Relativity Contracts helps legal teams transform executed agreements into structured, actionable data
CHICAGO, Aug. 21, 2023 /PRNewswire/ -- Relativity, a global legal technology company, today announced at ILTACON 2023 the launch of Relativity Contracts (Contracts), Relativity's integrated solution for contract analysis available in RelativityOne. Contracts allows users to glean actionable insights when analyzing agreements to meet changing regulatory requirements, realize business value and reduce legal risk.
Relativity Reinvents Contract Analysis
With Contracts, users can streamline review with a best-in-class viewer and powerful workflows, accelerating contract analysis and making project management a breeze. Contracts' document review capabilities increase accuracy and help reviewers make informed decisions faster, reducing contract review time by 40% and realizing 50% project cost savings.
"We're thrilled to bring Relativity Contracts to our community, and believe this robust solution, powered by RelativityOne, will enable our customers and partners to unlock the full value of AI-enabled contract analysis," said Phil Saunders, CEO at Relativity. "We've heard great feedback from customers who are already leveraging Contracts to meaningfully advance their workflows, and we look forward to seeing even more customers take advantage of Contracts to expedite reviews and transform agreements into actionable, structured data."
The AI integrated in Contracts empowers customers to leverage pre-built models, train their own custom models and import results from external models to transform contracts into structured data. Based on their subscription plan, RelativityOne customers will have access to up to 1,000 free documents to start using Contracts at no cost.
"We are excited to start using Relativity Contracts to expand our firm's technology capabilities," said Kate Jansons Johns, Manager of Knowledge & Practice Support Services at Nutter McClennen & Fish LLP. "Relativity Contracts will enable our transactional attorneys to enhance their due diligence workflow with the document organization and analysis our litigation attorneys have come to rely on with RelativityOne."
"Already, Relativity Contracts has allowed us to create value and efficiencies for our clients on their contract reviews and remediations," said Michael Willis, Partner at PwC. "By automating processes and streamlining workflows we have been able to reduce the time it takes to get our hands on the key value data within large data sets. It's exciting looking forward to how we can continue to leverage this technology within the contracts world."
Investing in Generative AI, with Product Launch Later this Year
In addition to the AI leveraged in Contracts, Relativity continues to research and invest in the latest AI technology, with an increased focus on generative AI. The company is actively piloting GPT-4 through the Microsoft Azure OpenAI Service in collaboration with select customers, evaluating the performance of these models in investigation and litigation use cases. The initial results are very promising, and Relativity is committed to approaching AI innovation responsibly, underscored by its AI Principles announced earlier this year at Relativity Fest London.
"Relativity's GPT-4 pilot program provides law firms like ours a chance to learn and experiment with new AI technology in a secure and responsible way, and our participation has helped accelerate future planning for our practice," said Nick Cole, Director of Litigation Support at Foley & Lardner LLP.
"We're impressed with the results thus far and we're fortunate to have the opportunity to collaborate closely with Relativity's dedicated applied scientists and product managers to test, iterate and better understand the potential and implications of AI technology that will certainly alter the future of the legal industry," said Melinda Levitt, Litigation Partner at Foley & Lardner LLP.
Relativity will unveil the first generative AI product leveraging the Microsoft Azure OpenAI Service and releasing later this year at Relativity Fest, taking place in Chicago Sept. 26-28. Those interested in learning more can register for the annual conference designed to educate and connect the e-discovery community here.
Relativity at ILTACON 2023
ILTACON 2023 will take place August 20-24 in Orlando, Fl. The conference offers comprehensive peer-driven programs, educational content and face-to-face networking. Attendees are encouraged to visit Relativity's booth #407 to receive branded gear, meet with the Relativity team and see demos. Attendees interested in setting up a one-on-one meeting at ILTACON 2023 can contact sales@relativity.com.
Ahead of Wednesday's keynote at 9 a.m. ET, Relativity's CEO Phil Saunders will provide a company update highlighting how Relativity is partnering with its community to innovate with purpose, enabling customers to unlock the full value of contract analysis and leaning into generative AI. Saunders will introduce keynote speaker Dr. Rob Archer, UK Director at Cognacity and Chartered Psychologist who will discuss building resilience, improving mental health and sustaining high performance.
Relativity will also participate in the following sessions during the event:
- Collaboration Tools: Which Ones Solve Which Business Problems on Wednesday, Aug. 23, at 11:00 a.m. ET: Collaboration tools such as Slack, Zoom, Microsoft Teams, WebEx, and others are widely used in our hybrid and remote workplaces. Learn which tools successfully connect firms and legal departments with their clients and staff, the problems they are solving, and the headaches that continue to persist.
- Leading the Way: Showcasing DEI and ESG Initiatives in Law Firms and Business Partner Teams on Wednesday, Aug. 23, at 1:00 p.m. ET: This session is designed to highlight and celebrate the successful implementation of Diversity, Equity, and Inclusion and Environmental, Social, and Governance initiatives within ILTA Member and Business Partner teams. Attendees will gain insights into the innovative strategies and practices that have been adopted, fostering a more inclusive work environment and contributing to sustainable business practices.
- On the Cutting Edge of Short Message Collection, Review, and Production: How Do We Slice and Dice This Challenging Data Source? on Wednesday, Aug. 23, at 3:30 p.m. ET: The world of short message communication and collaboration is evolving more rapidly than ever before, and the e-discovery industry is faced with a challenge. The panel will discuss these challenges and opportunities to manage short message data efficiently and effectively.
- Litigation Support Roundtable: The Privilege and Publicity Edition on Thursday, Aug. 24, at 1:30 p.m. ET: Relativity's David Horrigan will continue the discussion from last year's Litigation Support Roundtable: The International Edition, this year's gathering of technologists, paralegals and lawyers will examine how litigation technology professionals can work through the often thorny issues related to the attorney-client privilege and the work product doctrine as well as how litigation teams—including the e-discovery director in Carroll v. Trump—have handled high-profile matters.
Relativity is a proud member of the International Legal Technology Association (ILTA) and in April was a recipient of two ILTA 2022 Distinguished Peer Awards. Relativity and BakerHostetler won the trailblazer award for collaboration in leveraging Text IQ for Data Breach to address global concerns regarding data privacy, ransomware, and data breaches. Additionally, Relativity's Community Engagement Lead Johnathan Hill was named an honoree on ILTA's Young Professionals to Watch List.
About Relativity
Relativity makes software to help users organize data, discover the truth and act on it. Its SaaS product, RelativityOne, manages large volumes of data and quickly identifies key issues during litigation and internal investigations. Relativity has more than 300,000 users in approximately 40 countries serving thousands of organizations globally primarily in legal, financial services and government sectors, including the U.S. Department of Justice and 198 of the Am Law 200. Please contact Relativity at sales@relativity.com or visit www.relativity.com for more information.
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