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Tip of the Week: Bloomberg Tools

Bloomberg Law has so many amazing tools that it was impossible to pick just one to highlight this week.  So here are three of their phenomenal products.  Remember, everything on Bloomberg Law is included in your monthly rate, so take time to check it out as a possibility for your future firm!

First, I can't emphasize enough just how spectacular the Florida Causes of Action is!  And it's included on Bloomberg Law along with dozens of others books and treatises.  This resource is an all-inclusive secondary source that gives you the elements of a cause of action, sorted by district, along with the underlying case law or statutes, the applicable defenses, and even additional secondary material and annotations!  Check it out!

Second, Draft Analyzer.  According to Bloomberg Law, "Draft Analyzer is powered by Exemplify™ – our patented software application that uses an algorithm to show you the developing consensus among drafters based on its analysis of each paragraph from virtually every agreement and organizational document filed as an EDGAR exhibit. Our system first categorizes each paragraph based on textual similarity and constructs one or more unified versions (“consensus templates”) for each identified cluster of similarly worded paragraphs. A consensus template reflects the most common language in the template's source documents. It also identifies and quantifies areas of linguistic variance and displays the most common alternative words or phrases used in its source paragraphs."  

If you're taking a contract drafting class, or you're interested in transactional work, take a look at this amazing tool and see what it can do for you!

Third, DealMaker Search.  According to Bloomberg Law, "DealMaker document database contains over 800,000 legal documents that were used by top practitioners in real transactions."  This resource allows you, as an attorney, to search through documents already created and in use by the top practitioners in the field.  Talk about not reinventing the wheel!  Of course, you will always need to customize your findings to suit your particular facts, but this tool can save you a lot of leg work!

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