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Legaltech landscape: Difference between revisions
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|<small>Execution approval tool</small> | |<small>Execution approval tool</small> | ||
|<small>Online tool for gathering approvals for execution of documents at completion of negotiation.</small> | |<small>Online tool for gathering approvals for execution of documents at completion of negotiation.</small> | ||
|<small>'''Medium''': Really just an unambitious attempt at an onboarding portal</small> | |{{bg|yellow}}<small>'''Medium''': Really just an unambitious attempt at an onboarding portal</small> | ||
|<small></small> | |{{bg|yellow}}<small>'''Medium''': but mainly because you’ve done a half baked job and done an entire cross-silo process reimagining, but you haven’t/.</small> | ||
|<small></small> | |{{bg|yellow}}<small>'''Medium''': ''Relatively'' low, perhaps, in that while it will involve a lot of work collating every escalation made over the course of the negotiation and putting them into a digestible approval form but nothing really that [[negotiator]]s aren’t obliged to do in a fully manual process. But it isn’t a massive enough change to be worth the incremental effort.</small> | ||
|<small></small> | |{{bg|yellow}}<small>'''Medium''': Not an enormous additional burden, but it doesn’t get rid of a lot of of encrusted iatrogenesis in the process already.</small> | ||
|- style="vertical-align: top;" | |- style="vertical-align: top;" | ||
|<small>Digital execution</small> | |<small>Digital execution</small> | ||
|<small></small> | |<small>Creating a means of digital execution of legal docs to capture who signed, when, and what their authorisation was, thereby capturing text-encoded final docs (as opposed to scans)</small> | ||
|<small></small> | |{{bg|pink}}<small>'''Low''': Again, it really should be integrated into the approval and onboarding workflow tool. By itself it is fiddly and doesn’t offer a great deal of bang for buck.</small> | ||
|<small></small> | |{{bg|yellow}}<small>'''Medium to high''': Depending on how thorough you want to integrate the digital execution tool into the firm’s personnel and authorisation database.</small> | ||
|<small></small> | |{{bg|green}}<small>'''High''': Once you get over a the small comprehension hurdle, this will be popular. Saves all that tedious faffing around with printers, scanners, incumbency certificates and filing and so on. </small> | ||
|<small></small> | |{{bg|pink}}<small>'''High''': Digital vendors price their services at an outrageous per-usage costs.</small> | ||
|- style="vertical-align: top;" | |- style="vertical-align: top;" | ||
| rowspan=" | | rowspan="2" "2" style="vertical-align: middle;"|'''<small>Contract Management</small>''' | ||
|<small>Contract management</small> | |<small>Contract and metadata management</small> | ||
|<small></small> | |<small>Golden source storage system for executed contracts, ideally containing detailed catalogue of material legal and economic terms (this required “metadata extraction” below) </small> | ||
| | |{{bg|yellow}}<small>'''Medium''': To a beancounter who has not apprehended the horror of deciphering a heavily negotiated legal agreement, hat [[metadata]] project seems intuitively brilliant. This should really be part of a onboarding workflow tool, though that is fantastically hard to achieve.</small> | ||
|<small></small> | |{{bg|pink}}<small>'''High''': Depending on how you do it, this could be a five-year, $30m project occupying an entire army of school-leaver consultants in Albania, or a metadata-extraction projection by some preternaturally useless [[machine learning]] application for which you will be charged, handsomely, by the document. Neither will deliver in a usable product.</small> | ||
| | |{{bg|pink}}<small>'''Low''': [[Legal eagle]]s have ''no'' interest in structured [[metadata]], which they regard as a form of modernist cheating. If you have to understand what is in a legal contract after it is inked — God willing, you never will — there is only one way to understand it and that it by ''reading'' it and then helpfully summarising it in a table, in Microsoft Word.</small> | ||
|<small> | |{{bg|pink}}<small>'''Colossal''': This is what rent-seeking was brought onto God’s green Earth.</small> | ||
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|<small>Obligation management</small> | |<small>Obligation management</small> | ||
|<small></small> | |<small>Taking the material terms of your legal contracts, that you codified in the [[metadata management]] phase, and feeding them into your risk and capital engines.</small> | ||
|<small>< | |{{bg|yellow}}<small>'''Medium''': A nice touch, though most risk management functions independently monitor their own risks using existing systems. While of course they should key off a golden source, that assumes you have a golden source and it is reliable. Few live risk metrics key directly off executed legal contracts (as opposed to being reflected by them).<ref>[[Close-out netting]] is a notable exception.</small> | ||
|{{bg|green}}<small>'''Low''': Generally limited to close-out netting, and that will generally already exist, given how important it is. but the more information that is designed to feed from the legal database, and the more systems it feeds into, the harder the job.</small> | |||
| | |{{bg|green}}<small>'''High''': Saves a tedious job, and triages stupid questions. Happy days.</small> | ||
|<small> | |{{bg|pink}}<small>'''Low''': monitoring will mean someone in risk needs to understand what is going on, but assuming you limit yourself to a small number of key pieces of data, okay.</small> | ||
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| style="vertical-align: middle;"|'''<small>Tracking</small>''' | |||
|<small>Legal term benchmarking</small> | |<small>Legal term benchmarking</small> | ||
|<small>Heatmaps for determining which of your contract provisions are most hotly negotiated</small> | |<small>Heatmaps for determining which of your contract provisions are most hotly negotiated</small> | ||