Summary and video
During transactions, parties need to determine the current industry standard, precedent, or market trend for a certain contract term, provision, or clause.
How Market Check helps: CoCounsel’s Market Check skill quickly analyzes a database of contracts to identify trending terms so that lawyers can immediately draft, negotiate, and redline with confidence.
How Market Check works: Market Check uses Casetext’s AllSearch database technology. You may create and search databases of your trusted contracts for trending terms, or search trending terms in a large, representative set of publicly available transaction documents from the SEC’s EDGAR database.
Market Check is currently only available with Enterprise Subscriptions. If you have questions about your subscription, please visit www.casetext.com/contact-us.
1. Select "Market Check"
To get started, go to the skills menu and select "Market Check."
2. Create, manage, or select a database
Create a new database
To create a new database, click “⊕ New database.”
1. Select the type of database.
2. Name your database in "Database name," change the default settings below, and then click "Save."
Database type (carried through from prior step)
Who has access?
"Only I" can view and upload
"All members of [your organization]" can "View and upload" or "View only."
3. Then click “Create database.”
4. Upload documents to your database. Click “Upload your files” or drag and drop files. See Limits.
5. A notice appears to confirm your files are being uploaded and processed.
6. A notice appears to confirm your files have been uploaded and processed. To continue with CoCounsel’s “Search a Database” skill, click “Done.”
Manage a database
To manage a database from your list, use Database name, Organization, Files, and Date Added heading filters, use < and > arrows to navigate pages, and then click "Manage."
1. To set access permissions, select "Manage access..." Choose from the options below, and then click "Save."
"Only I" can view and upload
"All members of [your organization]" can "View only" or "View and upload."
Invite via email with "View only" or "View and upload" options by adding emails separated by commas and then clicking "Invite."
2. To make changes to your database, select "More Actions" and click "Download all files," "Rename database," or "Delete database."
3. To add files to your database, select "Upload Files" and click "Upload from computer" or "Import from iManage."
4. To manage individual files in your database, go to the file and select the " ⋮ " menu, and click "Download" or "Delete."
5. To open a file, click it. The file will open within CoCounsel.
To return to CoCounsel, select "Back to CoCounsel."
Select a database
To select a database from your list, use Database name, Organization, Files, and Date Added heading filters, use < and > arrows to navigate pages, and then select the database. Then click “Next.”
3. Explain the clause you want to study
Explain the type of clause you want to study, and, if applicable, include attributes of the contracts where it would be used, then click "Submit."
4. Confirm CoCounsel’s interpretation
CoCounsel will take a moment to interpret your query. To confirm CoCounsel’s interpretation, click “Submit.”
If CoCounsel’s interpretation is not what you expected, change your original query and click “Reinterpret Query.”
5. CoCounsel is working
CoCounsel is using your explanation to find relevant clauses and analyze trends.
6. Review CoCounsel's response
CoCounsel shows its work with a research memo. Begin reviewing CoCounsel’s response from the chat, or open the full response.
From the chat
From the chat, mouse over the response to expand the full response, download the response, or copy the response to paste somewhere else.
The full response
Use the full response to verify CoCounsel’s results. CoCounsel explains its answer to the search request, and provides a list of the relevant documents it identified.
Navigate the document list by collapsing and expanding title headings
Click document titles to read the full text
Review quoted highlights to assess relevance
Click a page reference to open the document at that page.
To use the same database to find other trending terms, click “Do Another Check.”
Download the response as a Word document or copy it to use somewhere else.
Skill query length
Database file type
.doc, .docx, .eml, .htm, .html, .pdf, .rtf, .txt, .wpd, and .zip folders
Files within a .zip folder must comply with file size and type limitations.
Database file size
500 MB .pdfs
20 MB text files
Database files per upload
TIP: If you have files that exceed the size limit, CoCounsel will reject the file. Divide the files into batches of 100 files or less before uploading.
Storage available for all databases
CoCounsel’s "Market Check" memo will include the most relevant results. While there will not always be this many relevant results, these memos can include:
Up to 225 documents
Unlimited highlighted quotes within a document
How are Market Check and Extract Contract Data skills different?
Market Check and Extract Contract Data skills both identify terms across a set of contracts, but these skills are used for different purposes:
Market Check provides an overview of trending contract terms.
Extract Contract Data provides answers to specific questions about contract terms.
How do Market Check and Extract Contract Data skills work together?
Start with Market Check
1. Use Market Check to find trending terms in an AllSearch database of your contracts.
The database selected is “atticus-contracts-lb2.”
2. Your search is “What is the penalty for late delivery in product supply agreements?”
Applying filters to your databases will be available in future versions of this skill.
3. The results will provide a quick overview of trending language for late delivery penalties, including a list of the documents containing the relevant terms.
Continue with Extract Contract Data
After reviewing the trending language in your database of contracts, you may need answers to specific questions about the contracts in your database. Use Extract Contract Data to search the same AllSearch database for these specific answers.
1. Launch Extract Contract Data, select “See other upload options,” and choose the same AllSearch database used in the Market Check skill.
The same database is selected: “atticus-contracts-lb2.”
2. Select the contracts you want to search by either checking the box for all contracts on a page, or by checking the box next to individual contracts. Use the arrows to see more contracts in the database.
3. Enter your specific questions and select “yes/no” as the output format for each question. The questions entered are as follows: “Can buyers cancel the agreement for late delivery?” and “Is a fee assessed for late delivery?”
4. Export results as an Excel document.
5. Open the spreadsheet to work with your extracted data. For example, you might filter results by the respective columns (Image 1), and then calculate the percentage of contracts answering Yes and No to the question “Can buyers cancel the agreement for late delivery?” (Image 2).
The actions in this step are taken within a spreadsheet application, like Microsoft Excel, Apple Numbers, or Google Sheets, and not within CoCounsel.
Sample prompts to illustrate best practices
Specifically identify the type of contract at issue
"What are the penalties for late delivery in the product supply agreements?"
Ask for trends across the dataset, rather than individual contracts
"What is the typical period of a non-compete clause in an asset purchase agreement?"
Do not use for mathematical questions
As explained above, you can use CoCounsel outputs in Excel, but CoCounsel, a large language model, is not optimized for mathematical analysis.
Sample use case
Use contracts returned to create a clause library or negotiation playbook
Take the answers from a "Market Check" question (e.g., how is "Material Adverse Effect" typically defined?) and use it to create a library of preferred clauses or a playbook of negotiation positions (e.g., preferred position, first fallback position, second fallback position).