Onit, a global leader in AI-enabled workflow automation solutions for the legal industry, has announced significant advancements to its ReviewAI product, powered by cutting-edge generative AI technology. This launch marks the first of several major AI-driven releases planned for this year, highlighting Onit’s dedication to staying at the forefront of AI innovation.
Onit’s consistent leadership in AI is a result of years of dedicated investment and expertise, placing the company ahead of competitors. “AI has been our fastest-growing product line for the past three years, and that momentum is accelerating,” said Michael Farlekas, CEO of Onit. “The launch of ReviewAI into the mid-market is just the beginning, with three more major AI-driven releases coming this year, targeting legal spend management, contract management, legal operations, and service requests.”
Onit has been pioneering AI capabilities specifically designed for legal workflows for years, establishing itself as a leader in legal technology. The launch of ReviewAI demonstrates the company’s advanced generative AI capabilities, revolutionizing contract lifecycle management by offering tools that can read, write, and reason like a lawyer. “Eight years ago, we became one of the first companies to deliver software that could emulate legal reasoning with ReviewAI,” said Jean Yang, VP of Onit’s AI Center of Excellence. “Today, we’re proud to offer ReviewAI as a standalone product, powered by the latest advancements in generative AI and large language models.”
ReviewAI provides intuitive, AI-driven tools that streamline the entire contract management process, from drafting and negotiation to review and execution. Designed to integrate seamlessly with any existing contract management system, it allows legal teams to enhance their workflows without disruption. With ReviewAI, legal teams experience the following benefits:
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4x faster contract audit and migration
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70% faster contract negotiations
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400% faster data entry and validation
The generative AI-powered contract chat feature provides instant answers during reviews, while pre-configured playbooks enable faster and more accurate contract assessments customized to align with business standards.
ReviewAI is just the first of four AI-driven launches planned for 2024, reinforcing Onit’s commitment to delivering innovative solutions for legal departments globally. The company’s future AI-driven products will continue to enhance operational efficiency and deliver exceptional value for clients.
Onit is a global leader in AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, optimized processes, and increased operational efficiency. Focused on enterprise legal management, matter management, spend management, contract lifecycle management, and legal holds, Onit operates globally. The company helps Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit assists customers in achieving greater efficiency, reducing costs, and automating transactions faster. For more information, visit www.onit.com.
