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Legaltech landscape: Difference between revisions

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Legaltech landscape (view source)

Revision as of 15:22, 4 October 2021

649 bytes added ,  4 October 2021
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!Description
!Description
!Management appreciation factor
!Management appreciation factor
!Implementation hassle
!Lawyer acceptance factor
!Lawyer acceptance factor
!Glamour factor
!Glamour factor
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|''Phase of contract process''
|''Phase of contract process''
|''What is the innovation?''
|''What does the bit of kit do?''
|''What does the bit of kit do?''
|''Explain?''
|''How excited will management be about this?''
|''How excited will management be about this?''
|''What is lawyer acceptance factor: the realistic chance that legal eagles will wholeheartedly embrace this tool?''
|''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 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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|An auction portal for seeking competitive bids on external legal advisory projects
|An auction portal for seeking competitive bids on external legal advisory projects
|'''High''': delivers control, visibility, metrics and cost pressure on external counsel
|'''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''': 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?
|'''Low''': It’s eBay or Uber, isn’t it?
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|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
|'''High''': Speeds things up and pushes away low value work from Legal
|'''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.
|'''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''': Hardly rocket science
|'''Low''': disintermediates unnecessary legal touch.
|'''Low''': disintermediates unnecessary legal touch.
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|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
|'''High''': Good oversight of process, good MIS
|'''High''': Good oversight of process, good MIS
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|'''Medium''': Helps initiate drafting provided it is used properly and information accurately provided
|'''Medium''': Helps initiate drafting provided it is used properly and information accurately provided
|'''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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|Drafting
| rowspan="3" |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
|Medium: Should drive efficiency
|'''Medium''': Should drive efficiency, but part of that ineffable world of [[legal eagles]] that management doesn’t understand
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|'''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.
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|Document Automation
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|Document Automation
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|Freehand Document Assembly
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|Freehand Document Assembly
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|Negotiation
| rowspan="4" |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
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|Negotiation platforms/portal
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|Execution
| rowspan="2" |Execution
|Execution Approval
|Execution Approval
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|Digital execution
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|Digital execution
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|Contract Management
| rowspan="3" |Contract Management
|Contract management
|Contract management
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|Metadata extraction
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|Metadata extraction
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|Obligation management
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|Obligation management
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|Tracking
| rowspan="2" |Tracking
|Onboarding process management
|Onboarding process management
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|Legal term benchmarking
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|Legal term benchmarking
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