As a litigator, I never had to scour through hundreds of contracts to piece together the proper market language for clause 58(c)(6)(iii)(⏁), but it sounded horrible. Say what you will about trying to divine meaning from 10 years of easily distinguishable opinions, but it beats spending all night doing that. On the other hand, transactional attorneys are way more marketable on the back end so… maybe it would’ve been worth it.
Thankfully, there are a lot of tools out there now that make deal work less an exercise in drudgery. We’ve talked before about how all contract lifecycle products aren’t the same, so there’s no one magic bullet to solve all contract issues, but there’s a combination of tools that can make a remarkably efficient deal process.
And another tool on that market came out today with the announcement of LexisNexis Market Standards — Finance, a new solution for “researching and comparing recent and relevant transactions, finding on-point precedent and clause language, and evaluating specific deal points for more thorough document drafting and more successful negotiations.”
For LexisNexis, it’s the logical extension of the work they’ve been doing the last few years. The company launched its M&A tool back in October. Now the company’s extensive library of data and its analytics capabilities are being brought to the finance space. In a few weeks, the company promises to unveil an Employment solution. The steady march of analytics continues.
The new offering boasts more than 2,200 SEC-filed credit agreements over $50 million and more than 350 bank commitment letters filed since 2017. On that library — which is expanded with new deals every two weeks — Market Standards runs analysis up to 90 deal points within credit agreements and around 70 deal points within commitment letters.
The easy to use filter system allows users to limit to deals based on industry, purpose, size, date, and more. A user can filter it down to deals involving the same agents or borrowers to get a straightforward picture of what’s been agreed to in the past as well.
Per the company’s press release, “Market Standards – Finance is included at no additional charge for Lexis and Lexis+ customers who subscribe to the Corporate or Finance modules within Practical Guidance.” That’s not a shock as the Lexis+ platform has been at the forefront of pushing data-driven practice. Folks can learn more about how to get access to the product here.
It’s another exciting announcement out of LexisNexis. Stay tuned in a few weeks for the unveiling of the Employment product.
Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.