Onit Extends the Capabilities of Its Platform to Scale Legal Operations

Onit Catalyst's generative AI technology is further integrated within Onit Contract Lifecycle Management to enable the easy automation of data extraction from contracts.

HOUSTON, April 30, 2024 /PRNewswire/ -- Onit, the leading provider of legal workflow solutions, today announced the deeper integration of its leading Catalyst generative AI technology with its legal business process automation platform. Onit Catalyst delivers a natural language chat feature to automate the extraction of vital data from a company's library of contracts. The Onit platform has also been further enhanced by adding a new best practice Vendor Suite template that provides legal departments with better law firm analytics capabilities and the deeper integration of its Legal Holds management capability with Microsoft to ensure more robust preservation of digital records.

Companies are often hampered by their inability to collect their contracts within a single contract lifecycle management platform and extract critical information efficiently and rapidly, as traditional extraction tools can retrieve only a limited number and type of attributes. This need arises from consolidating legacy contacts, expanding the range of attributes collected in a contract database to better manage commercial agreements, and conducting compliance audits.

Onit Contract Lifecycle Management (CLM) leverages Catalyst generative AI technology to support "smart fields," additional attributes that can be extracted from contracts using natural language chat powered by an LLM. This flexible system allows for the easy addition of new custom data fields to the contract database, empowering users to adapt the system to their specific needs. By accurately extracting these attributes, customers can effectively manage their contracts, ensure compliance, monitor performance, and make informed decisions based on contract data analysis. The integration also allows contracts and contract data to be easily imported into Onit CLM for seamless analysis, giving users complete control over their contract management process.

In the fall of 2023, Onit introduced Matter Suite and Spend Suite best practice templates that allow legal operations professionals to track key performance indicators and have better visibility across invoices, budgets, matters, and more. Onit has now added Vendor Suite, which provides greater insights and analysis capability of critical law firm metrics so legal departments can make informed decisions regarding the efficiency and competitiveness of law firms concerning their timekeeper rates. It presents trends and details of timekeeper rates, segmented by staff classifications such as Partners, Of Counsels, Associates, geography, and more. Vendor Suite enables users to quickly evaluate how the average rates align with fairness, adequacy, or excellence standards across similar law firms.

The Onit Legal Hold capabilities have also been enhanced to provide greater flexibility and more complete, easier-to-manage digital records preservation. Legal departments can customize Legal Holds Management to meet their unique workflows, including custodian notification, categorization, and approval matrices. The recently added integration with the Microsoft Purview compliance portal allows for preserving records across the Microsoft landscape (including OneDrive and SharePoint) from within Legal Holds Management. Lastly, when IT modifies preservation settings, these changes can now be audited within Onit to ensure necessary legal holds remain.

Learn more about Onit's ELM and CLM solutions at CLOC Global Institute 2024 in Las Vegas from May 6-9; Onit is a proud platinum sponsor of the CLOC Global Institute.

• Onit's CLOC presence features: Jean Yang, Vice President of Onit's AI Center of Excellence, will moderate a panel titled "Complexity to Consistency: Three Keys to Empowering Legal Excellence with AI" on May 8 at 12:20 p.m. PDT.
  
  
• Visit us at Booths #309 and #402 to learn more about these product updates, book a demo, or arrange to meet the team at CLOC.

Additional Resources

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About Onit

Onit is a global leader of AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.

Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit www.onit.com.

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SOURCE Onit, Inc.