Lighthouse Law’s Post

Here is the second part of our streamlining contract processes series. If you're looking into legaltech, here are a few practical points to help you through the process.

We’re thrilled to share the first version of our LegalTech Contracting Landscape. We’ve met with 100+ emerging companies working with contracts using technologies in meaningful ways to impact the world of law. For a downloadable copy, please see the comments. Contract management involves six important stages: PRE-EXECUTION: 1️⃣ Request: Specify contract types and purpose. 2️⃣ Drafting: Determine the parties involved, scope, primary users, responsibilities, terms and conditions, risk allocation, dispute resolution, and regulations. 3️⃣ Negotiation: Obtain favorable terms, minimize risk, and circle suggestions. EXECUTION: 4️⃣ Approval & Execution: Gaining approval from all parties, signing the contract, and informing all relevant persons. POST-EXECUTION: 5️⃣ Storage & Obligation: Adhering to the contract and setting clear goals for completing obligations. Safe Storing the signed contract and relevant documents. 6️⃣ Renewal or termination: Evaluating the purpose of the contract and parties’ performance. To all our friends, founders, and investors - our LegalTech Contracting Landscape was constructed based on the six stages above, please reach out if you want to learn more about what we’re seeing coming around the corner or have suggestions. Did we miss you on the map? Please comment below and we’ll add you to the next one. Things are changing so quickly in the legal industry that we’re sure there will be a whole new crop of exciting companies coming around shortly! More info in comments 👇

A very interesting LegalTech Contracting Landscape by The LegalTech Fund. I know a few of the companies in each segment but was amazed at the sheer numbers. The interesting point is the ever increasing number of players and their USP, their differentiating feature from each other. It is imperative to identify your requirements before jumping in and taking endless demos. The link to download the map as was present in the comments section of the original post: https://lnkd.in/g2hzF9wh

Thank you The LegalTech Fund for including us in your LegalTech Contracting Landscape! #LegalTech #LegalTechFund #LegalSignatureSoftware #DigitalSignature #SIGNiXDigitalSignature #LegalDocuments #LegalAgreements #LegalIndustry #HighlyRegulatedIndustries #LegalTechnology

Managing contracts doesn’t have to be a headache. 🤯 Our team at echo.legal has designed contract management platforms that consolidate everything in one place. From automating document creation to streamlining approvals, we help businesses keep their contracts organised and efficient. Simplify your contract management with echo.legal using tech you already have. Reach out to find out how! https://www.echo.legal/ #ContractManagement #LegalTech #EchoLegal

Dive into an exclusive Q&A with Evan Schneyer and Dan Dalzotto from Outlaw as they share the story behind the platform and how it provides a better end-to-end contract experience for business professionals. #LegalTech #ContractManagementPlatform #BusinessProfessionals

Xakia has launched a new self-serve, smart set-up contract management tool in a move to bolster productivity and efficiency for legal teams. According to the legal tech company, the new contract management tool is a response to the pressing need for a more streamlined approach to contract management. It can be set up and live in just a few short hours, cutting months off implementation time. “Our objective was to alleviate the common pressures faced by in-house lawyers,” said Chief Product Officer Richard Conway. “By focusing on simplicity and utility at every step, we’ve made comprehensive contract management accessible to all teams, regardless of size or resource allocation.” Xakia North America chief executive Anne Post said that the solution came from understanding the time, budget, and resourcing constraints that legal teams face. “We’re committed to delivering solutions that don’t just promise efficiency but actively deliver it without implementation headaches.” https://lnkd.in/eXcNR3tk #legaltech #law #productlaunch #contractmanagement #legaltechtalk

The biggest priority for any legal team is providing the highest-possible standard of services to clients. But how do lawyers know that they’re doing right by their business teams? Are their processes as efficient as they could be? How many matters have they taken on, and how long do they take to complete on average?   It can be hard to know this when you track matters manually. But having access to sophisticated and intuitive matter management software can make it simple to track the above factors to ensure legal teams are delivering maximum value. If any of the above resonates with you, then I'd recommend checking out our recent whitepaper in collaboration with Lily Schurra of LOLI (Legal Operations & Legal Innovation) Consulting: https://lnkd.in/eZmFMGVv #LegalTech #LawSoftware #MatterManagement #LegalOps

The million-dollar question for most businesses planning to invest in legal tech is - What's the ROI? The return on investment of your legal tech investment is the most critical aspect to consider when evaluating the efficacy of your investment decisions. While calculating the ROI, it’s crucial to understand that legal tech investments fall under two categories: direct and indirect. A direct ROI calculation encompasses the following factors: 1. Cost Savings: Calculate the potential cost savings with the legal tech automation you are planning on implementing. The cost savings could be in the form of labour hours and expenses saved by automating tasks such as document management and contract reviews. 2. Revenues: Identify how much you can enhance your top line revenue, i.e. the potential revenue gained by implementing legal tech software for your business. Indirect benefits of legal tech investment may include: 1. Avoidance of Risks: With legal tech, your organization’s legal compliance can be streamlined, thereby reducing the risk of litigation and further assisting in avoiding potential financial implications. 2. Improved Efficiency: Legal tech tools can enhance your operational efficiency and reduce the burden of repetitive tasks. This can enable your organization to become more agile and competitive. 3. Escalated Credibility: Using legal tech tools can enhance the credibility of your business in front of stakeholders. Now, how to put all these calculations together? It's easy. Here's an ROI formula to follow: ROI = (Net Gain / Investment Cost) × 100 Legal tech investments aren’t just about cutting costs, but also about improving efficiency, reducing risk and increasing top-line revenues. Follow these steps to gauge the ROI of your legal tech investments, and make informed decisions for your business's success. ~~~ Found this helpful? Share this post ♻️ and follow me, Nishant Bhaskar, for more insights like this! #legaltech #roi #legalops #lawfirms #legaldepartments

Struggling to secure investment for essential legal tech? While the benefits of contract management software are clear to in-house legal teams, convincing your C-Suite to invest in any new technology can be challenging. To secure funding and buy-in for CMS, you must present a compelling business case. Join me, Sheena Loren Ferrari, Judy Lao-Klinker, CEDS, and Molly Huie on August 27th at 1:00 PM ET to learn how to craft an effective business case and empower your team with the right technology for success. Key takeaways: 📊 How to justify the need, backed by data 💰 How to quantify the benefits of CMS 🎯 How to show alignment with broader business goals 💼 How to prepare for stakeholder objections REGISTER TODAY ➡ https://lnkd.in/g8qsTjdT #InHouseCounsel #Contracts #LegalTech #ContractManagement #LegalInnovation #Legal #AILegal #AIcontracting #LegalOperations