The COVID-19 pandemic has undoubtedly affected the way all businesses work. Working from home and video meetings are the new normal, and companies are looking for ways to streamline manual processes. Legal teams, both in-house and private practice, are no different and are leading a drive towards legal tech.
The adoption of legal tech is a positive step; particularly after the historical reluctance of the sector to move away from more manual processes. However, there is concern that after the lockdown ends, legal teams will simply go back to their previous methods.
1. Quicker Contract reviews
Depending on the needs of the legal team, technology can assist with several aspects of a contract review. From simple contract checks to full document management systems, there are numerous ways in which software can help.
Firstly, by removing manual contract processes, legal teams can spend less time on admin. Secondly, contractual queries and reviews won’t have to disrupt regular workloads. And finally, by storing all documents and information in one place, it simplifies previously complex filing systems and leads to faster response times for internal teams and clients.
Summize’s platform accelerates contract review processes by up to 85%. The software does not replace legal teams, as their knowledge and experience are vital for all contract reviews. However, by providing an immediate summary, containing clauses and terms, a previously manual process can now become significantly slicker.
2. Reduced costs
By reducing the time spent on contract reviews, it also minimises staff and external partner costs. Additionally, by adopting one technology for the contract process, subscriptions to other programs can be reduced or removed entirely.
Summize has helped customers reduce their spend by up to a third. As an instant and cost-effective solution, it saves time, alongside staff and software costs.
3. Improved Knowledge-share
A large proportion of legal technology available on the market enables document storage and management. This ensures that all documents are filed in the same way and in the same place, improving the efficiency of the team and their work. It also enables team members to view each other’s work; encouraging knowledge-share.
It can be difficult for senior members with large workloads to pass on knowledge to their more junior colleagues. By implementing legal tech that encourages sharing (either of notes or comments), junior lawyers can continuously learn and improve. Some software even allows senior lawyers to set the parameters of a review, highlighting aspects that should be focused on.
Technology is also available that allows clients to access contractual documents in a limited sense, providing its own form of knowledge-share. By removing the backwards-and-forwards advice note emails, legal tech reduces the chance of mistakes or missed feedback. It simplifies the process by allowing clients to view notes and reviews as soon as they are complete.
Summize caters to both types of knowledge-share. Senior lawyers can read through notes and comments left by the junior team members and are able to set the parameters of a review. Shareable links also allow summaries to be shared with a client or other departments. The platform can even be tailored to match specific branding.
4. The technology can be flexible
No matter how unique or bespoke your contracts are, there will be legal tech that meets your needs. Most technology available on the market can be tailored to match the requirements of your contracts, and suppliers are aware that not one size fits all.
Summize aims to be incredibly flexible for each client. Our clause builder ensures that all important clauses and terms can be found throughout your contracts, no matter how bespoke they are. Our team is also very hands-on and is always happy to take on and discuss any feedback to make your process even easier.
5. There are plenty of options!
Many legal teams have been discouraged from using legal tech due to poor implementation, complex systems or useless features. However, it is important to remember how many different platforms are available – even if the first one does not work for your team, there are so many options to try!
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