Bloomberg Law’s new Draft Analyzer tool was conceptualized and created by lawyers, for lawyers. Senior Product Manager Andrew Gilman and Legal Analyst Grace Maral Burnett, both of whom have backgrounds as M&A attorneys, share details about how the tool works and how it can help lawyers at all levels work through the drafting process with more efficiency and confidence.
[Learn more about how Draft Analyzer uses AI and machine learning to benchmark draft language against the market standard.]
What is your background in the legal industry?
Andrew Gilman, senior product manager: I started as an M&A attorney about 21 years ago. As a junior associate, I was doing a lot of due diligence and document drafting. So I was pretty familiar with many of the common annoyances in the M&A drafting process. When I came to Bloomberg Law in 2012, I thought, “These are issues that we’re capable of fixing with the tools that we have here.”
Now I’m a product manager. The parts of the site that I generally have responsibility for are related to the workflow of in-house counsel and transactional associates and attorneys. I work on a lot of the SEC-related information that we have on the site, EDGAR, and the tools and functionality that we have for in-house counsel and their workflow.
Grace Maral Burnett, legal analyst: Before joining Bloomberg Law two years ago, I spent about four years as an M&A lawyer in Istanbul, Turkey, working primarily on cross-border and private equity deals involving North American and European companies investing in Turkey. I worked on all stages of M&A deals, from drafting NDAs to conducting closings. As far as the contract drafting and negotiation part of the M&A deal process, given the challenges that the Draft Analyzer tool addresses I, as an associate new to M&A, would have very much loved to have the tool. That’s an understatement.
I’m now a legal analyst at Bloomberg Law on our Transactions team. I analyze M&A market and legal trends, and I also write Practical Guidance for M&A and transactional practitioners.
Who is the target user of the Draft Analyzer tool?
Burnett: I think anyone working in M&A, with any amount of experience, can make use of this tool. It’s valuable for associates, but it’s also valuable for more senior-level lawyers who want to have quick insights into the market. You can do what you need to do faster, and you can triple-check yourself, essentially.
Gilman: Right, in short, it’s for any lawyer who is involved in the drafting, negotiating, reviewing, or reading of an M&A agreement. When we designed the tool, the user that we originally had in mind was an M&A associate, the person who gets tasked with putting together the initial draft or renegotiating the agreement – the wording in the agreement, redlining it, sending it to the other side, receiving their comments back, and so on. When we designed the tool, it was that workflow and that particular set of user problems that we were focused on.
That said, there are many features on this tool that we realized would be useful for pretty much anyone of any level who’s working on an M&A deal.