Product Delivers for its Fortune 500 Clients Who are Looking for Real Cost-Savings and Direct Benefits from GenAI Tools
NEW YORK, Oct. 10, 2024 /PRNewswire/ -- Robin AI, which provides legal AI to businesses in partnership with Anthropic and AWS, today released a new version of its groundbreaking Robin Reports product, just three months after its initial release. Robin Reports is solving business-critical problems for large companies, including speeding up incident management around cyberattacks and M&A due diligence.
Today's product news is paired with Robin AI's "State of Legal AI 2024 Report." The survey finds that 94% of General Counsel have identified generative AI opportunities in their teams, leading to increased tech spending. But thefailure of big law firms to deliver generative AI benefits to their clients sets the stage for legal AI companies to replace law firms in more legal tasks in 2025.
Why it matters: The new version of Robin Reports allows a company to audit thousands of documents, with results in minutes - saving lawyers hundreds of hours of work each year. There is no implementation time when using Reports.
- Demand for Reports is being driven by Fortune 500 and asset management firms, which Robin pinpoints to their legal teams becoming more business-oriented and increasing their tech spend - with greater spending expected across the board in 2025, per today's survey of U.S. General Counsel and Heads of Legal Operations teams.
- Despite increasing tech budgets, Robin's survey also found that in-house legal departments remained slammed.
New features: Legal and investment teams can now build their own reports within the Robin AI web platform, including from a new template library. Reports also:
- Uses Anthropic's latest Claude Sonnet 3.5 models
- Works on any type of legal document
- Is now optimized for more uses including Due Diligence Reports on Supplier Agreements and Lease Agreements, and Audit Report on NDAs
- Allows each contract to be searched again and again, and according to new criteria.
How Reports is being used: One of Robin's U.S.-based biotech customers suffered a data breach, and used Reports to analyze nearly 10,000 enterprise customer contracts to identify obligations. Reports allowed the company's legal team to resolve their notification obligations 93% faster - in under 24 hours - compared to humans working alone. That saved the company 7,500 hours of legal work and around $2.5 million.
- Financial institutions are using Reports to meet EU's DORA compliance audit deadlines.
- Real estate-focused Private Equity firms are carrying out large scale reviews of Lease Agreements.
- Major media enterprises are using Reports to bulk review all Talent Agreements.
- Cambridge University cut the time completed initial due diligence on an investment 98% faster.
"No other legal AI product can deliver 'time to value' as quickly as Robin Reports," said CEO and co-founder of Robin AI Richard Robinson.
Only 6% of law firm clients agree they are getting cost savings and other direct benefits of generative AI through their external counsel, per a recent Deloitte survey.
"We're coming for elite law firms, by helping businesses to take back control of work that until now they've relied on external counsel for," Robinson said. "We're offering a completely self-serve product that can audit thousands of documents at once. There is no other way for big enterprises to take this volume of data and use Legal AI to structure the data and get a much faster grip on obligations and due diligence."
Any Robin customer can try the product for free today.
Since the launch of Robin Reports in the summer of 2024, the company has doubled the size of its U.S. operation, driven by strong customer demand among Fortune 2000 and private markets finance firms for the product. For more information visit robinai.com/reports
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