Company integrates Anthropic to build components of the DraftWise Contract Intelligence platform
Amid rapid growth, DraftWise makes several key hires
NEW YORK CITY, NY / ACCESSWIRE / June 13, 2024 / DraftWise, an AI-powered contract and negotiation platform for lawyers, today announced a groundbreaking new offering - Markup by DraftWise. This natural extension of DraftWise's core platform addresses highly specialized pain points associated with drafting, reviewing, and negotiating complex contracts, including consistency of preferred language, issue identification, and eliminating tedious contracting tasks. Additionally, DraftWise disclosed that Anthropic will further enhance the DraftWise AI-based Contract Intelligence platform, which is already recognized for its incredible accuracy at scale.
"Our goal is to align the greatest tech capabilities with the problems and workflows related to contracts. Integrating Anthropic's Claude 3 Opus is just one example of putting the best tool to a task," said James Ding, Co-Founder of DraftWise. "We are thrilled that Anthropic is a part of our work to empower law firms and attorneys as we usher in the next phase of our platform with the launch of Markup, as Markup is the only contract review automation solution that provides tailored recommendations for an organization based on their deal history and best language, making DraftWise even more useful to legal teams of all sizes."
Revolutionizing the Review and Negotiation Process
Markup by DraftWise was designed to incorporate the breadth of a firm's or client's deal history to eliminate the redundancies of tedious contract work. It frees up teams to focus on strategic initiatives and leverage their expertise on the projects that matter most, all while tackling high volumes of contracts.
Markup's key features enable:
- Contract Autopilot: A revolutionary contract drafting feature, Contract Autopilot generates the first round of markups based entirely on a lawyer's previously executed redlines. Contract Autopilot learns the same way a human learns and applies the redlines how a human would apply them to the draft document. With Contract Autopilot, lawyers can eliminate the hours of repetitive, albeit necessary work required to draft a first markup of a contract.
- Automated issue list generation based on deal history: A first-of-its-kind feature, Markup allows lawyers to quickly and accurately create highly curated playbooks based on their best past work and/or each client's preferred language to ensure consistency across contract draft cycles. This saves lawyers hours of searching for, compiling, and circulating specific language examples. Simply upload various reference documents, and DraftWise's highly trained AI handles the rest.
- Intelligent legal AI assistant for rapid revision: An essential, always available, expert contract assistant, the DraftWise chat copilot answers user questions about negotiation history and recommends revisions of clauses. It also generates redlines to reflect client preferences across contracts.
- Critical issue identification and resolution: Markup enables users to quickly spot and address problems or sticking points in contracts based on past deal work. The software auto-generates revisions that can be instantly approved.
DraftWise has worked closely with some of the most respected firms in the industry, including Orrick Herrington & Sutcliffe, Gunderson Dettmer, Katten Muchin Rosenman, Womble Bond Dickinson, and Mishcon de Reya, among others. It has applied years of customer feedback and product adoption to develop this remarkable next phase of its platform.
Adding More Generative AI Power
To power the new feature set, DraftWise has chosen to build key components of its generative AI capabilities using Anthropic. DraftWise opted to integrate Anthropic into its proprietary platform because Anthropic meets the robust security and privacy needs of law firms and their clients. DraftWise will leverage Anthropic with a zero data retention policy, meaning Anthropic will not hold onto or train its models on DraftWise customer data. Additionally, Anthropic runs on both Google Cloud Platform (GCP) and Amazon Web Services (AWS) so users benefit from the stability and scalability of the biggest cloud providers combined with one of the most capable LLM models.
Anthropic's Claude Opus 3 has proven to be exceptional at tasks related to knowledge and text reasoning, outperforming GPT4 on common benchmarks as well as in blind testing with lawyers behind a chat interface on contract-related questions. It also boasts a 1 million token context window (with special access) and near-perfect recall for unparalleled accuracy and inclusion of all of the data and nuances that matter in contract negotiations.
Growing to Meet Demand
An increasing number of firms and companies based throughout North America, Europe, and Australia view DraftWise as a mission-critical solution. The company's Contract Intelligence platform uses generative AI to help firms create higher-quality contracts in less time by empowering every lawyer with instant access to the firm's collective institutional knowledge and data.
Armed with its recent $20 million Series A fundraise, the company has added several key hires to address clear market demand. Following the promotion of Will Seaton to Chief Customer Officer, DraftWise has grown its team with:
- Tony Mauriello, General Counsel, Legal Product Architect
- Scott Ball, Legal Product Expert
- John Park, Engagement and Business Development
- Jack Ferreri, Business Development
- Rex Shoyama, Senior Product Manager
With the addition of even more legal expertise, DraftWise will continue to accelerate its innovation, using the latest technology to overcome legal pain points.
To learn more about how DraftWise helps firms, please visit.www.draftwise.com.
About DraftWise
DraftWise is on a mission to transform the legal industry by harnessing the power of AI. With AI-powered drafting and negotiation software, DraftWise arms lawyers with data-driven intelligence that drastically improves the complete contract workflow, from first draft to client win.
A global team with headquarters in New York City, DraftWise's customers include leading firms across North America, Europe, and Australia, including Orrick, Gunderson Dettmer LLP, Herrington & Sutcliffe LLP, Katten Muchin Rosenman LLP, Womble Bond Dickinson (US) LLP, and Mishcon de Reya LLP, and other Vault 10, AM Law 100, Magic Circle, and Seven Sisters ranked firms.
Company Contact:
Sarah Schultz
sarah.schultz@draftwise.com
SOURCE: DraftWise
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