London-based legaltech firm Definely has introduced the launch of Definely Vault, an AI-powered information administration resolution to remodel how authorized professionals entry and use their organisation’s collective experience.
The answer integrates easily with legislation corporations’ doc administration techniques, permitting legal professionals to immediately search and use their agency’s whole information base straight inside Microsoft Phrase.
Definely Vault’s key options
Definely Vault affords firm-wide information entry, permitting authorized professionals to immediately floor related precedents and clauses from their organisation’s repository.
With AI-powered suggestions, Vault ensures contract consistency by offering good, context-aware strategies tailor-made to the particular provision or clause being drafted. This streamlines the contract creation course of, enabling customers to insert ‘gold customary’ precedents or clauses with only a click on, accelerating drafting.
On the core of Vault is its Semantic Search functionality, which affords contextually related outcomes sorted by relevance. It handles in depth doc libraries, attaining search speeds of 3-4 seconds even for databases containing as much as 250,000 paperwork.
Nnamdi Emelifeonwu, CEO of Definely, says, “We’re viewing Definely Vault as greater than a product launch. It is a main step in our skill to problem how authorized professionals work together with their organisation’s collective information.”
“Vault will equip legal professionals with expertise that considerably enhances effectivity and accuracy. By enabling instantaneous entry to related clauses and definitions, in tandem with our Semantic Search functionality, we’re serving to authorized groups work smarter and sooner whereas sustaining the very best requirements of consistency throughout their contracts. That is just the start of what we now have deliberate in our innovation roadmap.”
Definely Vault affords versatile doc labelling choices, together with guide and computerized extraction from doc administration techniques, with AI-powered labelling deliberate for future launch, additional streamlining the doc classification course of.
Upcoming options embody workflow administration for approvals and escalations, and analytics to trace clause and doc utilization throughout the organisation’s information base.
How does it work?
Definely Vault streamlines doc administration by permitting customers to add paperwork both individually by way of a Phrase add-in or as agency directors by way of a browser-based portal.
Directors can join Vault to a Doc Administration System (DMS) to make sure that all clauses and definitions stay up-to-date with any modifications.
The system processes and extracts key metadata from uploaded paperwork utilizing Definely’s scanning expertise, breaking them down into particular person clauses and definitions. This data is saved and synchronised with Elasticsearch, enabling quick and correct searches for particular clauses or definitions.
When inserting content material from Vault right into a doc, the system maintains the unique formatting, guaranteeing “seamless” integration. Which means the font, fashion, and numbering will combine with the present doc format.
Moreover, Definely Vault checks for undefined phrases in clauses and suggests definitions, serving to to stop potential points within the doc drafting course of.
The whole lot that you must learn about Definely
Definely was created by two legal professionals at Magic Circle legislation agency Freshfields, together with one of many few registered blind legal professionals practising in London, to make authorized paperwork extra accessible to these with visible impairments.
In doing so, they realised their innovation addressed a standard problem confronted by all legal professionals: the time-consuming and sophisticated technique of reviewing, drafting, and understanding authorized paperwork.
Launched in 2020 and backed by Microsoft and Google, Definely simplifies the studying, modifying, and understanding of authorized paperwork for legal professionals. Its product suite gives instruments that streamline these duties, serving to legal professionals rapidly and effectively handle authorized paperwork at each stage earlier than a contract is signed.
The corporate affords a subscription-based suite of productiveness options, delivered as a Microsoft Phrase Plugin, which assists legal professionals on the pre-execution stage of the contract lifecycle.
Definely serves a broad vary of purchasers, together with high legislation corporations and Fortune 500 firms like Dentons, Eversheds, DLA Piper, Deloitte, Ericsson, The Asian Growth Financial institution, and Barclays.
Working throughout Europe, North America, Africa, Australia, and Asia, Definely was recognised because the twenty third fastest-growing expertise firm within the UK by Deloitte, making it the fastest-growing legaltech agency within the nation.
In Could 2024, Definely secured $7M in a Sequence A funding spherical led by Octopus Ventures, with participation from Cornerstone VC and Zrosk Funding Ltd. The spherical additionally noticed participation from well-known angels Claire Hughes Johnson, Comron Sattari, Ajay Patel, and Babatunde Soyoye be a part of the cap desk.