In a recent transformative move, Tokyo’s burgeoning legal tech firm, LegalOn Technologies, has unveiled its latest innovation: LegalOn Templates. This ambitious initiative signifies the company’s drive to transition from merely reviewing contracts to actual contract drafting.
LegalOn Technologies, already a recognized name for its cutting-edge legal solutions in Tokyo, made waves with the announcement of this expansion. This leap forward closely follows the firm’s introduction of AI Revise, a state-of-the-art contract editing software, underpinned by the GPT-4 technology. Interestingly, this was also their maiden foray into the U.S. marketplace.
Daniel Lewis, who helms LegalOn Technologies in the U.S., highlighted, “LegalOn Templates is our entry into practical guidance solutions to help in-house teams with contract drafting,” underscoring its value as a holistic solution. Envisioned as a seamless fusion of reviewing and drafting, LegalOn aims to redefine in-house contract management.
Diving Deep into the Offering: LegalOn Templates augments the firm’s foundational contract review system. With a rich collection of over a hundred universally-accepted templates, meticulously curated and updated by legal mavens, it covers a diverse range of in-house documents. From ubiquitous non-disclosure agreements to specialized patent licensing contracts, this extensive array caters to the dynamic requirements of in-house teams.
Shedding light on the extensive offerings, Jeffrey Shimamoto, LegalOn’s chief of legal content, noted, “[We have] non-disclosure agreements… things that are very common for the customers to use.” Focusing on user experience, the templates are optimized for clarity, with clear distinctions like mutual or disclosure positions, making them exceptionally user-centric.
The core strength of LegalOn Templates lies in its meticulous review process. A dedicated team of internal legal professionals, complemented by a panel of external experts, ensures that each template is in sync with the latest legal developments.
The Technology Aspect: It’s important to note, Lewis remarked, that while AI forms the cornerstone of many of LegalOn’s products, the templates aren’t crafted by AI. Instead, they stand side-by-side with the firm’s AI review systems, embodying the unique application of technology for diverse tasks.
LegalOn has mastered the art of harnessing its bespoke AI for precise issue identification within contracts, while relying on OpenAI’s GPT-4 for expert-driven revisions. Lewis eloquently summarized their approach, stating, “The totality of that is our unique perspective, which is that AI is going to be awesome for certain tasks. But at the same time, you’re going to want trusted, authoritative attorney-written content in other moments.”
Surveying the Competitive Terrain: The domain of contract lifecycle management (CLM) is no stranger to innovation and expansion, often intertwining AI. Many contemporaries, like Henchman, Ironclad, and Icertis, have ventured into this territory recently.
However, what sets LegalOn Templates apart, Lewis argues, is its laser-focus on the specialized needs of in-house teams. He observed a marked difference in the modus operandi of in-house legal teams versus traditional law firms, emphasizing LegalOn’s commitment to address these unique nuances.
Both Lewis and Shimamoto concur that the seamless integration of these templates with the firm’s existing suite sets them apart. Lewis encapsulated this sentiment, emphasizing, “We feel like we’re really doing something unique by bringing this guidance offering into the same product… which nobody else can do as well.”
In essence, with LegalOn Templates, Tokyo’s LegalOn Technologies is poised to revolutionize the realm of in-house contract management, offering a synergistic blend of technology and legal expertise.
