The legal market is increasingly becoming a data driven industry.
This is how we use LegalTech solutions in the complex process of innovating legal operations.
Legal Data Review
The new EU General Data Protection Regulation (GDPR) that enters into force on May 25, 2018, signals a shift in how organizations (located within or outside the EU) processing personal data of EU citizens need to manage data privacy.
GDPR focuses on the rights of data subjects and imposes fines up to €20M (or 4% of annual turnover) if requirements are breached. Compliance may need organizational change and coordination – see our GDPR checklist and good to know bullet points in the InvestCEE GDPR Brochure.
Moving beyond the immediate regulatory compliance necessity, we view GDPR as an opportunity to invest into structuring and managing your data, in particular data hidden in contracts and legal documentation. Getting data privacy fundamentals right offers some key payoff:
- Competitive edge: driving customer choice by demonstrating focus on the privacy & dignity of individuals
- Culture of privacy: understanding and mitigating the risk created for individuals in exchange for using their personal data; valuing the impact of your work and business ethic on society
- Innovative forward thinking: getting ready for taking the leap towards blockchain and self-executing (smart) contracts (once the time is right for that move).
Applying LegalTech combined with strategic due diligence is essentially design thinking in law. Careful planning and AI-based tools help achieve overall efficiency and accuracy in contract review & legal data analysis. Read our Tech-enabled Legal Database Brochure to see how our approach to due diligence is different from traditional methods in scope, methodology, data extraction and visual reporting elements.
We found that getting the document review process right involves the following:
- Instead of a manual process, use AI-based tools to connect to servers, gather contracts in a centralized repository — data is accessible quickly and efficiently, with reduced human error
- In addition to identifying potential risks, use LegalTech to uncover information that helps achieve specific business goals — get actionable business intelligence from the document review exercise
- Share contract data and insights across all workstreams (not just legal) on a common platform — reduce multiple work by different teams
- Apply a broader approach to reviewing contracts — ensure valuable insights across the entire data corpus
- Use LegalTech to access a dashboard view of data hidden in thousands of contracts — get high level insights (e.g. contract types) and drill down to a specific data set or contract (e.g., change of control clause)
“Humanized” AI-based tools (i.e., a capable team applying efficient software) work for the benefit of all parties involved. While the software can read, understand, extract and summarize contract data, it leaves human experts to focus on asking relevant questions, analyzing and interpreting data gathered by the engine à overall efficiency and accuracy of due diligence tasks.
See our Tech-enabled Legal Database brochure to understand how we apply innovative technology in legal document review. Get in touch with us to discuss potential projects.
Going to all the efforts of an M&A project, a 2017 market study found that the success of an M&A deal really lies with successful post-merger integration. Read our Tech-enabled Legal Database brochure to see how we apply innovative technology to help you succeed with integration.
LegalTech tools are apt to leverage the quality and extent of post-merger integration by:
- mining data in legacy and newly acquired servers to identify synergies — leaving human teams to analyze, interpret and implement opportunities for integration
- empowering in-house lawyers to do a more hands-on strategic approach and work together with IT, finance and business teams
- enabling a data-based contract management system live up to the expectations
While “people-only” document review and post-merger integration inherently limits efficiency due to inconsistent analysis, high risk to human errors, limited scope, time & cost considerations as well as moral issues (people get fatigue with repetitive and unchallenging work), “humanized” AI-based tools (i.e., a capable team applying efficient software) work for the benefit of all stakeholders involved.
See our Tech-enabled Legal Database brochure to understand how we apply innovative technology in post-merger consultancy services. Get in touch with us to discuss potential projects.
Legal Database Strategy
“The growing need for organizations to treat information as an asset is making metadata management strategic.” Gartner Report, Magic Quadrant for Metadata Management Solutions, 2016
A Legal Database Strategy is an organization’s internal policy acknowledging the value of its data hidden in contracts and other legal documentation combined with tech-enabled tools to harness legal data capabilities.
Whether for regulatory compliance (like GDPR), document review of any sort (like M&A due diligence) or other specific business goals, mining legal data is essential for driving intelligent and forward-looking business decisions. Early adopters of artificial intelligence (AI) based contract management solutions have identified some key business benefits of a Legal Database Strategy:
- Easy scan and search functions across contract corpus and drilling down to individual contracts through metadata (tags) applied to contract terms –
- Integrating the legal database with other internal systems (ERP, CRM, etc.)
- Tracking and gaining visibility of contract workflows
- Easy access and sharing of information among permitted and relevant stakeholders by centralizing contract data and clarifying access authority
- Identifying errors and inconsistencies by easily comparing language to standardized forms or model clauses
- Allocating people’s time more efficiently, motivating workforce
Get in touch with us to see how we can help you adopt and implement your organization’s Legal Database Strategy.
A strong Legal Database Strategy helps an organization manage data hidden in contracts and other legal documentation transparently and effectively. A Legal Database Strategy builds on both 1/ standardization of model documents and contract clauses (for a lean, frictionless operation) and 2/ legal data analytics (for valuable insights into both risks and specific opportunities for a business).
Built on contract metadata (tags over clauses and other data in a legal document), a Legal Database Strategy helps maintain accurate and timely information flow with the legal department. In particular, it reduces response time and assures that customers and clients, regulators, management, employees and other stakeholders can easily and quickly access relevant data in accordance with the established rules.
With our consultancy services, we help you combine the power of your contract (and other legal) data with the analytical experience of an appropriate technology service provider to help steer business towards actionable insights faster than leaving your legal department alone with this tremendous task. A Legal Database Strategy may empower your lawyers to do a more hands-on strategic approach and work together with IT, finance and business teams to make a data-based contract management system live up to the expectations.
Get in touch with us to see how we can help you adopt and implement your organization’s Legal Database Strategy.
We are on a mission to help:
- define your organization’s internal policy acknowledging the value of its data hidden in contracts and other legal documentation
- identify LegalTech tools appropriate for the business to harness its legal data capabilities
- work together with existing internal and external expert teams to customize appropriate LegalTech for your organization
- implement a sustainable LegalTech solution for efficient legal data capture
A strong Legal Database Strategy helps identify business intelligence insights through easy access to data buried in contracts and other legal documentation. Get in touch with us to see how we can help you adopt and implement your organization’s Legal Database Strategy.
Legal Process Innovation
With organizations increasingly going through innovation efforts, digital change in the legal department may be particularly burdensome. We are on a mission to help organizations effectively follow-through their innovation strategy specifically in the legal department.
Our ultimate goal is to empower lawyers and legal teams to adopt a more hands-on strategic approach and work together with IT, finance and business teams to define and implement a Legal Data Strategy. We foster innovation directly in the legal department.
We seek alliances with in-house legal teams, business executives and their respective external legal advisers. Get in touch with us to see how we can help your organization effectively implement digital transformation in the legal department of your business.
Going to all the efforts of an M&A project, coordinating the various internal and external teams and managing the complexity of the documentation can get particularly difficult. While a “people-only” approach to deal management inherently limits the process efficiency due to inconsistent focus, high risk to human errors, time & cost considerations as well as moral issues (people get fatigue with repetitive and unchallenging work), there are practical LegalTech tools to help keep the deal on track.
A tech-enabled M&A project management platform helps to:
- Ensure transparency & clarity of information among all teams
- Manage NDA & information memorandum distributions and responses on the platform
- Manage & evaluate bids on the platform
- Centralize and simplify due diligence with built-in data room capabilities
- Collect, manage, update real-time and control versions of all deal documentation
- Get to closing checklist & closing binders quickly and efficiently
- Simplify signature processes with automatized signature blocks and built-in signature tracker tool
- Get visual insights & reporting on the deal process
Read our Tech-enabled Legal Database brochure to see how innovative technology can help M&A projects succeed. Get in touch with us to discuss potential projects.
“Before we can solve big problems with smart contracts, we need to start by structuring existing legacy contracts.”
Daniel M. Katz, LexPredict
In a data driven economic environment, managing legal data is increasingly becoming a business necessity. Easy access to specific contract terms may be needed for:
- compliance or regulatory purposes – e.g., locating data protection clauses under GDPR
- enterprise expansion – e.g., identifying change of control provisions in a transaction context or
- any innovation goal – e.g., structuring a legal database.
LegalTech tools implemented by a competent team can help efficiently structure and manage a data focused legal document system.
Best practice tip: in addition to immediate benefits like GDPR compliance and efficient enterprise search, early adopters of LegalTech tools have identified a number of additional business benefits of using technology in legal operations.
Forward thinking idea: consider the value of implementing a legal database strategy in preparing an organization for the next levels of technological change, in particular blockchain & self-executing (smart) contracts.