Today Bloomberg Law is launching enhancements to their Draft Analyzer tool which streamlines the  M&A drafting process. The Draft Analyzer was launched in 2015  as a “what’s market” tool which I reviewed in an earlier post.  The Draft Analyzer streamlines transactional workflow by leveraging a proprietary algorithm to benchmark a clause  to similar provisions from agreements filed as exhibits in the SEC’s EDGAR database. Like the Bloomberg Law Brief Analyzer the Draft Analyzer offers a easy “drop and drag” technology which allows a lawyer to drop a document into the analyzer engine.  “The new enhancements for merger agreements include easy access to market standard language for clauses in the agreement, a new user interface to speed up document navigation and review, and validate defined terms. The tool is linked to clause-specific expert drafting and negotiating guidance.

Draft Analyzer is a drafting workflow tool for transactional attorneys that uses a proprietary algorithm to benchmark the user’s submitted text against similar provisions from agreements filed as exhibits in the SEC’s EDGAR database. The new enhancements for merger agreements include easy access to market standard language for clauses in the agreement, a new user interface to speed up document navigation and review, the ability to quickly review definitions for all terms defined in the agreement, and clause-specific expert drafting and negotiating guidance.

The press release reports that the tool offers significant efficiencies to M & A lawyers reviewing drafting and searching for language in similar deals. In addition,  85% of beta testers reported that Draft Analyzer will “reduce time spent reviewing and analyzing a merger agreement, and 97% agreed that it will help reduce time spent identifying standard language.”

Workflow and Efficiency Law firms and in-house counsel are laser focused on enhancing workflow efficiency. “We know that reviewing, drafting, and negotiating agreements are part of transactional attorneys’ day-to-day practice, and the newest enhancements to Draft Analyzer allow users to save time and effort,” said Joe Breda, president of Bloomberg Law. “Draft Analyzer joins Brief Analyzer and other innovative Bloomberg Law resources that increase efficiency, all on a single platform and for a single price.”

A brief video overview is available here. 

For more information and to schedule a demo, visit http://onb-law.com/MunL50DhFo6.

Here is the press release:

BLOOMBERG LAW’S DRAFT ANALYZER INCREASES EFFICIENCY FOR M&A ATTORNEYS

 

ARLINGTON, VA (January 25, 2021) — Bloomberg Law announced today key enhancements to its Draft Analyzer tool, which streamlines the process of reviewing, analyzing, and drafting merger agreements. For more information and to schedule a demo, visit http://onb-law.com/MunL50DhFo6.

 

 

<Video will be embedded here: https://vimeo.com/user92501250/review/502762152/9666962bce>

 

The enhanced Draft Analyzer increases efficiency in output for M&A attorneys at law firms and corporations by reducing the hours spent reviewing drafts and searching for language in similar deals. 85% of beta testers agreed that Draft Analyzer will reduce time spent reviewing and analyzing a merger agreement, and 97% agreed that it will help reduce time spent identifying standard language.

 

In the coming months, the Draft Analyzer enhancements – currently limited to merger agreements – will be expanded to include stock and asset purchase agreements as well.

 

“We know that reviewing, drafting, and negotiating agreements are part of transactional attorneys’ day-to-day practice, and the newest enhancements to Draft Analyzer allow users to save time and effort,” said Joe Breda, president of Bloomberg Law. “Draft Analyzer joins Brief Analyzer and other innovative Bloomberg Law resources that increase efficiency, all on a single platform and for a single price.”

 

About Bloomberg Law

Bloomberg Law helps legal professionals provide world-class counsel with access to actionable legal intelligence in a business context. Bloomberg Law delivers a unique combination of comprehensive primary and secondary source material, real-time news, expert analysis, time-saving practice tools including Practical Guidance, market data, and business intelligence. For more information, visit pro.bloomberglaw.com.