LegalOn, one of the largest providers of AI contract review technology in Japan, has recently entered the U.S. market. Following its successful launch last December, the company now plans to expand its services to contract drafting with the introduction of LegalOn Templates, a compilation of more than 100 standard market templates that have been created and regularly updated by lawyers specializing in the law area applicable to each template.
The expansion of LegalOn’s capabilities is a response to the difficulties faced by customers when seeking reliable and updated lawyer-drafted templates amidst an ocean of content. In an interview, LegalOn’s U.S. CEO, Daniel Lewis, highlighted the problems faced by companies that already have collections of contract templates. Existing resources do not always cover all the nuances, making it tricky for legal professionals to find a perfect fit for specific scenarios. LegalOn seeks to address this gap with its more nuanced templates, which cater to situations such as buy-side or sell-side, or those covering specific locations like California or New York.
The newly rolled out templates by LegalOn encase standard agreements, such as NDAs and MOUs, but also bring into the fold niche-specific agreements, including a manufacturing and supply agreement, a patent know-how licensing agreement, and a SaaS terms of service agreement. These documents are kept current with any changes in law by Jeffrey Shimamoto, former attorney and general counsel who now heads content at LegalOn. Additionally, the company provides a reviewing service for any internal templates of client companies, keeping them up to date with legal changes.
Currently, LegalOn’s templates are specifically tailored to suit the governing law of either California or New York. The company plans to extend its range of templates to cater to different jurisdictions. Customers can access the templates directly within the LegalOn platform and download them for editing in Microsoft Word. As a benefit to existing customers, these templates will be provided at no extra cost.
Following their entry into the U.S. market last year, LegalOn’s platform commercially debuted to customers last April. The release was coupled with a unique AI Revise feature, positioning itself as the first AI contract editing tool built around legal expertise. LegalOn’s prior foray into AI usage for contract review using this tool saw the AI suggesting revisions and highlighting risks. The advanced capabilities of the AI Revise feature now allow users to adopt these suggestions and convert them into revisions with a single click.
This gradual but steady transformation of LegalOn, from focusing initially on contract reviews and now contract drafting, shows the commitment of the company to continuously evolve to best suit their customers’ pre-signature contracting needs. The unique blending of AI with reliable legal content ensures that LegalOn stays relevant and valuable to customers in the fast-paced legal tech industry. You can find more about LegalOn in the LawNext Legal Technology Directory.