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

Global News

10
Apr
2024

Editor

Litera, a global leader in legal technology solutions, has announced the launch of Foundation Dragon, a first-of-its-kind generative AI (GenAI) deal term database that provides legal teams with instant access to all relevant data points from prior corporate transactions.

Built on the Foundation platform, Dragon creates a searchable and comprehensive collection of relevant data points from unstructured data found in firm documents. Using the power of AI to quickly and accurately sift through large amounts of deal data to identify market terms relevant to the client, Dragon can help firms negotiate from a position of power and win more business.

“As happy Foundation users, we see Dragon as an innovative and intuitive technology to help our lawyers leverage firm expertise for maximum benefit to our clients,” said Cindy T. Bare, Chief Data and Innovation Officer at Frost Brown Todd LLP.

Dragon was developed by Litera’s in-house AI Incubator, in collaboration with several longstanding Foundation customers. Litera worked closely with these pilot firms to identify the most crucial data points to be extracted by Dragon; refining and optimizing for accuracy. Dragon goes beyond traditional manual-entry deal term databases by extracting and aggregating a firm’s deal intelligence and marrying it with experience data via Litera Foundation, enhancing accuracy and productivity compared to manual review and data entry by attorneys.

“We’re thrilled to be an early adopter of Litera Dragon as we see extensive potential in Gen AI and Foundation,” said Patricia Johansen, Managing Director of Knowledge & Innovation for Business Law at Goodwin. “Litera was deeply receptive to the needs of our firm and we’re excited to leverage this tool to extract complex deal terms and negotiate more favorable outcomes for our clients.”

Many firms and legal professionals struggle with vast amounts of data dispersed across various systems and silos. Without a unified, reliable source and contextual information, this data becomes ineffective and underutilized. While Foundation provides a consolidated view of a firm's structured data, Dragon further enhances Foundation’s value by uncovering insights traditionally isolated in individual documents, transforming unstructured deal terms into structured data, and automatically profiling matters within Foundation. Together, Foundation and Dragon grant lawyers unparalleled access to a law firm's entire knowledge base. 

"Some of the most prestigious transactional practices have started to put their collection of proprietary deal points at the center of their pitch to clients, offering a differentiated ability to negotiate better terms. Behind the scenes, we know that manually curating that data takes a massive time commitment and many of the potential applications of that data remain untapped. With Dragon, the value of this data is fully unlocked for deal lawyers and gives them an edge in the negotiation process,” said Adam Ryan, Head of Product, Litera. “By leveraging AI to perform this highly manual work, Litera is seamlessly combining two valuable data sets – deal terms and experience – and making this data accessible to more firms than ever before. Our goal at Litera is to leverage AI across all of our products in a practical way that enhances the user experience."

Foundation Dragon, powered by GenAI, provides many benefits to both small and large law firms:

• Turn your experience into client value: Transform your firm's collective experience into quantifiable insights, demonstrating additional value to clients.
• Automatically extract relevant precedents, deal points, and insights on opposing counsel from documents: Learn what a counterparty’s counsel has agreed to in the past and gain a strategic advantage.
• Put answers at your lawyers’ fingertips: Easily find deal precedents comparable to current deals based on the most up-to-date data, unlike manual databases. Instantly identify the market standard for new deals.
• Minimize your deal point database cost while providing predictability: Leverage the power of Foundation and Dragon to effortlessly create a deal term database while reducing the traditional cost, time and effort required.
• More strategic negotiations: Leverage critical data for strategic negotiations and transform information into actionable insights for better client outcomes.

Interested in learning more about Litera and meeting the team? Visit Lexpo'24 in Amsterdam on June 10 & 11, where Litera is proudly sponsoring. This is the ideal chance to directly explore the newest innovations from Litera!