AI Negotiates Groundbreaking Contract

ASML and Philips have Used the Tool Already

April 22, 2024 • Reading Time: 2 minutes

Law firm Allen & Overy, in partnership with Microsoft and Harvey, has developed ContractMatrix, a “cutting-edge contract management platform that uses generative AI to review, draft, and manage contracts” - Allen & Overy 

ASML and Philips have apparently utilized this tool to work through the first ever fully AI developed contract.

“ContractMatrix frees lawyers from processing and allows them to do what they do best: smart, fast, and strategic decision making… The A&O lawyers who have used – and helped to develop -ContractMatrix have been blown away by how much more efficient it makes them.”

ContractMatrix:

  • The tool is designed to draft contracts using existing templates, such as those for non-disclosure agreements and merger and acquisition terms, which lawyers can then modify or approve.

  • ContractMatrix aims to streamline contract negotiations, potentially saving up to seven hours per negotiation, and is targeted at increasing business and generating new revenue streams.

  • Over 1,000 Allen & Overy lawyers are already using this tool, and it is being introduced to clients across sectors like banking, pharmaceuticals, technology, media, and private equity.

“If we look at the impact of AI in law, it is happening and it’s likely to happen in a pretty big way in the next few years, and we are seeing it as an opportunity,”

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