ARLINGTON, VA (May 8, 2023) — Bloomberg Law today announced the launch of Bloomberg Law Contract Solutions, its AI-powered solution for storing, searching, drafting, and negotiating contracts. This new easy to use and implement product was developed in close consultation with corporate legal teams and with feedback from hundreds of in-house attorneys and legal professionals. Bloomberg Law Contract Solutions will be introduced at a live virtual event on Thursday, May 11 at 1:00 p.m. ET, accessible at http://onb-law.com/xYZk50OfKjg.
Bloomberg Law Contract Solutions uniquely features:
- A secure, centralized repository, including a database of automatically extracted clauses to deliver an organized single source of truth that can be filtered, sorted, and searched across – with little to no data entry.
- Seamless integration with Microsoft Word, allowing users to access their contract repository and clause library directly from their document, providing a fast and easy starting point for drafting and revising contracts.
- Advanced analysis tools, accelerating the review of draft agreements and allow users to efficiently identify and incorporate preferred language to ensure favorable terms.
- AI-powered extraction of key contractual terms, providing greater visibility into final agreements to help identify and flag potential risks and obligations.
For more than a decade, Bloomberg Law has been leveraging artificial intelligence and machine learning to power some of its most innovative workflow technology, such as its award-winning litigation tool Points of Law and its transactional intelligence tool Draft Analyzer. Bloomberg Law Contract Solutions builds on this pioneering legacy, leveraging proprietary semantic search and natural language processing (NLP) technology to deliver advanced search engine and contract analysis features.
“The way that Bloomberg Law Contract Solutions uses AI in the clause identification tool is very helpful for our team because we do not have to do the guesswork of figuring out whether there is a modification to our agreement that requires our attention,” said John Prindiville, senior corporate counsel, VetCor and a Bloomberg Law Contract Solutions customer. “This new product enables you to think more clearly and be more focused in your negotiations. It saves you time, enabling you to be a better attorney and provide thoughtful responses.”
“Contracts are a pain point for every corporate legal department, whether they manage ten or 10,000 agreements,” said Joe Breda, president, Bloomberg Law. “We’re committed to helping legal teams operate more efficiently so they can spend their time on more high-value work. Bloomberg Law Contract Solutions is just the latest in a long line of offerings from us that fills a void in the workflow technology landscape.”
For additional information about Bloomberg Law Contract Solutions, visit http://onb-law.com/9ith50OgVJu.