The DraftWise team has landed in Nashville for ILTACON 2024.

As attendees from around the world gather to explore the latest in legal innovation, revolutionize their contracting processes, and discover the best ways to introduce AI for lasting success, we’ll be sharing our daily learnings from the epicenter of legal tech.

Here’s what we’re hearing live from ILTACON 2024:

Successful Integration of Legal AI Begins at Data Application

Legal AI is only as good as its data application. As firms and in-house teams increase their exposure to new legal technology tools, they are finding that solutions that apply general knowledge fall short. 

The functionality of legal technology hinges upon its foundational build. While generalized solutions may offer quick drafting assistance, they lack the unique value that comes from familiarity with precedent. At their core, these solutions miss the personalization required to understand previously accepted language and client preferences.

DraftWise Co-Founder and CEO, James Ding, attributes the company’s momentum among firms and in-house teams to the deliberate design of the DraftWise platform:

“We set out to make a product that could change the way contracts and negotiations are handled, applying Generative AI in combination with a firm’s precedent data in unique but fundamental ways. We are relentless about accuracy and reliability because DraftWise is a tool lawyers depend on every day.”

Finding Value in Legal AI: Quality & Reliability are Key

For legal AI tools to be adopted at firms and legal teams scale, they have to build trust among end users. To prove reliable, a tool must consistently deliver accurate results that meet the standards of language that firms and legal teams expect to deliver to their clients. 

As a company, our goal is to align the greatest tech capability with the problems and workflows related to transactional law. In a recent evaluation of its AI capabilities by an Am Law 50 client, DraftWise achieved a 97% precision and 94% recall score for extracting insights from complex contracts.

DraftWise has partnered with leading AI companies and developed proprietary models to further refine retrieval accuracy and deliver top-notch results. For instance, DraftWise recently integrated Anthropic’s Claude 3 Opus into its Contract Intelligence platform.

In a recent interview with Law 360, James Ding highlights how DraftWise has kept quality top of mind, building to minimize the risk of hallucination, accuracy, and blind spots:

“An equally relevant challenge to accuracy, familiar to machine learning practitioners, is the concept of 'recall,' or what some in our industry describe as large language model blind spots. This is where an LLM system produces inaccurate responses due to an error of omission.”

Client Needs are Evolving

Conversations on the ground at ILTACON reflect the shared sentiment that the legal tech landscape is evolving rapidly, with firms and in-house teams racing to adopt the latest innovations. To stay ahead in this environment, firms and legal teams need to think proactively, ensuring they offer clients the highest quality and capabilities that legal AI has to offer.

As contracting workflows become increasingly integrated with legal tech, client expectations are evolving. To remain at the cutting edge while adhering to ethical standards, attorneys need to continuously prioritize education. 

The recent ABA Opinion on Gen AI delves deeper into how Gen AI is shaping the legal industry, and the considerations that attorneys need to make as they apply it to their work:

“As GAI tools continue to develop and become more widely available, it is conceivable that lawyers will eventually have to use them to competently complete certain tasks for clients.”

We anticipate further regulations as governing bodies gain a better understanding of AI, particularly concerning privacy. Legal tech companies will need to go beyond recommended best practices, potentially including dedicated data protection officers and transparent discussions about AI options and master service agreements with providers.

Connect with DraftWise at ILTACON 2024

We want to hear your take on what’s new in legal tech. If you're at ILTACON this week, stop by booth #910 for a group demo of the latest capabilities of the DraftWise platform – and don’t miss the chance to win custom-Nashville inspired swag through DraftWise’s daily drop. 

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