Upcoming Feature from Joot Labs: Legal Disclosure Template Tool
Drafting and completing legal disclosures are crucial activities for any fund. This process is one of the most arduous tasks a company or lawyer completes on a regular basis. Disclosures must be specific to the domain while also following a rigid set of rules for drafting. All are publicly available in the SEC’s EDGAR database. The database is an excellent reference for draft efficiency, but drafting new disclosures is still a manual and time-consuming chore.
Navigating required filings requires expertise in the field. Reviewing the 107-page document outlining different types of EDGAR filings often calls for a full team dedicated to drafting required disclosures and forms specific to a company. Due to the time, effort, and resources needed to write disclosures, staying compliant with all SEC regulations can be an expensive task.
Updating the Disclosure Process
Drafting disclosure documentation will always need a team of experts to ensure your information is accurate and complete, but that doesn’t mean the process can’t be simplified. Here at Joot, we want to improve the drafting process and are building a tool to increase efficiency, decrease errors, and provide a customized disclosure library.
The two least efficient pieces of creating a disclosure are the initial drafting and the review process. Before lawyers can start the drafting process, they must understand the company’s information and domain to map with the proper forms. From there, a document discovery process involves searching through 20 years of EDGAR filings to find relevant examples. A lengthy review process follows, including back-and-forth correspondence with company personnel. After the disclosure is finally drafted, the forms are reviewed before being submitted to the SEC.
Joot is building a tool to address these two areas of concern. Powered by a machine learning algorithm, our tool will reduce the amount of time from draft to submission.
Step 1: Find relevant filings for drafted disclosures quickly using our simplified search functionality. As you select examples, Joot will help you create templates to easily kick off your writing process. Once a template has been created, you’ll see areas that still need customized information specific to the company.
Step 2: Browse, download, or save your templates to Joot's library to quickly build your next disclosure. The tool learns as you use it, helping you to create more robust templates as your library grows. Recreate, clone, or combine templates to create a brand new draft, all while your version history is automatically saved.
Step 3: Easily send your disclosure for review while simultaneously ensuring everyone is working off the same copy. Export your templates and drafts into standard file formats to include with any process tool your company uses.
By automating the disclosure discovery and drafting process, you can decrease the time spent on boilerplate language and reduce human error. Joot’s tool is being built with AI that allows it to grow and learn with use, giving your company a customized tool for your drafting process.
Join the Waitlist
We’re excited for the possibilities our disclosure template tool will provide. Compliance doesn’t drive your business forward, but it can hold you back. Here at Joot, our goal is to simplify the entire process.
If you have any thoughts, concerns, or ideas on any of Joot's products or services, feel free to reach out and join the conversation.