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Legaltech landscape: Difference between revisions
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There is an argument that the trick the reg tech vendors are missing is consolidation: there are (literally; trust me) hundreds of startup variations with differing combinations of template management, [[document assembly]], [[document automation]], [[contract review]], [[contract approval]] and [[digital execution]] — you would expect this, as they are contiguous steps on the same commercial process — and all of them leave something to be desired. The entrepreneur that can rally these vendors together and consolidate them into a coherent single product — along the way crushing the precious aspirations of so many entrepreneurial plodders who dared to dream — might have a proposition on its hands. Especially one who builds it on an open-source platform. Like that will ever happen. | There is an argument that the trick the reg tech vendors are missing is consolidation: there are (literally; trust me) hundreds of startup variations with differing combinations of template management, [[document assembly]], [[document automation]], [[contract review]], [[contract approval]] and [[digital execution]] — you would expect this, as they are contiguous steps on the same commercial process — and all of them leave something to be desired. The entrepreneur that can rally these vendors together and consolidate them into a coherent single product — along the way crushing the precious aspirations of so many entrepreneurial plodders who dared to dream — might have a proposition on its hands. Especially one who builds it on an open-source platform. Like that will ever happen. | ||
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|<small>Negotiation platforms/portal</small> | |<small>Negotiation platforms/portal</small> | ||
|<small>Front-to-back portal for tracking the progress and status of onboarding, with milestones, logging all [[escalation]] | |<small>Front-to-back portal for tracking the progress and status of onboarding, with milestones, logging all [[escalation]]s and recording legal reference data.</small> | ||
|<small>'''Supremely''': this is the holy grail of legal operations: every impulse reduced to a fully trackable and auditable series of numerical data points, suitable for [[RAG status]] indication by [[Microsoft PowerPoint|PowerPoint]].</small> | |{{bg|green}}<small>'''Supremely''': this is the holy grail of legal operations: every impulse reduced to a fully trackable and auditable series of numerical data points, suitable for [[RAG status]] indication by [[Microsoft PowerPoint|PowerPoint]].</small> | ||
|<small>'''Enormous''': it will involve reimagining the interaction of seven departments, each wedded to its own incommensurable processes built on, variously, email forms, spreadsheets, playbooks, the command prompt and a Wang mainframe that was due for decommissioning in 1983.</small> | |{{bg|pink}}<small>'''Enormous''': it will involve reimagining the interaction of seven departments, each wedded to its own incommensurable processes built on, variously, email forms, spreadsheets, playbooks, the command prompt and a Wang mainframe that was due for decommissioning in 1983.</small> | ||
|'''Low''': reduces lawyers to disempowered form-filler-outers and button pushers. | |{{bg|pink}}<small>'''Low''': reduces lawyers to disempowered form-filler-outers and button pushers.</small> | ||
|Medium: | |{{bg|yellow}}<small>'''Medium''': Imposes a mammoth superstructure over something that is ''already'' too elaborate, and ducks the question as to why are your credit officers in a process pushing a button? Rather than institutionalising button pushing could you not rebase your terms?</small> | ||
|- style="vertical-align: top;" | |- style="vertical-align: top;" | ||
| rowspan="2" "3" style="vertical-align: middle;"|'''[[Execution|<small>Execution</small>]]''' | | rowspan="2" "3" style="vertical-align: middle;"|'''[[Execution|<small>Execution</small>]]''' | ||