MyLegalAI today announced the launch of its revolutionary contract analysis tool, a product that the company says can review complex legal documents in minutes rather than hours—and with higher accuracy than traditional human review.
The tool, which uses large language models trained specifically on legal text, can identify risk clauses, flag missing provisions, and summarize key terms across hundreds of contract types, including NDAs, service agreements, employment contracts, and M&A documents.
"Contract review is one of the most time-consuming tasks for any legal team," said Michael Chen, CEO of MyLegalAI. "We're not trying to replace lawyers—we're giving them a superpower. Our tool handles the grunt work so attorneys can focus on the strategic decisions that actually require their expertise."
The technology has been in private beta for six months, tested by more than 50 law firms ranging from boutique practices to Global 100 firms. Early results showed the tool reduced average contract review time by 73% while flagging 98.2% of material issues—outperforming junior associate accuracy benchmarks.
The contract analysis tool is available immediately to all MyLegalAI Enterprise and Professional plan subscribers. The company says new integrations with Microsoft Word, Google Docs, and major document management systems like iManage and NetDocuments will roll out over the next quarter.
MyLegalAI's Series B announcement is expected in Q4 2023, with investors said to be evaluating a $50M round to accelerate product development and international expansion into the European and APAC markets.
