From document review and due diligence to brief writing and citation checking, the advent of Big Data and analytic technologies have transformed many aspects of legal practice. However, for many lawyers, the process of drafting corporate transactional documents remains largely unchanged. Fortunately, as John Lennon famously sang on the album with the Beatles, “It won’t be long.”
The limitations of the legacy manual approach
In the past, when a corporate attorney wanted to draft a complicated agreement, he or she did what lawyers had always done: look within their organization for a precedent agreement from which to start. While this approach had its benefits by relying on agreements tested by the attorney’s or firm’s own experience, digging through paper files was plainly not the most efficient or comprehensive method for finding the best precedent.
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