Legaltech landscape: Difference between revisions
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{| class="wikitable sortable" | {| class="wikitable sortable" style="text-align: left;" | ||
!Phase | !Phase | ||
!Function | !Function | ||
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!Glamour factor | !Glamour factor | ||
!Iatrogenic factor | !Iatrogenic factor | ||
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|''Phase of contract process'' | |''Phase of contract process'' | ||
|''What is the innovation?'' | |''What is the innovation?'' | ||
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|''How clever, complicated or unique is this as a piece of technology?'' | |''How clever, complicated or unique is this as a piece of technology?'' | ||
|''How far might this tool inadvertently entrench current rent-seeking behaviour?'' | |''How far might this tool inadvertently entrench current rent-seeking behaviour?'' | ||
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| rowspan="3" |Initiation | | rowspan="3" "3" style="vertical-align: middle;"|'''Initiation''' | ||
|Law firm bid management | |Law firm bid management | ||
|An auction portal for seeking competitive bids on external legal advisory projects | |An auction portal for seeking competitive bids on external legal advisory projects | ||
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|'''Low''': It’s eBay or Uber, isn’t it? | |'''Low''': It’s eBay or Uber, isn’t it? | ||
|'''High''': Asks wrong question, namely: “how to I get the cheapest legal advice” rather than “how to I get the best advice or, for that matter, “do I need legal advice at all”. | |'''High''': Asks wrong question, namely: “how to I get the cheapest legal advice” rather than “how to I get the best advice or, for that matter, “do I need legal advice at all”. | ||
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|Self-service portal | |Self-service portal | ||
|A place where Sales can go to get pre-appoved legal forms to send out without vetting | |A place where Sales can go to get pre-appoved legal forms to send out without vetting | ||
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|'''Low''': Hardly rocket science | |'''Low''': Hardly rocket science | ||
|'''Low''': disintermediates unnecessary legal touch. | |'''Low''': disintermediates unnecessary legal touch. | ||
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|Initiation and prioritisation tool | |Initiation and prioritisation tool | ||
|A system for queueing prospects, getting necessary information and prioritising before starting negotiation | |A system for queueing prospects, getting necessary information and prioritising before starting negotiation | ||
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|'''Low''': Doesn’t need much tech. | |'''Low''': Doesn’t need much tech. | ||
|'''Low''': Disintermediates. Provides simple information inputs and disciplines personnel to follow process. | |'''Low''': Disintermediates. Provides simple information inputs and disciplines personnel to follow process. | ||
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| rowspan="3" |Drafting | | rowspan="3" style="vertical-align: middle;"|'''Drafting''' | ||
|Template Management | |Template Management | ||
|Centralised templates database or clause library for approving and warehousing approved forms and boilerplate | |Centralised templates database or clause library for approving and warehousing approved forms and boilerplate | ||
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|Document Automation | |Document Automation | ||
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|Freehand Document Assembly | |Freehand Document Assembly | ||
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| rowspan="4" |Negotiation | | rowspan="4" "3" style="vertical-align: middle;"|'''[[Negotiation]]''' | ||
|Document mananagement system | |Document mananagement system | ||
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|Automated contract review | |Automated contract review | ||
|AI contract review and markup tools | |AI contract review and markup tools | ||
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|Manual review assistance | |Manual review assistance | ||
|Comparison, formatting tools, | |Comparison, formatting tools, | ||
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|Negotiation platforms/portal | |Negotiation platforms/portal | ||
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| rowspan="2" |Execution | | rowspan="2" "3" style="vertical-align: middle;"|'''[[Execution]]''' | ||
|Execution Approval | |Execution Approval | ||
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|Digital execution | |Digital execution | ||
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| rowspan="3" |Contract Management | | rowspan="3" "3" style="vertical-align: middle;"|'''Contract Management''' | ||
|Contract management | |Contract management | ||
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|Metadata extraction | |Metadata extraction | ||
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|Obligation management | |Obligation management | ||
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| rowspan="2" |Tracking | | rowspan="2" "3" style="vertical-align: middle;"|'''Tracking''' | ||
|Onboarding process management | |Onboarding process management | ||
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|Legal term benchmarking | |Legal term benchmarking | ||
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Revision as of 15:31, 4 October 2021
| Phase | Function | Description | Management appreciation factor | Implementation hassle | Lawyer acceptance factor | Glamour factor | Iatrogenic factor |
|---|---|---|---|---|---|---|---|
| Phase of contract process | What is the innovation? | What does the bit of kit do? | How excited will management be about this? | How much of a pain in the fundament is getting the kit in, setting it up and getting it to work? | Once implemented, how realistic is it that legal eagles will wholeheartedly embrace this tool? | How clever, complicated or unique is this as a piece of technology? | How far might this tool inadvertently entrench current rent-seeking behaviour? |
| Initiation | Law firm bid management | An auction portal for seeking competitive bids on external legal advisory projects | High: delivers control, visibility, metrics and cost pressure on external counsel | Medium: This all falls on legal operations though, so you may confidently assume it will be done. | Low: While no work to implement for lawyers, it removes autonomy, power to choose counsel, is unpopular with outside counsel as any bidding system guarantees more losers than winners. | Low: It’s eBay or Uber, isn’t it? | High: Asks wrong question, namely: “how to I get the cheapest legal advice” rather than “how to I get the best advice or, for that matter, “do I need legal advice at all”. |
| Self-service portal | A place where Sales can go to get pre-appoved legal forms to send out without vetting | High: Speeds things up and pushes away low value work from Legal | Low: Could be as easy as an intranet page or SharePoint. Legal operations as to do it. | Medium: anything that pushes NDAs off the desk has to be a good thing. | Low: Hardly rocket science | Low: disintermediates unnecessary legal touch. | |
| Initiation and prioritisation tool | A system for queueing prospects, getting necessary information and prioritising before starting negotiation | High: Good oversight of process, good MIS | Medium: Helps initiate drafting provided it is used properly and information accurately provided | Low: Doesn’t need much tech. | Low: Disintermediates. Provides simple information inputs and disciplines personnel to follow process. | ||
| Drafting | Template Management | Centralised templates database or clause library for approving and warehousing approved forms and boilerplate | Medium: Should drive efficiency, but part of that ineffable world of legal eagles that management doesn’t understand | Low to Medium: Requires a bit of vision and there is quite a bit of faffing around configuring it, and them ownership and so on, but a useful tool once implemented. | |||
| Document Automation | |||||||
| Freehand Document Assembly | |||||||
| Negotiation | Document mananagement system | ||||||
| Automated contract review | AI contract review and markup tools | ||||||
| Manual review assistance | Comparison, formatting tools, | ||||||
| Negotiation platforms/portal | |||||||
| Execution | Execution Approval | ||||||
| Digital execution | |||||||
| Contract Management | Contract management | ||||||
| Metadata extraction | |||||||
| Obligation management | |||||||
| Tracking | Onboarding process management | ||||||
| Legal term benchmarking |
With gratitude to Alex Hamilton for setting this out in his excellent book Sign Here, here is a functional breakdown of the contract tech landscape — as Alex points out, any of these functions are captured by more than one tool — itself a commercial problem for Vendors, becasue no-one likes to buy duplications: