Litera, a global specialist in legal tech solutions, has broken new ground with the establishment of Foundation Dragon, a generative AI (GenAI) deal term database. This first-of-its-kind technology gives legal teams instant access to all pertinent data points from past corporate transactions, the company states.
Driven by the power of artificial intelligence, Foundation Dragon accelerates the processing of large volumes of deal data to identify market terms that matter to the client. This capability offers firms the opportunity to negotiate from a position of strength and win more business, according to Litera. Dragon operates on the pre-existing Foundation platform architecture; it amasses an expansive, searchable collection of relevant data points from amongst the unstructured data found in firm documents.
In its efforts to develop Dragon, Litera collaborated closely with a select group of longstanding Foundation customers. The goal was to identify the most critical data points to be extracted by Dragon, thereby refining and optimising the system for high levels of accuracy.
The technology behind Dragon was welcomed by Cindy T. Bare, Chief Data and Innovation Officer at Frost Brown Todd LLP, who commented: “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.” Patricia Johansen, Managing Director of Knowledge & Innovation for Business Law at Goodwin echoed this sentiment. “We’re thrilled to be an early adopter of Litera Dragon as we see extensive potential in Gen AI and Foundation,” she shared, expressing her firm's anticipation at utilising this tool to extract complex deal terms and negotiate more favourable outcomes for clients.
Dragon’s power goes beyond that of conventional manual-entry deal term databases. The AI tool uncovers insights normally isolated within individual documents. It goes on to transform unstructured deal terms into structured data by extracting and aggregating a firm's deal intelligence. This capability dovetails with the Litera Foundation platform which provides a consolidated view of a firm's structured data.
Adam Ryan, Vice President of Product at Litera, explained that the innovative platform complements the knowledge database of the law firm. He said: "With Dragon, the value of this data is fully unlocked for deal lawyers and gives them an edge in the negotiation process." Using artificial intelligence, Litera is capable of merging two valuable datasets - deal terms and experience - and makes this data accessible to more firms than ever before.
Litera's Foundation Dragon offers a range of benefits to law firms, large and small. A key advantage is the transformation of a firm's collective experience into quantifiable insights that represent additional value to clients. It allows for automatic extraction of relevant precedents, deal points, and insights on opposing counsel from documents. Lawyers have immediate access to deal precedents comparable to current deals based on the most up-to-date data. Furthermore, the platform facilitates more strategic negotiations by leveraging critical data and transforming information into actionable insights for better client outcomes.
Foundation Dragon is currently available, providing an aid for firms looking to leverage the power of AI in their operations.