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Bloomberg Law has announced the launch of Bloomberg Law Contract Solutions,  a new AI enabled contract workflow for In-House Counsel. The product is designed to help lawyers streamline drafting and negotiation with tools for profiling, searching and extracting clauses.  The product was designed in consultation with corporate legal teams.

 Live Virtual Event Bloomberg Law Contract Solutions will be introduced at a live virtual event on Thursday, May 11 at 1:00 p.m. ET, accessible at http://onb-law.com/xYZk50OfKjg.

Bloomberg Law Contract Solutions Features:

  • A secure, centralized repository, including a database of automatically extracted clauses to deliver an organized single source of truth that can be filtered, sorted, and searched across – with little to no data entry.
  • Seamless integration with Microsoft Word, allowing users to access their contract repository and clause library directly from their document, providing a fast and easy starting point for drafting and revising contracts.
  • Advanced analysis tools, accelerating the review of draft agreements and allow users to efficiently identify and incorporate preferred language to ensure favorable terms.
  • AI-powered extraction of key contractual terms, providing greater visibility into final agreements to help identify and flag potential risks and obligations.

Bloomberg Law has previously leveraged AI and machine learning in a variety of workflow solutions including Points of Law  for litigation research and its transactional intelligence tool Draft Analyzer which provides benchmarking and analysis of deal documents.. Bloomberg Law Contract Solutions builds on this pioneering legacy, leveraging proprietary semantic search and natural language processing (NLP) technology to deliver advanced search engine and contract analysis features.

Continue Reading Bloomberg Law Contract Solutions Offers AI Enabled Drafting for In House Counsel -Launch Even May 11th

At the dawn of the digital information age, I learned an exotic research tradecraft “Selective Dissemination of Information” (SDI). Platforms such as Dialog and Orbit contained dozens of databases which included abstracts and descriptors for scientific and business articles and reports. Curated topical updates could be harvested by using a set of complex commands and…

OK I am going to say it yet again. Legal news is Hot!. It is only the first week of January and I am announcing the third important change in the Legal News market in three days. On Sunday ALM announced that they were continuing their licensing agreement with Lexis on a non-exclusive basis. Today…

I have ranked the most popular 15  Dewey S Strategic posts of 2020.It is no surprise to me that posts about the release of specialty COVID resources by major legal publishers dominate – 4 of the 15 stories. My annual “Hits and Misses” survey results  were covered in 3 of the 15 top posts. The…

Today Feit Consulting is releasing a new report on the state of market for major legal  vendors: Thomson Reuters. LexisNexis, Bloomberg Law and Wolters Kluwer. I hesitate to even refer to the market as the legal research market because that completely ignores the dramatic integration of workflow, drafting, brief analysis and analytics into the 21st century progeny of the foundational case law research systems.The 2020 Legal Information Vendor Market Survey  was conducted between June and August 2020 and is targeted at law firms with 50+ attorneys. There were 104 responses: 26%(<100 attorneys), 56% (100-499 attorneys) and 20% >500 attorneys.The  The report provides context by comparing results to the 2018 survey results. These results will be include in an upcoming book Optimizing Legal Information Pricing which will be published this fall.

The one criticism I have of the report is that the report collects data on the importance of various products by vendor. Westlaw Edge is listed but not the prior Westlaw platform – which many respondents appear to still have. Since the time when the study was conducted Lexis has announced it’s new platform Lexis+ which will surely be a platform analysed in the next version of the study.Although Westlaw enjoys the greatest market share they are declining in customer satisfaction. Bloomberg Law and Wolters Kluwer are stand outs in improving customer satisfaction with 35% and 15%  improvements respectively.
 This is a must read for librarians, knowledge managers and C-Suite executives in law firms. Under the chart there is a link where you can click through and see customer comments.The report examines the following issues:

Continue Reading Read It and Weep: Feit Report – Which Major Legal Research Vendor is Plummeting in the Market?

The entire federal judiciary including the U.S. Supreme Court, circuit, district and bankruptcy courts are getting access to Bloomberg Law. Today Bloomberg Law announced that they have entered into a multi-year contract with the Administrative Office of the US Courts (AO) which will provide the 20,000 legal processionals unlimited access to Bloomberg Law.  According to …

Bloomberg Law’s Docket Key offers one of the most advanced docket search features on the market. Docket Key enables researches to not only retrieve a list of docket activities, but to search within that docket  or across the Docket Key repository to identify specific document types (e.g. complaints, briefs and motions.) Bloomberg Law has announced that the feature  has been expanded to  cover all Federal dockets.

Docket Key  leverages  machine learning to  classify 20 different categories of filing including motions, complaints, notices, briefs, and orders. Anyone who has done docket research knows the pain of diving into a long list of entries trying to fish for a specific document type. According to the press release ” Docket Key has classified over 210 million docket entries, with additional dockets being classified daily. ”

Thinking Outside the DMS. Lawyers rarely take time to tag their document types or even mark their documents as final. As a result law firm DMS’s are wild, untamed repositories. There are AI and machine learning products on the market which some firms are leveraging to analyse and code their DMSs to make it easier to locate final versions of
Continue Reading Bloomberg Law Expands Docket Key to All Federal Courts

Today Bloomberg BNA dropped the venerable BNA as in Bureau of National Affairs from the company name. The new name  is Bloomberg Industry Group which  gives us a wonderful new acronym in Legal Publishing: BIG.

According to the press release reprinted below — the new name better reflects the diverse range of businesses, professionals and…