Why Should I Use the LexDye Definition Tracker?

Here are some of the reasons why you should use the LexDye Definition Tracker:

1. It works really well.  This is a lightweight but really powerful and effective tool to create error-free contract drafts.  It lets you keep track of defined and undefined contract terms so you can make sure all of the terms in your draft are in fact defined.  Once you start using it, you won’t be able to stop.  It gives you the peace of mind that you have drafted a superior, error-free draft. 

2.  It's super-easy to use.  This tool is fast and super easy to use and works on any type of contract regardless of length. It does not mess up your document. It simply analyzes it and you can easily and quickly see the results and fix any missing definitions.  It was designed by a lawyer for lawyers.  It's like a spellchecker for defined terms in contracts.

3.  It's easy to install.  This is not some complex software environment. It’s a straightforward tool that runs on Windows and Macs, installs locally (no cloud), and works on your office or personal computer.  It analyzes your documents locally on your computer.

4.  You're in good company.  Our customers include large and small law firms, solo practitioners, legal departments, and government agencies, in the United States, Canada, the United Kingdom, Australia, and New Zealand.

5.  It is very versatile.  This tool has many features.  For example, LexDye catches incorrect references to various laws and government agencies in a contract draft (e.g., "Security and Exchange Commission" instead of "Securities and Exchange Commission") because it has a built-in database containing their correct names.  

You studied to practice law, not to proofread.

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Don’t you hate it when an overlooked definition leads to a deal gone wrong, embarrassment or loss of a client?

The practice of law is a field in which diligence, attention to detail and perfection are not only appreciated but required, in particular when drafting contracts or other legal documents. The world around us is moving at such a speed that the demands on any industry are ever-increasing. The legal profession is no longer an exception. Clients insist on ever faster turnaround of documents, near instantaneous responses to their legal questions and lower legal costs, all of which are due to expectations created by a technology boom that has reached virtually every industry serviced by lawyers and an economic recession that has not spared the legal industry. Lawyers are now faced with a “buyer’s market” where they have to do double the work for half the price on a moment’s notice, but at three times the quality just to stay on top of the game; simply put, unless attorneys provide their clients with precisely and accurately drafted documents within a tight time frame, they risk losing their clients’ business in today’s fiercely competitive market.

A software based solution

That’s why LexDye has created the LexDye Definition Tracker (www.LexDye.com). LexDye is a Boston-based software company that specializes in developing analytical tools for better contract drafting.  Under the leadership of Sven Riethmueller, a business lawyer who has practiced at top law firms Sullivan & Cromwell and Cleary, Gottlieb, Steen & Hamilton and who served as an equity partner at leading IP and technology law firm Foley & Lardner for many years, the LexDye team has excelled at giving lawyers a powerful software that improves the contract drafting process exponentially in terms of accuracy and efficiency. 

The benefits to the drafting attorney become obvious as soon as you start using the LexDye Definition Tracker. A far cry from software designed by and for a computer-bound techies, the LexDye Definition Tracker has obviously been developed to closely align with the way lawyers work and draft, making it quite simple and efficient to use – whether you draft a complex merger contract or a simple consulting agreement. Among other valuable features, the LexDye software enables the drafter to catch all drafting errors when it comes to defined terms – an essential task given the practice of modern contract drafting which encourages the use of many defined terms in the contract.  Drafting errors involving defined terms can be quite embarrassing and expensive – when a client loses faith in his counsel’s ability to draft an accurate contract.  Yet, the reality is that most contracts do contain various errors when it comes to defined terms – the identical term is defined in different sections of the contract draft, a defined term is not actually used in the contract, or only in lower case when the terms is defined in uppercase, or the drafter forgot to define a term that was supposed to be defined and ends up as an uppercase but undefined term in the agreement.  Fixing these errors requires time-consuming proofreading for which clients are simply no longer willing to pay.

This is where the LexDye Definition Tracker comes in.  Like a combined spell-check/red-lining tool but for defined terms in a contract draft, this analytic tool "dyes" the text of a document to reveal potential drafting errors and to ensure that the draft reflects the contract as intended by the drafter - just like the extraordinarily thorough and diligent associate any law firm wants, whose passion is contract proofing, sans the hourly rate that clients now refuse to pay for proofreading.

A software that does not replace the drafting lawyer

But LexDye does not replace the drafting lawyer; it aims only to enable attorneys and other professionals to gain an in-depth understanding of contracts and other documents during the drafting process. While the software accelerates process and accuracy in document drafting enormously, without the drafting lawyer, the software is useless - which means it’s actually a potential career-booster, a client retention tool and an aspiring rainmaker’s best friend. Simply put, it makes you look better – your diligence and accuracy in contract drafting will make the other side seem woefully unprepared by comparison. You still need to review the analysis performed by the LexDye Definition Tracker of your document and determine the corresponding changes that need to be made to the contract draft. But now the software lets you spot these issues in your draft without the tedium and imprecision of manually proofreading and tracing each term.

Though LexDye’s website (www.LexDye.com) offers comprehensive explanations of the technology and features behind the software, its value is quite simple to understand - LexDye simultaneously saves lawyers time and money while protecting both the legal counsel and his or her clients from human oversights and mistakes that could end up in expensive and time-consuming disputes over the contract and its meaning.

The one problem LexDye has encountered is that the competitive edge created by the accuracy and efficiency of its software may be too desirable; lawyers and firms don’t want to share this advantage. No one minds when the ‘other side looks bad’, and who can blame them? Using the LexDye Definition Tracker to pick up drafting errors in other lawyers’ documents not only adds to your own reputation as an outstanding legal professional, but also makes the other guys look a little sloppy while you look great in front of our client.

At the same time, LexDye is quite affordable in terms of pricing.  The LexDye Definition Tracker is available at prices based on a sliding scale (dependent only on the size of the law firm or legal department), including a free trial of the fully functional software, for all those interested. The prices charged by LexDye are quite attractive – even for a solo practitioner, a small law firm, or a legal department.  A single-user license is only $79.99 per year and a small business license (for up to 5 users) is only $249.99 per year.  The software installs locally and securely.  This is not a cloud solution (which would raise all kinds of client confidentiality issues.)

LexDye offers lawyers across the board the opportunity to embrace the advancements of technology and increase the accuracy and efficiency of their work, all the while ensuring their expertise and service remain an irreplaceable part of the process. Document turnaround is increased, errors are decreased, clients are happy and everybody wins - an outcome we're all looking for, provided by a simple yet effective technology that is actually exceedingly user friendly to the drafting attorney.

LexDye Gives Lawyers the Tools to Ensure Accuracy

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LexDyes Contract Definition Tracker Software, Which Will Be Launched at the Upcoming American Bar Associations Annual Meeting Simplifies the Management of Contract Terms During the Drafting Stage

BOSTON, MA(Friday, August 1, 2014) LexDye, Inc., an innovative provider of powerful analytical software tools for better contract drafting, announced today that the LexDye Definition Tracker will be officially launched at the American Bar Associations Magnitude360 Annual Meeting, August 8 - August 10 in Boston.  LexDye (www.LexDye.com) will exhibit the LexDye Definition Tracker at its booth (Booth #320) at the ABA EXPO during the ABAs Annual Meeting.

Contract drafting requires an extraordinary level of accuracy.  Complex contracts, such as those for mergers & acquisitions, IT outsourcing or IP licensing, often memorialize mission-critical transactions worth millions of dollars and more.  Attorneys are entrusted with ensuring that these contracts accurately reflect the terms of the transactions.  Drafting errors can be very costly for all concerned, leading to business disputes between the contract parties and resulting in high stakes litigation over the contract.  Additionally, they can adversely impact the reputation of the law firm and attorneys involved, ranging from embarrassment over the drafting error to potential legal malpractice risks. 

At the same time, the legal industry has been under growing pressure by clients to produce better products, particularly accurate contract drafts, for reasonable fees and, increasingly, for fixed fees.  Lawyers also feel the pressure created by modern communications technology to be ever more responsive and to turn around a contract draft as quickly as possible.  Yet, until the launch of the LexDye Definition Tracker, drafting lawyers have had to make do with conventional word processing tools to draft these contracts of ever-increasing complexity and importance.

Relying only on conventional word processing tools and review by hand is not the most effective or diligent means for creating an error-free contract draft, says David Mahoney, LexDyes Chief Business Officer.  Todays complex contracts can contain hundreds of defined terms.  Keeping track of these terms and ensuring they are all properly defined and used is extraordinarily difficult.  Unfortunately, we are not exaggerating here.  Publicly traded companies are required to file their material contracts with the United States Securities and Exchange Commission.  Analyzing a cross section of these critical contracts with the LexDye software, we quickly found numerous mistakes, including in agreements drafted by top law firms.  Errors ranged from hugely embarrassing to highly material.  All of these could have easily been avoided by simply analyzing the contract draft with the LexDye Definition Tracker during the drafting process.  (LexDye has published a case study on a drafting error in one multi-million dollar merger agreement on its website.)

The LexDye Definition Tracker is not a word processing software, but an analytical software that shows the user potential drafting errors in the contract.  The software "dyes" the text of a document to highlight potential drafting errors for further review by the drafter.

“With the launch of the LexDye Definition Tracker, there simply can be no more excuse for making these drafting errors in the future,” says Mahoney.  “The LexDye software does not aim to replace the drafter but to aid the drafting process by giving attorneys new insights not available with the word processing tools used thus far in conventional contract drafting.”

The LexDye Definition Tracker offers an intuitive user interface optimized for the drafting attorney and is designed to seamlessly integrate into the drafting process as is actually practiced by attorneys and other professionals.  Stop by the LexDye booth (#320) at the American Bar Association Annual Meeting for the launch and live demonstration of the LexDye Definition Tracker.

About LexDye
LexDye, which is headquartered in Boston, was started by a group of experienced entrepreneurs.  LexDye is focused on developing powerful analytical tools for better drafting of contracts and other documents.  The company develops analytical tools, not word processing tools, that enable attorneys and other professionals to gain an in-depth understanding of contracts and other documents during the drafting process.

"Your software makes the other side look bad"

We recently asked a partner at a law firm about his experience using LexDye.  You know, typical market research.  How to improve the user experience, perhaps some changes to the user interface.  Well, his answer was somewhat of a surprise:  "I just love it.  It makes the other side looks bad."  Mmmmh, OK, please elaborate. . .

Ouch, look at all these errors in our draft. The other side just sent this mark-up.

"Well, we run the contract drafts we get from the other side through LexDye (i.e., the LexDye Definition Tracker).  The software picks up not only substantive, material errors but also lots of other drafting errors and inconsistencies.  Everything from use of "Surviving Company" vs. "Surviving Corporation," missing dash in "Know How," "Stockholder" vs. "Shareholder," whatever.  It would take an associate countless hours to go through the document and find all of these inconsistencies.  The client would never pay for that.  But with the LexDye software, the review is lightening fast.  As a result, we can create a redline showing all of these changes to fix the other side's draft and send it to them.  All these errors that would likely never get caught in a regular contract review without LexDye.  Some may get fixed in increments during the drafting process."

Great, so this is good, right.  Contract errors get fixed.

"That's only part of the story.  The cool part is that this also makes the other side look bad.  Their draft had lots of errors which we could pick out immediately even if the errors were not material although we do find material errors too. It makes the other side look sloppy and makes us look great in front of our client.  And we don't have to be shy in pointing out the errors in the other side's draft."

"Oh, and we really don't want the other side to know about LexDye.  It's our competitive advantage."

Huh?  So what you are saying is that you love our software, use it to service your client and demonstrate your skills and capabilities, but you don't want other law firms to have it so you can have a competitive advantage.  Wonderful, so much for word of mouth marketing. 

Having reviewed many publicly filed contracts drafted and negotiated by top law firms with the LexDye Definition Tracker, we certainly understand how the LexDye software helps with drafting better contracts.  We have found many errors in these SEC filed contracts, some quite embarrassing ("Security and Exchange Commission" is one of our favorite errors in a contract prepared by a large corporate law firm). But I guess we were hoping for some word of mouth across party lines.  You know, some bipartisan cooperation to spread the word about LexDye.

So if you do not use LexDye and the other side finds all the errors and inconsistencies in your draft involving defined and undefined terms, they are probably using LexDye and not telling you. . .