McCarthyFinch, a leader in artificial intelligence software, joins the Onit family.
The acquisition of legal artificial intelligence company McCarthyFinch supports our passion for building AI into our expansive product offering – from contract lifecycle management to enterprise legal management, e-billing, matter management and our workflow automation platform. Watch to learn more.
Onit Precedent is an artificial intelligence platform that automates and improves legal and business processes for corporate legal departments, law firms and contract and procurement teams. With a single mission of helping business professionals get more work done faster, the AI platform automates existing mundane, manual and costly legal processes and empowers continuously learning and workflow.
The first release on Onit’s intelligence platform will focus on contract review. The law department—now more than ever—needs a rapid path to contract closure and signature so they can accelerate the pace of doing business, increase contract compliance and enhance employee productivity.
An AI-driven contract lifecycle solution creates value and revolutionizes the contracting process. Using the AI engine, lawyers can streamline intelligent activities like contract creation, redlining documents and even complex negotiations. The intelligence platform leverages the company’s playbook and presents the results in a Microsoft Word plug-in so the legal team can work where it is accustomed to working.
Legal and contract teams can save up to 80% on review time, drive contract compliance and lower company risk.
Artificial intelligence in the pre-signature contract phase provides a first-pass review of the contract and annotates it based on your company’s checklist and playbook. By allowing a lawyer to focus on the medium- to high-risk areas, your legal team can reduce contract lead times, automate guidance and proactively address common pain points in the legal workflow.
In the post-signature contract phase, the engine applies practical AI to data extraction projects, thereby saving money and producing higher quality data. The diagram to the right highlights some core use cases.
Onit understands the unique challenges and opportunities of disruptive technology. It has been redefining the legal space for decades starting back as early as 1995 when its executives served as some of the earliest members of the LEDES™ committee (Legal Electronic Data Exchange Standard) Oversight Committee. The company has continued this commitment to innovation as one of the first providers in legal operations to focus on process automation, workflow and collaboration. Today, Onit has more than 5,550 Apps in production, thousands of users and more than 400 global customers that trust the company with their workflow solutions.
AI is a natural extension of the company’s evolution and McCartyFinch’s breadth of AI expertise from lawyers, technologists and data scientists is key to addressing the needs of the legal profession.