Last week, Draftwise, a leading AI legal platform, met with leadership from Mishcon de Reya's LegalTech incubator and investment arm, MDR Lab, to field test its latest generative AI features and garner critical feedback from legal professionals.
DraftWise CEO, James Ding, as well as leadership from the DraftWise product and AI research teams, joined Nick West, Partner and Chief Strategy Officer at Mishcon de Reya, and Dan Sinclair, the Head of MDR Labs, for a two-week product exploration summit. During this time, Mishcon de Reya lawyers and the MDR Lab team offered insights on the latest DraftWise generative AI feature set and shared where and how lawyers incorporate these features into day-to-day work.
“We were thrilled to be back where it all started, where we tested and iterated on our original contract drafting features,” shared James Ding, DraftWise co-founder and CEO. “Our core tenant at DraftWise is that we’re not here to sell tech capabilities. We’re here to sell products lawyers want and will use. Working alongside the talented team at MDR Lab and Mishon de Reya, we’ve gathered data points around our latest contract drafting and negotiating features, and we’re excited to fine-tune and perfect our newest generative AI tools before sharing them broadly with our customers.”
In late 2020, DraftWise joined Mishcon de Reya’s incubator program, MDR Lab, to explore the possibilities of building and applying generative AI concepts to legal workflows. MDR Lab, a technology incubator and subsidiary of Mishcon de Reya, “targets early-stage companies that are trying to transform the legal industry and leverage the firm to help them build better products.” In June of this year, DraftWise announced an opportunistic $5M seed round led by EarlyBird with participation from strategic investors, including global law firm Orrick Herrington & Sutcliffe LLP.
Today, DraftWise supports thousands of lawyers at Vault10, AMLaw 100, Magic Circle, and Seven Sisters firms globally. Amid rapid growth, the company relies heavily on its customers to deliver useful product feedback and roadmap considerations and is now well-positioned to launch a new set of innovative generative AI products.
“As we continue to experiment with Generative AI across the firm, this was a great opportunity to re-open our doors to the DraftWise team.” shared Dan Sinclair, Head of MDR Lab. “The combination of DraftWise’s best-in-class AI and their ability to search and access knowledge from our Document Management System means that they are well-positioned to incorporate generative capabilities to their product and add additional value to our lawyers and knowledge teams.”
During the summit with Mishcon de Reya and MDR Lab, the DraftWise team announced their latest generative AI innovations.
The first solution uses AI to draft contract language and can be described as a first-of-its-kind capability for fulfilling the terms of a transaction, making positions more favorable to your client, and more. This builds on the existing DraftWise value proposition of leveraging past work and collective knowledge in service of drafting and negotiating new contracts. This product will be rolled out for early users soon.
For details and beta access, please contact firstname.lastname@example.org.
The DraftWise team also announced new concepts that are still in the research stages. One work-stream expedites review and negotiations by recommending language from your DMS. The other early work-stream assists with client communications and summarization workflows.
“DraftWise continues to position the user at the core of our research and development process, and that inevitably leads to a user-centric product experience for the lawyers on our platform,” said Niall Grogan, a product strategy leader at DraftWise. “Mishcon de Reya lawyers are early and eager adopters of the DraftWise platform – in the last year, their legal team has yielded more than 9,000 language interactions – and the insights that their practice lawyers shared during our onsite sessions are invaluable to the strategy and development of our future products.”
DraftWise is an AI-powered firm intelligence platform that helps lawyers draft, review, and negotiate contracts faster through access to their firm's cumulative knowledge and data.
DraftWise was founded by Palantir and Google engineers, James Ding and Emre Ozen, and Clifford Chance lawyer, Ozan Yalti, to bring advanced analytics and data management to the legal space, enabling lawyers to spend more time on the critical task of representing their clients.You can learn more about the platform at www.draftwise.com.
This article is from an external source and will be opened in a new tab.