Digital White Papers

ANOTHER LOOK AT PRECEDENT MANAGEMENT transactional practices, is not a one-dimensional undertaking. Therefore, we elected to broaden the scope of our technical evaluation to include not only core document assembly tools, but also the document analysis software directed at the template-generation process. We also began an in-depth analysis of the interrelationship among diverse practice needs and challenges, relevant business processes, and the resourcing realities associated with precedent management. unique requirements, and where forms don't exist. Between these polar extremes lies the bulk of transactional work — substantial matters involving varying degrees of negotiation and a mix of straightforward and complex documentation. A clearer understanding of this diversity of needs informed our technical initiatives. with the vendor, and with extensive and invaluable assistance from several attorneys from the practice, we began our foray into document assembly by automating our venture financing documents. We received good reviews. We envision many other opportunities going forward to leverage the efficiencies of document assembly. ONE END OF THE SPECTRUM: FULL AUTOMATION THE OTHER END An extensive round of attorney interviews surfaced some key considerations which, although somewhat obvious in hindsight, can be overlooked in the push for technical solutions. While negotiating and drafting agreements are hallmarks of transactional practice, the components of that work and, more significant, how best to optimize their efficient execution, involve a wide range of variables. We plotted our transactional practices across a broad spectrum of needs and business realities. At one end of the spectrum was work driven by speed and aggressive pricing, where forms exist or are fairly easily developed, and where relatively limited negotiation of legal terms is involved. At the other end of the spectrum were practices defined by extensively negotiated, highly complex deals involving bespoke agreements tailored to The venture capital industry largely dictates the documentation used in financing deals, allowing for only limited negotiation, so automated document generation is a natural fit for this type of work. After evaluating the many good options in the market, we selected Exari's document assembly tool. Working On a parallel track, we began to tackle some of the more nuanced aspects of precedent management with the contract analysis software of KMStandards (KMS). What if you don't have an agreed form, but want to develop one? Or, like our original assembly skeptics, a practice group has little interest in forms, but would welcome an outline of terms along with a

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