Litera Launches Foundation Dragon, Revolutionizes Legal Deal Term Data with AI

Litera Launches Basis Dragon, Revolutionizes Authorized Deal Time period Information with AI

World Information

10Apr2024

Editor

Litera, a worldwide chief in authorized expertise options, has introduced the launch of Basis Dragon, a first-of-its-kind generative AI (GenAI) deal time period database that gives authorized groups with instantaneous entry to all related information factors from prior company transactions.

Constructed on the Basis platform, Dragon creates a searchable and complete assortment of related information factors from unstructured information present in agency paperwork. Utilizing the facility of AI to shortly and precisely sift by giant quantities of deal information to determine market phrases related to the consumer, Dragon might help companies negotiate from a place of energy and win extra enterprise.

“As completely happy Basis customers, we see Dragon as an progressive and intuitive expertise to assist our attorneys leverage agency experience for max profit to our shoppers,” stated Cindy T. Naked, Chief Information and Innovation Officer at Frost Brown Todd LLP.

Dragon was developed by Litera’s in-house AI Incubator, in collaboration with a number of longstanding Basis prospects. Litera labored intently with these pilot companies to determine probably the most essential information factors to be extracted by Dragon; refining and optimizing for accuracy. Dragon goes past conventional manual-entry deal time period databases by extracting and aggregating a agency’s deal intelligence and marrying it with expertise information by way of Litera Basis, enhancing accuracy and productiveness in comparison with guide overview and information entry by attorneys.

“We’re thrilled to be an early adopter of Litera Dragon as we see intensive potential in Gen AI and Basis,” stated Patricia Johansen, Managing Director of Information & Innovation for Enterprise Regulation at Goodwin. “Litera was deeply receptive to the wants of our agency and we’re excited to leverage this software to extract complicated deal phrases and negotiate extra favorable outcomes for our shoppers.”

Many companies and authorized professionals battle with huge quantities of knowledge dispersed throughout numerous programs and silos. With out a unified, dependable supply and contextual data, this information turns into ineffective and underutilized. Whereas Basis gives a consolidated view of a agency’s structured information, Dragon additional enhances Basis’s worth by uncovering insights historically remoted in particular person paperwork, remodeling unstructured deal phrases into structured information, and mechanically profiling issues inside Basis. Collectively, Basis and Dragon grant attorneys unparalleled entry to a regulation agency’s complete information base. 

“A few of the most prestigious transactional practices have began to place their assortment of proprietary deal factors on the heart of their pitch to shoppers, providing a differentiated capacity to barter higher phrases. Behind the scenes, we all know that manually curating that information takes an enormous time dedication and most of the potential purposes of that information stay untapped. With Dragon, the worth of this information is absolutely unlocked for deal attorneys and provides them an edge within the negotiation course of,” stated Adam Ryan, Head of Product, Litera. “By leveraging AI to carry out this extremely guide work, Litera is seamlessly combining two beneficial information units – deal phrases and expertise – and making this information accessible to extra companies than ever earlier than. Our aim at Litera is to leverage AI throughout all of our merchandise in a sensible manner that enhances the person expertise.”

Basis Dragon, powered by GenAI, gives many advantages to each small and huge regulation companies:

Flip your expertise into consumer worth: Remodel your agency’s collective expertise into quantifiable insights, demonstrating extra worth to shoppers.
Robotically extract related precedents, deal factors, and insights on opposing counsel from paperwork: Study what a counterparty’s counsel has agreed to prior to now and acquire a strategic benefit.
Put solutions at your attorneys’ fingertips: Simply discover deal precedents akin to present offers primarily based on probably the most up-to-date information, not like guide databases. Immediately determine the market normal for brand new offers.
Decrease your deal level database value whereas offering predictability: Leverage the facility of Basis and Dragon to effortlessly create a deal time period database whereas lowering the normal value, effort and time required.
Extra strategic negotiations: Leverage important information for strategic negotiations and remodel data into actionable insights for higher consumer outcomes.