned around from each party, document review and negotiation can happen asynchronously and in real-time.
Businesses requiring a lot of document review and legal negotiations are often frustrated by substantial delays. The archaic back and forth hasn’t changed for 30 years even though it creates dozens of emails and document versions, and weeks of wasted time. This is regardless of whether they have an in-house legal team or not.
Now, instead of waiting for one party to complete their review of the entire document, two or more parties can now mark up the same document at the same time on Genie AI, approving or rejecting section by section, clause by clause. This enables businesses to break documents down into smaller components which are easier to digest, and results in faster and more accurate work overall.
Some users will prefer the privacy and comfort of reviewing a document on their own, however. This feature can then be used to chart progress through solo document reviews, useful for marking up how much of a 30+ page document has been reviewed, if requiring multiple sessions.
Rafie Faruq, CEO of Genie AI said: “The end goal is to create a whole new mode of negotiation, reduce back and forth and save hours of time for every business deal. We want to not just help businesses reduce their costs and get their legals done faster, but create a whole new way of working that improves the structure of legal deals from the ground up.”
For Genie’s 40,000+ users, the AI “Review” feature also marks up and adds comments to clauses which are high risk, signposting exactly where care should be taken before hitting ‘agree’. Genie’s AI “Ask” feature can also help to rewrite the clauses user’s don’t want to agree on, so they can send it back for review independent of any legal fees.
Dr Max Grell, CEO of food efficiency company Blakbear says: “When reviewing long documents – and whilst collaborating with team members – it’s hard to keep track of which clauses have been approved or agreed and which still need review. Being able to tick, cross or have an icon to say we’re unsure on a clause level makes me want to use Genie instead of Microsoft Word for legal agreements.”
This feature also paves the way for AI negotiation features as it contains the infrastructure that Genie’s AI needs to negotiate with counterparties.
Genie AI is offering its legal SuperDrafter toolkit for free while it’s still in Beta. In-house lawyers, business managers, and the self-employed can claim their free account at https://app.genieai.co/signup today.
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