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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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