TL;DR:
- Evisort introduces a groundbreaking Large Language Model (LLM) tailored exclusively for legal contracts.
- This LLM powers Evisort’s generative AI engine, combining proprietary and third-party technology for contract management innovations.
- Unlike generic LLMs, Evisort’s LLM is finely tuned on a dataset of over two trillion tokens, incorporating domain-specific knowledge from legal contracts.
- The LLM enhances contract drafting, editing, and negotiation with features like Automated Redlining and Clause Creator.
- Users can now query contracts in natural language and receive clear, reasoned responses.
- Evisort empowers users to create custom AI models through its Automation Hub™.
- Future capabilities include tracking various data points in contracts and related documents.
- Evisort’s contract-specific LLM ensures data security and responsible AI use.
Main AI News:
In a bold move that signals a significant leap forward in the realm of contract lifecycle management (CLM), Evisort, a pioneering force in the field of artificial intelligence (AI), has proudly introduced the industry’s inaugural large language model (LLM) designed exclusively for the world of legal contracts. Evisort’s custom-built LLM is poised to play a pivotal role within its newly unveiled generative AI engine, ingeniously amalgamating both third-party and in-house technology resources to usher in a wave of unrivaled innovations in contract management.
The advent of general-purpose LLMs like OpenAI’s ChatGPT, Anthropic’s Claude, and Meta’s LLaMA 2 has undeniably captivated the imagination of users and catalyzed a fresh surge of investments in AI. Nevertheless, the intricate intricacies and specialized jargon inherent to legal agreements have rendered it imperative to craft a domain-specific model, tailored to extract optimal value from generative AI for the benefit of legal and business stakeholders alike.
Devised by the brilliant minds at Evisort AI Labs, renowned for their pioneering AI technology catering to legal use cases since 2016, Evisort’s LLM stands as a Transformer-based language model meticulously honed through extensive training on a colossal dataset encompassing over two trillion tokens. This dataset seamlessly amalgamates general knowledge with domain-specific wisdom, meticulously curated from an extensive repository of millions of legal contracts. The result is an LLM that empowers Evisort to perpetuate its legacy of AI-driven innovations, characterized by precision and responsiveness that surpass what can be achieved with generic third-party LLMs alone.
“Evisort is unwavering in its commitment to empowering organizations with comprehensive insights into their contracts and contracting processes, free from constraints or dependencies,” affirmed Jerry Ting, the Founder and CEO of Evisort. “Generative AI serves as the driving force propelling us into the next chapter of our mission.”
Evisort’s LLM represents the latest milestone in the company’s journey toward the advancement of generative AI. Earlier this year, Evisort unleashed Automated Redlining and Clause Creator, powerful tools engineered to expedite the drafting, editing, and negotiation of contracts while mitigating risks. Furthermore, Evisort has unveiled the capability for users to effortlessly pose questions about their contracts using plain, natural language, such as, “What are the ramifications of early termination?” This groundbreaking feature ensures users receive lucid, rationale-driven responses, all delivered through a seamless conversational experience.
Beyond fueling these revolutionary features, Evisort is poised to harness the potential of its new LLM to elevate its existing capabilities, empowering users to effortlessly craft bespoke AI models. Since its release in 2021, Evisort’s Automation Hub™ has already been embraced by leading corporations such as Microsoft, BNY Mellon, and NetApp, enabling them to track tens of millions of distinctive contract clauses of interest through user-trained custom AI models, all via intuitive drag-and-drop controls.
In the near future, Evisort users will gain the ability to monitor virtually any desired data point within their contracts, including handwritten text and data residing within tables, as well as related documents like order forms, Statements of Work (SOWs), and invoices. These data points will grant legal and business teams the proactive capability to oversee their contractual rights and obligations across the organization, whether through robust search functions, dynamic dashboards, or insightful reports within Evisort itself or seamlessly integrated with a multitude of enterprise systems, such as ServiceNow, Salesforce, SAP Ariba, and hundreds more.
Amine Anoun, the Founder and CTO of Evisort, noted, “The presence of a contract-specific LLM within our ‘best-tool-for-the-task’ AI engine empowers Evisort to forge tailored innovations atop a robust foundation. Not only can we deliver models of exceptional accuracy from the outset, but we also possess the capability to continually refine their precision over time—an advantage that eludes most CLM providers.”
Tom Atchison, Director of Legal Services at The Goodman Group, lauded Evisort’s commitment to data security, particularly in the realm of AI solutions. “As a healthcare facility management company, data security ranks paramount in our considerations when adopting AI solutions. We are excited that Evisort has introduced its own contract-specific LLM, reinforcing their commitment to delivering generative AI-powered innovations in a secure and responsible manner.”
Michelle Gonzalez, Corporate Vice President and Global Head of M12, Microsoft’s Venture Fund, added her voice to the chorus of admiration, stating, “Evisort’s innovative vision and pioneering use of generative AI within legal contracting set them apart from the competition.”
Conclusion:
Evisort’s contract-specific LLM represents a significant leap in contract management and legal AI. It offers enhanced precision and responsiveness, empowering organizations to streamline contract-related processes and improve data security. This innovation positions Evisort as a leader in the evolving legal tech market, catering to the unique needs of legal and business stakeholders.
