NEW YORK, August 8, 2024 — DraftWise, an AI-powered contract and negotiation platform for lawyers, today announced it has achieved 97% precision and 94% recall in an external, AM Law50 client-driven evaluation of its AI capabilities for extracting insights from complex contracts. The evaluation confirms DraftWise's internal benchmarks and rigorous testing conducted by its in-house team of legal experts.

This assessment, which was defined by AM Law50 members of the company's client base, was designed to be a better real-world measurement of the application's impact on lawyers compared to benchmarks commonly used in the industry. Both test types examine an application's ability to acquire and reason with general legal knowledge. However, it is standard practice in the LegalTech industry to run evaluations on datasets that are either synthetic and/or "first-party" (the vendor develops the test). In contrast, a third-party evaluation utilizing real questions and real transactions from a practice group avoids biases in the synthetic data generation process or those present in the vendor's creation of the benchmark.

“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,” said James Ding, Co-Founder of DraftWise. “We are relentless about accuracy and reliability because DraftWise is a tool lawyers depend on every day. In other words, we set the quality bar of our software extremely high, especially around completeness and accuracy of responses. Based on the external benchmarks and real user experiences we’re seeing, I am confident that we are well on our way to achieving our mission.”

Consistent with DraftWise’s commitment to accuracy and trust, DraftWise has partnered with several high profile AI leaders to further refine retrieval accuracy, alongside DraftWise’s own proprietary models, to deliver high quality results. For example, DraftWise recently announced that it has integrated Anthropic’s Claude 3 Opus into its Contract Intelligence platform.

Commitment to Quality Drives Customer Momentum

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With DraftWise's focus on trust, accuracy, and practical applications of Generative AI to reduce the manual nature of contracts and negotiations, the company has experienced remarkably strong customer momentum. It has signed multiple firms to its platform, including a leading nationally ranked law firm, Dykema. The company has expanded into corporate in-house legal teams as well following the announcement of the new Markup product.

“Our customers are consistently impressed with how easy DraftWise is to implement and how quickly they can benefit from their investment in generative AI,” shared Will Seaton, DraftWise’s Chief Customer Officer. “With our platform, law firms are no longer recreating the wheel for every contract, so it makes the entire negotiation process much faster. DraftWise knows a firm’s preferred language, it knows a client’s sticking points and all of the important nuances, and it can deliver that directly to lawyers where they work. The feedback we’re hearing from so many of our customers is that, in a surprisingly short time, DraftWise has become a total game changer for their lawyers.” 

Leading in security and data protection

To ensure best practices of organization and customer data handling, the company also appointed Tony Mauriello, General Counsel and Legal Product Architect at DraftWise, as its Data Protection Officer (DPO). Mauriello brings nearly two decades of legal experience from firms like Skadden, Arps, Slate, Meagher & Flom LLP, Latham & Watkins, and Wilson Sonsini Goodrich & Rosati. As DPO, he will work closely with the company's Chief Technology Officer, Emre Ozen, to oversee internal policies relating to customer data.

The promotion comes while DraftWise continues to expand its team with top talent across departments to better serve the needs of its customers.

To learn more about why DraftWise is gaining industry traction and attracting the best minds in legal, security, and technology, please visit www.draftwise.com. Or see the platform in action. It will be demonstrated at ILTACON 2024 August 12-15 at the Gaylord Opryland Resort and Convention Center in Nashville, TN.

About DraftWise

DraftWise is on a mission to transform the legal industry by harnessing the power of AI. With AI-powered drafting and negotiation software, DraftWise arms lawyers with data-driven intelligence that drastically improves the complete contract workflow, from first draft to client win. 

A global team with headquarters in New York City, DraftWise’s customers include leading firms across North America, Europe, and Australia, including Orrick, Gunderson Dettmer LLP, Herrington & Sutcliffe LLP, Katten Muchin Rosenman LLP, Womble Bond Dickinson (US) LLP, and Mishcon de Reya LLP, and other Vault 10, AM Law 100, Magic Circle, and Seven Sisters ranked firms.

Company Contact
Sarah Schultz
sarah.schultz@draftwise.com

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