Deal Data Demystified: How Litera’s Foundation Dragon Uses AI and Existing Law Firm Data to Arm Lawyers in Contract Negotiations (Haley Altman)
Jun 6, 2024
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Haley Altman, founder of Doxly, discusses Litera's AI software Foundation Dragon on a legal tech podcast. The app uses law firm data to empower lawyers in contract negotiations by providing insights on opposing counsel's positions, industry standards for clauses, and access to firm precedents. Altman also shares advice for startups and her entrepreneurial journey from founding Doxly to her current role at Litera.
Foundation Dragon empowers lawyers with market insights for informed contract negotiations based on existing data and deal points.
Haley Altman highlights the strategic importance of aligning with larger companies for growth and diversification.
Deep dives
Foundation Dragon: Enhancing Legal Advice with Data Insights
Foundation Dragon is a new software app designed to empower legal professionals by providing them with market insights derived from their firm's existing data and previous deal points. By connecting to various law firm software, it gathers critical information to strengthen contract negotiations. The app enables lawyers to understand industry standards, past negotiations, and precedents set by opposing counsels, ensuring informed decision-making during negotiations.
Strategic Decisions in Business Growth: Acquisition vs. Fundraising
Haley Altman shared insights into the decision-making process behind choosing between continual fundraising and acquisition for business growth. The pivotal sale of Altman's company, Doxley, to Leterra in 2019 emphasized the importance of understanding customer needs and strategically aligning with larger companies for global reach, increased resources, and enhanced security, ultimately fueling accelerated company growth and diversification into various transaction types.
Foundation Dragon's AI Technology and Security Measures
Foundation Dragon leverages AI models and Azure OpenAI for document analysis, focusing on accurate extraction of over 300 deal points in complex transaction agreements. Altman emphasized the app's commitment to data security, assuring customers that their data is not used for model training. The app's meticulous verification process and secure information handling emphasize the importance of safeguarding client data integrity and maintaining privacy.
Optimizing Legal Processes with Foundation Dragon and Foundation Integration
By combining Foundation Dragon's contract insights with Foundation's data management capabilities, legal professionals can enhance negotiation strategies, understand industry benchmarks, and identify trends within their firm's deal history. The seamless integration between Dragon and Foundation streamlines work processes, aids in new business acquisition by showcasing the firm's experience and expertise, and supports efficient budgeting and pricing strategies for client proposals.
Litera’s Haley Altman visits the Technically Legal Podcast to discuss the company’s new software offering: Foundation Dragon–an app powered by artificial intelligence that helps legal professionals advise clients based on market insights drawn from their law firm’s existing data and prior deal points.
This is a repeat appearance for Haley. She was first on the podcast in 2018 to discuss the company she had recently launched called Doxly. Founded in 2016, Doxly is a cloud based app that helps automate processes involved in closing M&A deals. In 2019, Haley sold Doxly to Litera and she too joined Litera and currently serves as a strategic advisor to the company.
One of the initiatives in which Haley is heavily involved is the company's recent launch of an AI product called Foundation Dragon.
Foundation Dragon is an app that connects to a law firm’s document management systems and experience software and once connected, using GenAI, it compiles information from the software and enables lawyers to enter into contract negotiations from a position of strength.
For instance, using Foundation Dragon users can:
Learn what contractual positions opposing counsel starts with or has agreed to in the past
Provide industry standards for individual contract clauses; and
Enable users to find precedents across a law firm to figure out what terms colleagues are using
In addition to Foundation Dragon, Haley also shares insights for startups. Including the importance of understanding the implications of capital raises and the potential impact on future exits.
Learn more about Haley and if you're interested in learning more about Foundation Dragon go here.
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