What is the term sheet generator announced by Wilson Sonsini
Wilson Sonsini Goodrich & Rosati , announced a new product, a term sheet genearator to serve the need of start up community. Wikipedia defines a Term Sheet as a bullet-point document outlining the material terms and conditions of a business agreement. After a Term Sheet has been “executed”, it guides legal counsel in the preparation of a proposed “final agreement”. It then guides, but is not necessarily binding, as the signatories negotiate, usually with legal counsel, the final terms of their agreement.
Essentially , WSGR has automated the whole process by asking a series of multiple choice questions. This software application is powered by Deal Builder , which has products which automate contract and NDA drafting process. The term sheet generator is another step in the application of technology in the in the legal space, where a lot of products are trying to solve the problem of organising unstructured data. Again, wikipedia defines Unstructured Data as computerized information that either does not have a data model or has one that is not easily usable by a computer program. The term distinguishes such information from data stored in fielded form in databases or annotated (semantically tagged) in documents.
The problem of unstructured data is not limited to the legal field but can be found in almost all the industries leke finance and medicine.
