Helping Legal Teams Leverage Generative AI: A Conversation with IronClad Co-Founder, Cai GoGwilt
Sep 8, 2023
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Helping Legal Teams Leverage Generative AI: A Conversation with IronClad Co-Founder, Cai GoGwilt. In this episode, Natalie dives into the world of AI-powered business contracts and how the legal industry may be leading the way. They discuss IronClad's commitment to responsible AI deployment, the transformative impact of generative AI tools, and the revolutionizing of contract creation and management. Don't miss out on uncovering the future of work and the power of AI in the legal industry.
The legal industry is embracing generative AI, enabling a new paradigm for reading, writing, and reasoning in contracts.
Ironclad is leading the way in responsible AI adoption, prioritizing transparency, security, and ethical use in their product development and internal processes.
Deep dives
Ironclad: The Journey and Founding Story
Ironclad, a leader in AI-powered platforms for business contracts, was founded by Kaeigou Guilt and Jason Bullmick in 2014. Their passion for legal contracts and expertise in software engineering fueled their vision. The serendipitous meeting and shared excitement about legal contracts led to the establishment of Ironclad. AI and generative AI technologies have been a central focus for Ironclad since its inception. They have harnessed the power of generative AI, such as OpenAI's GPT-3, to revolutionize the contract drafting and reviewing process. This innovative approach has provided significant time savings and valuable insights for their customers. Ironclad's commitment to responsible AI use is evident through their policies, transparency, and dedication to customer data security.
The Adoption of AI in the Legal Field
Ironclad has witnessed a shift in the legal industry's attitude towards adopting new technologies, particularly in the realm of generative AI. Traditionally considered a technology laggard, the legal field is now at the forefront of embracing AI advancements. The emergence of generative AI, which enables computers to read, write, and reason like humans, has opened up new possibilities for the legal industry. Ironclad believes that legal and software engineering industries are on the cusp of a transformative change, leveraging generative AI's ability not only to read and write, but also to use tools and engage in strategic planning. The accessibility of AI technology has democratized its adoption, leading to unprecedented levels of innovation, efficiency, and collaboration.
The Responsible Use of Generative AI
Ironclad is committed to the responsible use of generative AI in both their product development and internal processes. In their product development, they prioritize user experience, ensuring that generative AI features are transparent, explainable, and reliable. They treat AI as an intelligent intern, providing reasoning and explanations for its decisions. Internally, Ironclad has set clear principles and policies to protect customer data security and comply with regulations. They have been proactive in sharing their generative AI policy publicly and hosting educative webinars. Ironclad's focus on transparency, security, and ethical use of AI positions them as market leaders, paving the way for responsible AI adoption in the legal field.
Ironclad's Impact and Future Goals
Ironclad's relentless pursuit of AI-driven solutions has had a significant impact on the legal industry. With over a billion contracts processed, Ironclad has saved customers an estimated 29 years of time through AI predictions and assistance. Their AI-powered features, such as AI Assist and Contract AI called Kai, have transformed contract drafting, consolidation, and review processes for companies like Orange Theory Fitness. Through leveraging proprietary data and generative AI, Ironclad enables customers to instantly generate suggested red lines and streamline their contract management. Looking ahead, Ironclad aims to continuously push the boundaries of AI technology, making it accessible, usable, and game-changing for their users. They emphasize the importance of staying at the forefront of AI advancements and providing meaningful solutions to power the world's contracts.
Who said the legal industry is slow to adopt novel technology? Generative AI has made it possible to shift even the most reluctant of industries to create a new paradigm for reading, writing and reasoning. And beyond that, the era of generative AI is helping develop a new mindset about how these tools can augment human intelligence and strategic planning.
In this episode, Natalie dives into the world of AI-powered business contracts and how the legal industry may be leading the way, with special guest, Cai GoGwilt. Cai, the co-founder and chief architect of Ironclad, discusses the transformative impact of generative AI tools and Ironclad’s commitment to responsible AI deployment.
Tune in to learn how Ironclad has revolutionized the way contracts are created, reviewed, and managed, and discover the incredible potential of AI technology in the legal industry. From securing a monumental funding round to sharing their generative AI policy, Ironclad is at the forefront of AI adoption and responsible usage.
Don't miss out on this captivating episode where Natalie and Cai uncover the future of work and the power of AI in the world of contracts.
What he does: Cai GoGwilt is the co-founder and Chief Architect of Ironclad, the leading digital contracting platform. Cai leads research, strategy, and development for Ironclad AI, and has always been passionate about building products that make people more effective at their jobs. He is an MIT graduate in Computer Science and Physics, as well as a former software engineer at Palantir Technologies. By day, he’s a celebrated software engineer and thoughtful leader; by night, he’s a concert cellist and karaoke enthusiast.
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This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.
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