TECH - AI In Law: Could Artificial Intelligence Disrupt The Art Of The Deal? | Benzinga
Law firm Allen & Overy unveiled this week a new tool that uses generative artificial intelligence (AI) to negotiate and draw up draft contracts.
The London-based firm announced that over a thousand of its internal lawyers, along with various undisclosed clients, are utilizing ContractMatrix. This tool, developed in collaboration with Microsoft Corp (NASDAQ:MSFT) and OpenAI, is instrumental in creating Harvey, the company’s own legal AI start-up.
The Financial Times reported this week that ContractMatrix was used by ASML Holding NV (NASDAQ:ASML), the Dutch maker of semiconductor manufacturing equipment, and Koninklijke Philips NV (NYSE:PHG) the Dutch healthcare electronics company, to negotiate what they called the “world’s first 100% AI-generated contract between two companies.”
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