AI contract review firm, TermScout, has recently announced the introduction of an innovative AI marketplace named Screens. Referred to as a first-of-its-kind, Screens provides a platform where legal professionals and contract experts can develop their contract review AIs, tailored to their distinctive expertise, and subsequently sell them.
This new marketplace offers a unique opportunity for lawyers to transform their expertise into a product, while simultaneously providing contract reviewers a chance to acquire a custom AI design by an expert in the specified area.
In practice, users are afforded expert contract reviews with merely a few clicks. Screens already showcases AI models developed by experts across a range of sectors such as commercial real estate, healthcare, consumer goods, privacy, fintech, SaaS, and others. These AIs, also known as ‘screens’, are listed on the platform, demonstrating the breadth of the marketplace within a short span since its launch.
Otto Hanson, the CEO of TermScout, articulated his aspirational vision for Screens saying, “Our mission is to help people easily understand contracts. We didn’t realize until GPT-4 was that the best way to do that is to create a marketplace for lawyers to build and sell contract review AIs.”
Already, Screens is being put to practical use by the American Arbitration Association for assisting parties in reviewing dispute resolution clauses. The utilization of the platform by a prestigious entity so early on in its inception, is a testimonial to the potential of Screens’ functionality and its prospective value in the legal domain.
Prior to its public launch, Screens was only accessible through a private beta. The Screens marketplace has now been released to the general public, with Hanson expressing his ambition to build a comprehensive marketplace catering as per diverse business and personal requirements.
Legal experts, during the process of developing ‘screens’, have the option to set a fee or offer their AIs for free. If sold, TermScout takes a commission from the earnings. The pricing of ‘screens’ on the platform varies depending on the information contained and complexity, ranging from free to $24.99.
Discussing the potential of Screens and its possible impact on the legal landscape, Hanson said, “As recently as 2023, we believed that getting to frictionless contracting would be a long journey. Last year’s generative AI revolution supercharged our progress; and with today’s launch of Screens, lawyers can now create AI digital products with as much time, effort, and technical skill as it takes to write a simple blog post.”
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