AALL Spectrum

AALL Spectrum / November/December 2019 / Volume 24, No. 2

AALL Spectrum / Published by American Association of Law Libraries

Issue link: https://epubs.aallnet.org/i/1178310

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Page 46 of 55

NOVEMBER/DECEMBER 2019 | AALL SPECTRUM 45 LawInsider Tackles Complex Agreement Language VENDOR VOICE S ix years ago, as a former in-house attorney at a large organization, LawInsider co-founder Preston Clark was convinced big data and artificial intelligence (AI) capabilities could transform the contract creation process. After all, as Clark points out, attorneys rarely compose a new contract from scratch; typically, they begin by pulling portions of text from templates and clauses their firm or legal department has on file. That system can pose some limitations, though. Attorneys can generally only use items their colleagues have created before, which may not be much help if someone is trying to draft a new type of document. In addition, contract repositories tend to be found at larger law firms; small firms and solo practitioners may have fewer—if any— resources to draw from. The company's database offers access to documents that can aid legal industry members in writing strong agreements. Clark, however, knew a significant corpus of public domain contracts was available for use, and he hadn't seen any other organiza- tion truly focus on building a great research tool around the documents. With that inspiration, LawInsider—a subscription-based contract and clause data- base designed to help contract managers, business owners, lawyers, and other industry members draft corporate agreements more efficiently—was launched in 2014. The LawInsider website offers access to millions of contracts that have been extracted from U.S. Securities and Exchange Commission (SEC) filings and other publicly available sources. New docu- ments are cataloged and indexed on the site on a daily basis. "What we really wanted to do was make it easier for attorneys to build and negotiate complex agreements," Clark says. "Attorneys have their own internal BUSINESS EDGE

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