Latch
Latch offers a generative AI contracting assistant that integrates with Microsoft Word to enhance legal teams' efficiency in managing contracts, ensuring compliance, and reducing negotiation times.
Services
Latch provides a generative AI contracting assistant tailored for legal teams. It aims to reduce the time, effort, and cost involved in negotiating agreements. The assistant is integrated into Microsoft Word, which allows users to work within a familiar environment. Latch's main features include reviewing contracts, modifying language, summarizing agreements, and offering instant visibility into key risks. Additionally, it generates new redline language to include specific legal positions and helps assemble plain-language checklists for various requirements. Users can also ask free-form questions about contracts, significantly aiding in the handling of long documents with hundreds of pages.
Product Features
Latch includes several features designed to enhance efficiency and accuracy in contract management. The AI tool can review contracts and suggest modifications, simplifying the negotiation process. It offers contract summarization and instant visibility into key risks, which are crucial for legal assessments. The tool can generate new redline language to incorporate specific legal positions. It also supports the assembly of simple, plain-language checklists for different situations and provides explanations to ensure compliance with various requirements. Users can ask free-form questions about contracts, and the system can manage long documents efficiently.
Technology
Latch leverages GPT-4, a state-of-the-art language model that scores in the 90th percentile of test takers in a simulated bar exam and 163 on the LSAT. This powerful AI engine underpins Latch's ability to handle complex legal language and tasks. Data processed by Latch are managed using Microsoft's Azure OpenAI Service, ensuring that no user data is used for model training. The service does not store first or third-party contract information, although it maintains playbooks to guide AI interactions. Latch's operations have been scrutinized for data security, earning a SOC 2 Type II audit certification from Johanson Group LLP.
Integration with Microsoft Word
Latch is designed to integrate seamlessly with Microsoft Word, allowing legal professionals to work within a familiar document environment. This integration aims to streamline the user experience, enabling the direct application of Latch’s AI capabilities to existing documents. By working within Word, users can utilize Latch's features such as contract review, language modification, risk visibility, and checklist assembly without the need to switch between different platforms. This functionality supports efficiency and ease of use, ensuring that legal teams can focus on core tasks while Latch assists in enhancing productivity.
Data Security and Compliance
Data security is a critical aspect of Latch's service. The platform ensures that user data processed using Microsoft's Azure OpenAI Service are not utilized for model training, maintaining user privacy. Latch does not store first or third-party contract information, except for maintaining the necessary playbooks. To further cement trust, Latch has undergone a SOC 2 Type II audit performed by Johanson Group LLP. This audit certifies that Latch meets stringent data security and compliance standards, ensuring that user data are handled with a high level of integrity and confidentiality.