3 Reasons to Automate High-Volume NDAs
Posted by Legalease Solutions on 4 Mar, 2020
The way General Counsel and the in-house legal teams function today is changing rapidly. “While the GC was traditionally seen as the enterprise’s lawyer-in-chief, they are now expected to perform a much broader role as a partner to the rest of the organization and a trusted adviser to senior management.” At the same time in the world where clients need everything on the double, battling the expanding set of regulations puts the in-house lawyers under high-pressure not conducive for legal work. Needless to say, in addition, it poses reputational and commercial risks for the organization when Legal is over-stretched.
Therefore, automating high-volume NDAs is the need of the hour to increase efficiency, quality, and to get insights that accurately mitigate all risk.
Here are three pragmatic advantages of automating Non-Disclosure Agreements:
Faster Business Deals with 24-hour Turnaround Time on NDA Reviews
Generally, the complete process of evaluating, reviewing, and negotiating NDAs uses up significant attorney time creating bottlenecks and reducing the deal-flow for organizations.
However, with end-to-end legal-tech solutions, in-house legal teams are now able to review, remediate, and negotiate NDAs in just one day as against weeks on end. “In 2017 JPMorgan announced its use of [an] artificial intelligence software, which processed in a matter of seconds documents that would have taken legal aides an estimated 360,000 hours to review.” This is a truly remarkable feat. These new-age automation tools are dramatically increasing access to meaningful information, that is likely to remain unheeded in typical manual NDA analyses—while also decreasing the time and costs incurred during the overall corporate transaction process.
Better Visibility into Contracts
AI-powered software give organizations better visibility into their contracts paving the path for more informed decision-making. AI enables contextual searching and makes finding contracts of any file type across the organizations’ network much easier; it quickly brings hidden risks or opportunities in the contracts to light; and indexes all contracts/clauses in a centralized repository.
These software use machine learning techniques to sift through stacks of documents and contractual data to find patterns, anomalies, and potential issues in a short window of time to generate reports that in-house attorneys can easily use to draw actionable insights.
Furthermore, the automated extraction of all key metadata from these contracts provides a fully searchable, cleansed contract portfolio allowing in-house legal departments to maximize revenue opportunities, reduce costs, and mitigate risks associated with contractual documents, systems, and processes.
Case in point: Adoption of automated alerts and reminders for key dates such as contract renewals and price escalations can reduce an organization’s annual revenue leakage and ensure 100% compliance with the contractual obligations.
Redemption of Time, Cost, and Internal Resources
With enhanced NDA workflows in-house departments can reduce their legal-spend on NDA reviews by a staggering 60%. It also saves in-house teams from time-consuming and repetitive tasks freeing up their time to focus on the technically complex or nuanced advisory work such as regulatory compliance or litigation tactics.
However, it is understandable that for a function that has traditionally had little interaction with technology and which is frequently resource-constrained, investing time in finding the right solution or learning the ropes can be daunting. Therefore, to handle the challenge of adopting and implementing legal-tech solutions, the LegalEase Partner Program brings together and celebrates the outcome of co-intelligence. LegalEase handpicks partners that routinely drive legal revolution with their proprietary strategy, state-of-the-art technology, and intuitive solutions. With the right combination of exceptional global talent and years of intelligence in developing time-tested processes and solutions, LegalEase stitches its services and its partner’s technology together to create hybrid solutions that are tailor-made for legal departments, reduce manual processes, and add significant cost savings to the company’s bottom line.
LegalEase Solutions provides corporate legal departments and law firms innovative support with NDA review services, contract lifecycle management, regulatory compliances, and more. Our team is designed to function as an extension to your legal practice or department, providing you with the capabilities and resources to stay up to date with your needs. If you have a project you need a hand with, feel free to reach out to us at firstname.lastname@example.org. Our team is happy to assist.