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Legaltech landscape: Difference between revisions

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Legaltech landscape (view source)

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(Created page with "{{a|devil|}}With gratitude to {{author|Alex Hamilton}} for setting this out in his excellent book {{br|Sign Here}}, here is a ''functional'' breakdown of the contract tech...")
 
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{{a|devil|}}With gratitude to {{author|Alex Hamilton}} for setting this out in his excellent book {{br|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:
{| class="wikitable sortable"
!Phase
!Function
!Description
!Management appreciation factor
!Lawyer acceptance factor
!Glamour factor
!Iatrogenic factor
|-
|''Phase of contract process''
|''What does the bit of kit do?''
|''Explain?''
|''How excited will management be about this?''
|''What is  lawyer acceptance factor: the realistic chance 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?''
|-
| rowspan="3" |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
|'''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
|'''Medium''': anything that pushes NDAs off the desk has to be a good thing.
|'''Low''': Could be as easy as an intranet page or SharePoint
|'''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
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|Document Automation
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|Freehand Document Assembly
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|Negotiation
|Document mananagement system
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|Automated contract review
|AI contract review and markup tools
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|Manual review assistance
|Comparison, formatting tools,
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|Negotiation platforms/portal
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|Execution
|Execution Approval
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|Digital execution
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|Contract Management
|Contract management
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|Metadata extraction
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|Obligation management
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|Tracking
|Onboarding process management
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|Legal term benchmarking
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With gratitude to {{author|Alex Hamilton}} for setting this out in his excellent book {{br|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:
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