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Tuesday, May 28, 2024

Genie AI Innovates Faster Legal Document Negotiation with New Feature

Genie AI, a pioneering AI legal tech firm based in London, has debuted an innovative method for negotiating legal documents, focusing on individual clauses.

The new system enables users to quickly and visually gauge the progress of document reviews by selecting from three icons: “Agree, disagree or unsure”. This feature modernises the traditionally slow process of legal document negotiation.

The conventional practice of waiting for complete document reviews from each party often led to extensive delays. This process, unchanged for three decades, involved multiple emails, various document versions, and significant time wastage. Genie AI’s solution allows for real-time, asynchronous document review, with parties able to approve or reject different sections and clauses simultaneously. This approach breaks down documents into more manageable parts, leading to quicker and more precise outcomes.

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Genie AI’s platform has made negotiating clauses more efficient, though users also have the option of private document review. The system is particularly helpful for managing the review of lengthy documents over several sessions.

Rafie Faruq, CEO of Genie AI, remarked: “The end goal is to create a whole new mode of negotiation, reduce back and forth and save hours of time for every business deal. We want to not just help businesses reduce their costs and get their legals done faster, but create a whole new way of working that improves the structure of legal deals from the ground up.”

Genie AI’s “Review” feature for its 40,000+ users also identifies and annotates high-risk clauses, ensuring users are cautious before agreeing. The “Ask” feature further allows users to revise clauses they disagree with, without incurring legal fees.

Dr Max Grell, CEO of Blakbear, said: “When reviewing long documents – and whilst collaborating with team members – it’s hard to keep track of which clauses have been approved or agreed and which still need review. Being able to tick, cross or have an icon to say we’re unsure on a clause level makes me want to use Genie instead of Microsoft Word for legal agreements.”

Furthermore, this feature sets the stage for future AI negotiation tools, as it provides the foundational infrastructure for Genie’s AI to engage in negotiations.

Genie AI’s SuperDrafter toolkit, currently in its Beta phase, is being offered for free. In-house lawyers, business managers, and freelancers can sign up for their free account at https://app.genieai.co/signup.

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