Definely, a London-based legaltech company, has introduced Definely Vault, an innovative AI-driven knowledge management solution. This new tool aims to revolutionize how legal professionals access and use their firm’s collective expertise. Leveraging AI, Definely Vault integrates seamlessly with existing document management systems, providing a more efficient and streamlined approach to managing legal knowledge directly within Microsoft (NASDAQ:MSFT) Word.
Definely’s history of launching user-friendly legal tools has been notable. Earlier tools also aimed at simplifying legal document processes but lacked advanced AI capabilities. Previous innovations focused on accessibility and efficiency but were not as comprehensive in handling large databases or providing context-aware suggestions. Recent developments in AI have enabled Definely to evolve its offerings to include powerful search and recommendation features, marking a significant upgrade.
Definely Vault offers firm-wide access to knowledge, allowing legal professionals to find relevant precedents and clauses quickly. With its AI-powered recommendations, Vault provides smart, context-aware suggestions tailored to specific provisions or clauses being drafted, ensuring consistency and accelerating the contract creation process.
Advanced Search Capabilities
One of the core features of Vault is its Semantic Search capability, which delivers contextually relevant results sorted by relevance. This feature handles extensive document libraries, achieving remarkable search speeds of 3-4 seconds for databases containing up to 250,000 documents. According to Definely’s CEO, Nnamdi Emelifeonwu, this advancement is a significant step toward improving how legal professionals interact with their organization’s knowledge base.
“We’re viewing Definely Vault as more than a product launch. This is a major step in our ability to challenge how legal professionals interact with their organization’s collective knowledge,” Emelifeonwu stated.
Future Enhancements
Definely Vault not only provides flexible document labeling options but also plans to introduce AI-powered labeling for enhanced document classification. Upcoming features will include workflow management for approvals and escalations, as well as analytics to track clause and document usage across the firm’s knowledge base. These enhancements will further streamline document management and ensure that all clauses and definitions are up-to-date.
The system processes and extracts key metadata from uploaded documents, breaking them down into individual clauses and definitions. This data is synchronized with Elasticsearch, enabling fast and accurate searches. Vault maintains original formatting when content is inserted into a document, ensuring seamless integration. Additionally, the tool checks for undefined terms and suggests definitions to prevent potential issues in the drafting process.
Definely, founded by lawyers from Magic Circle law firm Freshfields, addresses the common challenges of reviewing, drafting, and understanding legal documents. Launched in 2020 and supported by major companies like Microsoft and Google (NASDAQ:GOOGL), Definely has quickly become a key player in the legaltech space. The company serves various high-profile clients and has been recognized as the fastest-growing legaltech firm in the UK.
Definely’s recent $7M Series A funding round, led by Octopus Ventures, emphasizes the market’s confidence in its innovative solutions. The company’s ability to continually develop and enhance its offerings positions it as a leader in the legaltech industry. As Definely Vault evolves, it promises to further transform the legal profession by providing more efficient and accurate tools for managing legal documents.
