Artificial selection

Ironclad Unveils NLP Tools “With Google DocAI Inside” + Cai GoGwilt Interview – Artificial Lawyer

CLM Company battleship officially launched a long-awaited suite of document analysis AI tools, along with enhancements to existing capabilities – based on from google ‘Infrastructure’. However, and above all, CTO and co-founder, Cai GoGwilttold Artificial Lawyer “The Ironclad team has developed and trained our own models and features‘ for NLP tools.

This point about who makes the NLP end product for document analysis is central to any discussion of the role Google can potentially play in disrupting the world of legal technology.

As Google told this site in November 2021 – see interview – it has developed a ‘DocAI contract‘ its own capacity through its Google Cloud group, which for now is only working with a very limited number of other companies to see how it goes.

If Ironclad “completes” the training and adapts the “vanilla-ish” Contract DocAI NLP provided by Google, then perhaps a number of legal tech companies can wipe the sweat from their anxious eyebrows. Because if Google’s DocAI isn’t going to be used “directly” for actual client use on legal documents without any third-party training, then legal tech companies don’t have much to worry about – yet. In fact, Google’s NLP “kit” could then be considered the same as the other vanilla text analytics offerings (some open-source, some paid), that already exist on the market.

What people in this industry potentially feared was the prospect that Google’s DocAI would be “client-grade” at the point of sale, ready for instant application to document analysis on anything clients wanted. it does, and available to all at a reasonable price. the price.

Pair that with all of Google’s many other offerings, and you’d have a truly compelling product that would make most NLP-based document analysis tools not exactly redundant, but they’d face incredibly stiff competition. However, as of now, that doesn’t seem to be the case. It is more than one “Google DocAI inside” type approach, (after Intel’s famous advertising slogan), as well as Ironclad building on the broader Google Cloud infrastructure – but Google itself not taking the lead on the end product.

What’s on offer?

So, that said, what has Ironclad rolled out? Also, what is totally new and what is ahead of what already existed? Here’s what they say. First, the “improvements”:

‘Today Ironclad announced improvements to Ironclad Smart import, an AI-based contract migration tool that uses optical character recognition (OCR) to scan, index, tag, and store contract data at scale. With Smart Import, customers can:

  • Make contracts searchable in full text: State-of-the-art OCR technology makes all your contracts searchable in full text, including scans of electronically signed contracts.
  • Automate data extraction with confidence: Ironclad AI extracts key terms and clauses with over 90% accuracy.
  • Use your contracts and data instantly: Make your contracts and data fully searchable and reportable, instantly.
  • Control contracts with AI-powered review and negotiation

During this time, they were also launched in beta version, Ironclad Playbooks“who uses AI clause detection which enables clients to review and negotiate contracts in a smarter way”.

With Playbooks, businesses can:

  • Automatically analyze and intelligently negotiate contracts, faster: Ironclad AI automatically analyzes contracts, flags areas that need further reviewand provides suggestions on how to negotiate based on legally approved guidelines.
  • Review third-party documents at scale: Ironclad AI automatically engages the right approvers at the right time to streamline negotiation, improve contract collaboration and compliance, and accelerate contract review times.
  • Convert PDFs to DOCX for Contract Reviews: Ironclad now offers the ability to instantly convert PDFs to DOCX when editing documents to reduce the time and effort required for contracts to be uploaded, reviewed, and approved.

So this is it. A mix of improved tools and new tools, “based on Google’s infrastructure”, but with Ironclad doing much of its own training to produce the final, polished product that will be used by customers.

The interview

The artificial lawyer has caught up with the CTO, GoGwilt, to know more. Here is the interview below:

Why do this now? Why not earlier?

There are two main reasons we’re releasing Ironclad AI now: (1) NLP technology has only recently become viable in the contract space, and (2) Ironclad’s platform has expanded to throw the basics of Ironclad AI.

As soon as NLP capabilities became acceptable for legal contracts (with the advent of Transformer models), Ironclad began work on Smart Import, our industry-leading contract data extraction capability. When we launched Smart Import, we were not only developing this best-in-class contract data extraction tool, but we were also investing in the underlying foundation of Ironclad AI.

With this Ironclad AI foundation established and battle-tested with Smart Import, we were able to move quickly in bringing contextual intelligence to the entire contract lifecycle.

To what extent has Google played a role in these features that you offer? And how many new products are indeed “With Google DocAI inside”?

Google AI and Google Cloud have helped play a fundamental role for our AI, acting as the infrastructure on which Ironclad AI runs – the same way many companies run their software on AWS, for example.

Using this as our infrastructure, the Ironclad team developed and trained our own models and features. So essentially these new products are designed by Ironclad, powered by Ironclad AI, and supported by Google Cloud.

How do you think this will compare to other NLP/doc analysis offerings in the CLM field? (As there are many now.)

Everything we do as a company is focused on helping our customers accomplish three things: accelerate their business, drive results, and operate more efficiently. That’s why we’re embedding AI across our entire platform and across the entire contract lifecycle – from inception to analysis – rather than just in one area like document markup. Our approach is different from most in a few areas: First, we provide AI-powered insights directly in context for the decision maker.

Playbook suggestions are made in the document itself, and Smart Import shows exactly where in the contract a piece of data has been extracted. Second, we make it easy to get started with powerful features. Users can control changes and suggestions during the negotiation, select how to use the predicted values ​​in the repository, and everything works fine from the start; no need for a long onboarding process, training, etc. – that works.

Finally, we make playbooks available to all users with edit permissions, with full legal control of course, to allow companies to act faster and reduce the workload of the legal team. , while most offers only focus on the legal team. Because contracts are a collaborative effort, we want to give legal teams the tools they need to hold the rest of their team accountable and help their contracts progress faster and more efficiently.

What has been the investment for the company – in terms of financial and human efforts?

I personally led a team in this effort, with members of our product and engineering teams actively dedicated to the development and delivery of these new products. Our entire leadership team is involved in guiding our overall approach to AI, ensuring that we are strategic, aligned across the business, and delivering the greatest impact and best results. results for our clients.

How do you see IC growing now? Who are the ideal customers and how global do you want to be?

Ironclad is growing at a fantastic rate – our team now has over 500 employees, we recently crossed the 1 billion contract process threshold and are on track to power another billion this year alone, and we have recruited several leaders keys within the last year too. When it comes to our customers, we will always focus on the legal user, but we are seeing massive growth in other areas for our customers.

Most teams have about eight business users for every legal user, and we’ve seen usage spikes for sales (a 285% increase in sales workflows launched year-over-year), human resources (an increase of 230% over one year) and purchases (214% over one year). . We plan to continue serving our legal users as we expand into use cases where we see our customers gain tremendous value. In terms of our regional approach, we have recently added several positions working from our remote EMEA hub and plan to continue to expand our reach outside of the United States.

Thank you Cai and congratulations on the launch!