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Transactional Law Research

This guide provides an overview of transactional law research resources.

Overview

Legal tech tools (including tools that utilize AI) are available through Bloomberg Law, Lexis+, and Westlaw for transactional law, and include tools such as Bloomberg's Deal Analytics and Westlaw's What's Market. This page provides examples of some of the other databases and tools that have appeared in the past few years that utilize technology or AI to handle various tasks.

While Stanford doesn't subscribe to any of the below tools, it's useful to be aware of what's out there (this is a constantly and continually changing list), and many of them do offer free trials. Additionally, ask your job/summer internship whether they subscribe to any of the below databases (or any other AI or legal tech tools).

This list will be updated every 6 months; please check the "last updated" note at the bottom for its status.

Assessing Legal Tech Tools

As the above Overview alludes to, legal tech tools (especially legal tech tools that utilize AI) are constantly changing, shifting, being acquired, updating to a different software/AI model. The only constant is change. So, how do you assess a new tool that you come across or analyze an old tool that has added a new feature? Below are some questions to ask as you use the tool, explore its website, or talk with its representatives. This list certainly isn't comprehensive, but provides a good starting place.

First, for any tool, you should ask what's the learning curve for using the tool effectively and efficiently? Does the tool seem well-organized, user-friendly, with an accessible help team? Note that your answer to these last two questions may differ from another person's, depending on your own preferences and goals.

Evaluation Questions: any tech tool Evaluation Questions: specific to tools with AI

Currency

  • When was the tool/model/AI last updated?
  • Does its data/information have a cut off date?

Training Model

  • What information was the AI model trained on and how was it trained? What is the potential for algorithmic bias?
  • What dataset is it based on? Is it based on a closed or open system?

Authority

  • Who created the tool? Do they have bona fides in the field?
  • Can you find information about the company, about how the tool was developed? Does the tool provide an FAQ or contact information for questions?

Level of human oversight

  • What level of human oversight/confirmation is in the tool?
  • How are decisions made by the AI validated?
  • Were human experts involved in the creation of the AI or in the current validation?

Purpose

  • What's the goal of the tool?
  • Does the stated goal match what the tool appears to do?

Transparency

  • How transparent is the system?
  • Is it clear, either from the documentation or the use of the database, how and what the AI is doing?

Accuracy & Sources of Information

  • Can you verify that the information provided is correct?
  • Where is the database getting the sources it uses for its tools? For example, if it has a bank of contracts that it uses to pull standard language for drafting, where did it get that bank of contracts?

Reliability

  • Does the tool provide a similar answer to similar prompts?
  • Does the tool provide representative and unbiased responses?

Audience

  • Who uses the tool? Who is the tool holding out as clients? What does that information tell you about the tool and its uses?
  

 

Legal Tech Tools & Software

Software/Tool Details

Casetext logo

 

 

Casetext's Co-Counsel

Kira logo

Kira

  • Uses machine-learning AI to extract information from contracts and documents and provide an analysis of those contracts. Also used for due diligence. Used at several law firms.
LegalSifter logo

LegalSifter

  • Highlights missing or problematic clauses from uploaded contracts using AI; also provides and can incorporate expert human advice. In Sept. 2023 acquired Akorda to add a contract drafting and approval function. Used at both law firms and businesses.
LexCheck logo

LexCheck

  • Automated red-lining and contract review, allowing comparisons of various contract examples with base contracts. Just launched Copilot to provide instant feedback using AI. Used in businesses.
ThoughtRiver logo

ThoughtRiver

  • Accurate and precise contract review and negotiation support using AI, with an eye towards "contract harmonization." Integrates with Office365. Used in law firms and businesses.

 

Software/Tool Details
Lawgood logo

Lawgood.io

  • Draft contracts or clauses using crowd-sourced precedent-based database. Unclear whether AI is used to create the database/market terms, but used in several law firms. Partnered with Wolters Kluwer and incorporated into Vital Law.
Luminance logo

Luminance

  • Uses form contracts to draft based on individual preferences, followed by a traffic light system on negotiation terms that uses AI (both analytic and generative). Also redlines and provides post-executed contract management. Used in law firms and businesses.
Zuva logo

Zuva

  • Embeddable via an API for drafting and reviewing contract terms. Requires a bit more technical knowledge in order to use via the API, but also includes an AI Trainer option. Current customer base unclear.

 

Software/Tool Details

Aumni logo

Aumni

  • Market information for private equity funds and private equity contracts; provides easy understanding of previous funding rounds. Used by law firms and has partnered with industry associations. Owned by J.P. Morgan.

Evisort logo

Evisort

  • Wide ranging tool that focuses on contract analytics and lifecycle management, but also provides drafting, document review, reporting, and diligence tools. Used by businesses.
Harvey logo

Harvey

  • Partnering with law firms, AI companies, and PE firms to develop AI-based legal platform for all types of law firm work, including generative AI features.