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Onit Catalyst for Contracts Delivers Dynamic Contract Insight and Review with Seamless Microsoft Word Integration

HOUSTON – Nov 9, 2023 - Onit, the leading provider of legal workflow solutions, today announced Onit Catalyst for Contracts, a ground-breaking software application that intelligently transforms the contract lifecycle using Generative AI and Large Language Models (LLMs) to enhance pre-signature and post-signature contract activities. Businesses can now more rapidly review and extract contract information, confirm compliance with the most nuanced issues, and find and automatically action more issues.

“Onit Catalyst for Contracts further accelerates the digital transformation of legal-related business processes,” Onit AI Center of Excellence Managing Director Nick Whitehouse says. “Designed to empower users to interact with contracts in highly dynamic, conversational manner, Catalyst for Contracts delivers a technological edge that enhances the productivity and decision-making of over-burdened contract teams.”

The standout feature of Catalyst for Contract is a natural language chat capability. Seamlessly integrated with Microsoft Word for broad user adoption and ease of use, Catalyst contract chat uses LLM to deliver sentence-level responses and recommendations to legal issues so complex legal questions can be quickly answered in an easy-to-understand language.

“Our new contract chat feature empowers users to quickly summarize, explain, review, rewrite, and advise on contracts confidently,” Whitehouse says. “It’s like having a dedicated, digital paralegal available on-demand.”

A smart virtual assistant that understands legal language and contract creation nuances, Catalyst for Contracts helps legal professionals generate highly specific contract playbooks with ease, creating complete control over AI. Moreover, using AI provides unparalleled insights and control of existing business contracts to identify, extract, share, manage, and track contractual obligations and risks.

Onit also announced the release of four new role-based reporting templates designed to streamline Enterprise Legal Management (ELM) business processes, track performance, and maximize impact:

• Matter Suite tracks matter-related Key Performance Indicators (KPIs).
• Spend Suite provides visibility across invoices, budgets, and more.
• Vendor Suite allows users to review spend, matters, and rates through the lens of vendors and timekeepers.
• Executive Suite empowers leaders with year-over-year trends and key insights across legal matters and spend management.

To learn more about Onit Catalyst for Contracts and the new ELM reporting templates, please contact us HERE.

About Onit

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.

Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit onitprostg.wpengine.com.

HOUSTON – August 10, 2023 – Onit, a leading provider of legal workflow solutions, including enterprise legal management (ELM), contract lifecycle management (CLM), and business process automation, has been named a Leader in the IDC MarketScape: Worldwide Enterprise Legal Management Software (Doc #US49842023, August 2023). With solutions for businesses of all sizes, Onit enables legal departments to modernize workflows, improve operational and cost efficiency, and contribute to faster revenue generation and business growth.

“Onit has one of the most complete legal technology portfolios available on the market today,” reads the IDC MarketScape Worldwide Enterprise Legal Management 2023 Vendor Assessment. “Legal departments are not one size fits all, and Onit understands that software cannot be either” (Doc #US49842023, August 2023).

The naming as a Leader in the IDC MarketScape report follows a period of market-driven innovation for Onit. Onit has continued to enhance its portfolio to include the following:

• OnitX, the next generation of Onit’s highly configurable platform for automating complex legal workflows for enterprise legal management and contract lifecycle management
• Onit Catalyst, a family of AI-enabled products purpose-built to elevate the impact of ELM and CLM solutions
• SimpleLegal, an ELM solution tailored to the mid-market to bring transparency and management across e-Billing, matters, vendors, and reporting
• ContractWorks, a modular, out-of-the-box solution to manage contracts and legal documents at specific contracting stages or across the entire contract lifecycle

“We are honored to be named a leader in enterprise legal management solutions,” commented Eric M. Elfman, CEO and co-founder of Onit. “At Onit, our mission has always been to empower legal professionals to do their best work through more intelligent and efficient workflows. We will continue to invest in innovation to deliver leading solutions that help legal departments drive material impact.”

About IDC MarketScape

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

About Onit

Onit is the leading provider of legal workflow solutions for enterprise legal management (ELM, contract lifecycle management (CLM), and business process automation. Onit’s comprehensive product portfolio customizes AI-driven workflows for managing matters, spend, vendors and contracts. With Onit, companies can evolve the legal department’s role as a business protector and transform it into a business driver that materially influences the enterprise by improving operational and cost efficiency while simultaneously contributing to faster revenue generation and business growth.

The Onit portfolio of products also includes SimpleLegal, AXDRAFT, BusyLamp and SecureDocs. Learn more at onitprostg.wpengine.com.

Agile new feature helps legal teams reduce risk, meet deadlines and manage stakeholder demands across dynamic legal workflows

HOUSTON (June 21, 2023) — Onit, the leading provider of legal workflow solutions, today announced a new task management feature in its SimpleLegal product line that provides a centralized solution for streamlining matter management processes, tracking deadlines and prioritizing matters and workloads.

Task management also integrates with e-Billing and spend management, marking a significant step in the SimpleLegal line’s delivery of a robust matter management offering for mid-market and enterprise organizations seeking to establish efficient legal operations. By integrating task management with matter management in a centralized system that tracks and manages legal spend, SimpleLegal addresses age-old issues associated with the lack of integration between existing task management systems and the department’s technology stack, including siloed data, low user adoption rates and poor return on investment (ROI).

SimpleLegal’s combined view of critical data ensures relevant stakeholders stay informed of a matter’s progress and impact on the business. In addition, task management offers insight into associated spend, assigned parties, altered priorities and changed due dates — providing the legal department with historical data that enables both operational and cost efficiency.

Increasing Efficiency and Driving Collaboration with Task Management

Attorneys and legal teams often struggle to prioritize multiple deadlines for matters, leading to missed deadlines, dissatisfied clients and potential legal issues. New findings from Onit’s 2023 Enterprise Legal Reputation (ELR) Report reveal that despite Legal’s enduring image as a trustworthy protector of the business, just two in five (41%) employees in the United States and Europe view Legal as efficient. Additionally, only one in four (27%) consider Legal a good business partner, citing concerns about responsiveness, communication and efficiency.

“SimpleLegal’s task management helps legal teams improve efficiency and productivity by making it easy to organize, assign and follow through on all demands and matter-related tasks,” said Shri Iyer, SimpleLegal’s Senior Vice President of Product and Design. “Customers appreciate that SimpleLegal’s task management feature is easy to use and acknowledge it as the most capable task management solution for in-house legal professionals they’ve seen.”

Task management is available for all SimpleLegal customers and included in new matter management product plans.

Additional Resources
To learn more about SimpleLegal’s task management, request a demo or learn more on the blog. For company news, industry trends and best practices from corporate legal innovators, read the SimpleLegal blog and follow us on LinkedIn.

About Onit
Onit is the leading provider of legal workflow solutions for enterprise legal management (ELM) and contract lifecycle management (CLM). Onit’s comprehensive product portfolio customizes AI-driven workflows for managing matters, spend, vendors and contracts. With Onit, companies can evolve the legal department’s role as a business protector and transform it into a business driver that materially influences the enterprise by improving operational and cost efficiency while simultaneously contributing to faster revenue generation and business growth.

The Onit portfolio of products includes AXDRAFT, BusyLamp, ContractWorks, SecureDocs, SimpleLegal and ReadySign. Learn more at onitprostg.wpengine.com.

Media contacts
Mike Nadeau, [email protected]