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ARLINGTON, Va. — Bloomberg Law is developing a generative AI assistant for attorneys working on contracts.
Bloomberg Law is testing its Contract Assistant to help in-house counsel simplify contract creation and analysis, according to the company yesterday.
Contract Assistant is designed to help users in several ways: surface key information from lengthy contracts; identify and summarize key provisions; and provide information on specific areas of a contract, such as amendments, expiration dates and renewals.
A user can also ask questions about a contract , such as which provisions to play closest attention to during negotiations based on their side in the agreement.
The tool's responses feature internal references, citing where information is in the contract. If it can't answer a question, it offers guidance.
Contract Assistant is a tool within the Bloomberg Contract Solutions platform, which is intended to streamlines processes, reduces risk and improve overall efficiency of legal services.
Todd Barton, VP of product at Bloomberg Law, said the addition of Contract Assistant to the platform indicates the company's "dedication to continuous innovation."
