We hope that you, your families and colleagues are keeping well amidst these unsettling COVID-19 times. In line with global risk measures, our clients & partners in the CEE region have also moved all of their team members to home office and are making sure they are ready for the changes that remote work brings.
We have also recognized that beyond the immediate human health aspect, there are additional, economic concerns that need to be dealt with in the current circumstances. And lawyers may have a special role to play in this regard. Enabling access to digital legal tools, easing the flow of goods and services, helping to virtually run our economies (locally and regionally) and getting creative about legal services will be essential going forward.
To support legal teams through this period, we are here to team up and make best use of the know-how we’ve accumulated in our legal innovation ecosystem.
Here’s a summary of how we are able to help
#1 Enable access to digital solutions & IT support via our LegalTech Marketplace
We are not sales people, but close collaborators with the IT teams behind our Marketplace partners. Over the last years, we teamed up with them on several occasions to create multidisciplinary teams for client projects. Scroll down for a quick overview of our client-facing digital toolkit.
#2 Share REMOTE WORK know-how of our LegalTech Partners
Our legal operations software partner Xakia Technologies published some essential tips to help organizations take their legal departments on remote work within 24 hours. Click HERE for Xakia’s insights on managing legal teams remotely!
#3 Provide assistance with LegalTech implementation & tech-assisted client projects
We not only help access meaningful technology, but we’re really keen on closely collaborating with legal teams on project work. We know how to use the tools in our portfolio and you can outsource specific workstreams to our team. Contact us so we can reach out and find ways to team up and assist with your projects.
LegalTech Overview: InvestCEE Toolkit
Over the last couple years, we carefully selected our LegalTech partners to help legal teams with both internal workstreams (like legal practice management) and client-facing workstreams (that enable better communication and collaboration with external clients). While internal team and practice management tools are essential to optimize workflows, they do not enable new legal service models. Client-facing technologies however have the potential to create new, digital service lines in close collaboration with clients.
Given there is no one-stop-shop solution that would cover all angles of legal work at once, for our toolkit, we picked various high quality tools that work well for specific legal tasks, as follows:
1. Contract life-cycle management
- Drafting / pre-signing phase — document automation can be used to standardize routine legal drafting into smart templates. Some platforms enable placing “widgets” (buttons that lead to automated documents) on the intranet or public website to ease access to smart templates for internal or external end-users. We help implement Contract Mill and Dealsign for automated legal drafting.
- Negotiation & signing phase — to enable efficient contracting in typical commercial scenarios, we found it relevant to partner with a platform that enables online, real-time negotiation while also offering secure, advanced level e-signature. For this, we work with Dealsign.
- Post-signing phase & contract data management — specifically targeting the signed contracts database of corporations, our partner platform Aivan.AI helps both legal and business teams to:
- make use of AI-technology for properly filing new contracts (automated recognition of title, parties, dates, etc.),
- set up email notifications for specific deadlines,
- store all contract related files in the same online location — including e-mails, working files, reminders, notes etc, and
- use smart search to quickly access relevant data — this function is again powered by AI so it goes beyond traditional metadata filtering techniques and is much more efficient than keyword search.
2. AI-assisted document review, contract analytics and smart search
The most sophisticated solution from our portfolio is a complex, language-agnostic AI-platform. We found it essential to locate a tool that is not English-language driven and so can be applied for a whole range of CEE languages. Nalytics is a great tool for a variety of data-driven legal workstreams, including due diligence, compliance audits, contract comparison, GDPR-related tasks, etc.
3. Corporate legal data management
As part of value-added legal services to their corporate clients, law firms may consider helping in-house legal teams to better manage their internal legal data. For corporate legal data management, our go-to software is Xakia, a hub for all sorts of legal metrics that enables legal teams to:
- streamline intake of legal work from business units and better manage resourcing internally and externally,
- have a better understanding of who is performing the work, for which business unit, segment the type of legal work the team is doing, etc.
- track budget and internal deadlines,
- integrate matter management dashboard with document management systems,
- specify metrics on the complexity and strategic value of legal works
- create automated reports about all of the above metrics.
We look at the LegalTech solutions listed in our Marketplace as a toolkit for collaboration with legal teams. We not only help source technology in an optimal way, but we’re really keen on teaming up for implementation and client project work. Accordingly, we help organize demo calls, workshops and user training for the tools in our portfolio. But we’re most excited about getting involved with legal projects, pitching for joint legal+tech work and helping make the most of technology by collaborating in multidisciplinary teams.
Join our LegalTech Workshops!
LegalTech should not be magic. Learning to use technology in legal work is key for a successful transition towards a digital legal department and value-added legal services. Our workshops help you get the most of your LegalTech investment.
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