A new startup called Ironclad has raised millions of dollars to automate the work of law firms. The company says its technology will do the tedious paperwork that keeps lawyers busy on contracts and other deals.
AI automation is coming after even the most highly-trained workers and should have lawyers feeling anxious.
According to CNBC , Ironclad said Wednesday that it’s just closed a $23 million financing round, led by Sequoia Capital. According to Ironclad’s founders, the idea is to give lawyers and other professionals the tools to automate their own jobs, not to actually replace the humans actually doing the work.
Ironclad is trying to simplify the process, so that law firms and legal teams can save time and money. The company now has more than 100 customers, including Autodesk, Dropbox, Glassdoor, L’Oreal and Reddit.
In the past 12 to 14 months, Ironclad has run as many as 1,700 transactions for Dropbox, Cook said. Each transaction entails establishing a new document, getting it approved and then storing it properly. The remainder of the cases involves a manual ticketing system that assigns work to an attorney or contracts manager, who can approve documents and amend as needed.
Startups like Ironclad demonstrate the early stages of software that’s able to take on ever-complex and specialized tasks — and more people may find themselves increasingly replaceable as deep learning AI develops and learns. The question must be asked, “what happens when the AI makes a mistake on a high profile deal?“.