To answer some of your questions:
- contract review works very well for high volume low risk contract types . Think slas, SaaS… these are contracts comercial legal teams need to review for compliance reasons but hate it.
- it’s less good for custom contracts
- what law firms would benefit from is just natural language search on their own contracts.
- it also works well for due diligence. Normally lawyers can’t review all contracts a company has. With a contract review tool they can extract all the key data/risks
- LLM doesn’t need to provide advice. LLM can just identify if x or y is in the contract. This improving the process of review.
- context windows keep increasing but you don’t need to send the whole contract to the LLM . You can just identify the right paragraphs and send that.
- things changes a lot in the past year. It would cost us $2 to review a contract now it’s $0.2 . Responses are more accurate and faster
- I don’t do contract generation but have explored this. I think the biggest benefit isn’t generating the whole contract but to help the lawyer rewrite a clause for a specific need. The standard CLM already have contract templates that can be easily filled in. However after the template is filled the lawyer needs to add one or two clauses . Having a model trained on the companies documents would be enough.
Hope this helps