Over 60% of customers have adopted Ironclad AI in just the past six months, making it among the most rapidly adopted AI platforms in the legal industry
SAN FRANCISCO, Aug. 23, 2023 - Today, Ironclad, the leading digital contracting platform for modern legal teams, announced that the AI tools across its platform have been used to make 10.5 million predictions and save an estimated, cumulative 29 years for its customers across contract upload, review and redlining. In the past six months alone, over 60% of Ironclad customers have adopted its AI-powered tools to power every part of the contracting lifecycle, from metadata tagging and extraction to AI-powered negotiation and data analysis, making Ironclad among the most rapidly adopted AI solutions on the legal market.
Ironclad's AI-powered layer of products, including AI Playbooks, Smart Import, Ironclad Insights, and its generative AI solution, AI Assist™, allows companies to:
Simplify and accelerate the process of uploading, tagging, analyzing, and searching for contracts in the Ironclad Repository.
Automatically flag and identify unapproved clauses and contract language at scale.
Instantly generate contract edits and redlines easily based on pre-approved language set by legal teams.
Transform contract data into actionable insights through its full-stack contract analysis and visualization platform.
"There's a lot of hype about AI right now, but for us, the proof is in the adoption and results for our customers," said Ironclad CEO and co-founder, Jason Boehmig. "For example, one of our customers in a highly regulated industry recently used our AI Repository to tag and extract metadata for over 97,000 contracts in a matter of minutes."
Ironclad works with the most innovative companies across every industry vertical, from professional sports teams, to manufacturing, major retailers, and technology companies – including over a quarter of the Forbes AI 50 2023 list, to which Ironclad was included in 2023. Ironclad helps companies streamline and accelerate the contracting process from end-to-end, and offers innovative solutions to solve complex business challenges.
Orangetheory legal team innovates with the Ironclad AI feature to upload, audit, and redline hundreds of contract templates
Orangetheory is a fitness studio powerhouse with over 1,500 studios across 24 countries and all 50 states in the U.S. But being a fast-growing franchise business and updating individual membership templates across all domestic studios was a complex challenge. Orangetheory utilized the Ironclad platform to upload templates and create Playbooks with their desired language. Once consolidated, Orangetheory used Ironclad's generative AI product, AI Assist, to identify the areas of each contract they wanted to update and instantly generate redlines to those contracts. Utilizing the platform for this specific use case has allowed the legal team to preserve language developed by their counsel but use AI Assist to help with the more time-consuming and manual process.
"Updating over 1,000 agreements across all our domestic studios would have taken at least six months if not more. We needed to innovate to work smarter, not harder," said Charlene Barone, Director of Legal Operations & Strategy at Orangetheory. "Using Ironclad's AI platform, we could do this in under three months. This is the kind of innovation we strive for at Orangetheory and is a perfect use case for AI in the legal industry."
Ocrolus deploys generative AI to draft sophisticated, first-time contract language
Ocrolus, a leader in AI-driven document automation for faster and more accurate lending decisions, partners with hundreds of companies across the industry to help drive the fintech ecosystem forward. But in any fast-paced industry, oftentimes there is a need for contract language that simply does not exist yet.
"I was working on a unique contract where we needed bespoke language – it was a completely new addition to our contract language and a situation I hadn't worked on before," said Katelyn Canning, Head of Legal at Ocrolus. "We used AI Assist to take a first cut at drafting the language, which I was able to refine and customize exactly how I wanted and have been able to apply it to more than 10 contracts now."
Using Ironclad AI across other areas has also helped speed up the contracting process for Ocrolus across the board. "Even since January, we've seen a 94% increase in the number of workflows we're running through Ironclad, but at the same time we've cut processing time by over 50%," Canning continued. "Utilizing AI frees up massive amounts of time and helps us streamline the more manual contracting work – so we can focus on higher level impact across other areas of the business."
To learn more about Ironclad AI, please visit Ironclad.ai.
About Ironclad
Ironclad is the #1 contract lifecycle management platform for innovative companies, powering billions of contracts every year. L'Oréal, Salesforce, OpenAI and other leading innovators use Ironclad to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance, and turn contracts into critical carriers of operational business intelligence. It's the only platform flexible enough to handle every type of contract workflow, whether a sales agreement, an HR agreement or a complex NDA. In April Ironclad was named to the Forbes AI 50 2023 list, and was named a Top Company to Bet Your Career On by Business Insider in 2023. The company is backed by leading investors like Accel, Sequoia, Y Combinator, and BOND. For more information, visit www.ironcladapp.com or follow us on LinkedIn and Twitter.
Media Contact:
Paul Chalker
paul.chalker@ironcladhq.com
SOURCE Ironclad Inc.
