Guest Blog Contributed by Felix Rackwitz, Lawyer and Managing Director, TPR Legal
The application of AI solutions is becoming commonplace in the legal field. We have seen it being used to analyze thousands of executed contracts, especially when it is essential to extract core information for regulatory, cost containment or revenue enhancement projects. It has also become more prevalent in the contract negotiation or pre-execution phase. However, what comes along with that are several hurdles to efficient use in daily practice, especially concerning third-party contracts in deal negotiation and the overall process and workflow.
Lawyers live in a world of Microsoft® Word which for most of them is the only interface they know: 90% of legal professionals use it every day and 63% of those surveyed consider it to be “crucially important” to their daily work. Thus, a decline in overall efficiency due to the switching back and forth between point solutions of software during the negotiation process is a major and common cost. For example, sending emails with attachments back and forth can result in technical issues like version control and markup, but even more importantly, analyzing the contract received from the third party and benchmarking it against internal standards in order to identify any risk becomes a significant challenge to address, especially if the lawyer has to switch between different applications.
Over the years our experience with our clients has been that they have had significant difficulty in having an up-to-date clause library or a clause playbook, a key tool when dealing with clauses and contract language which deviates from their own standards or acceptable levels. Additionally, it is always a challenge to keep track of what is still effective, which clauses are to be used or need to be replaced.
These challenges are being met by a “game-changing”, solution, Seal Now™ from Seal Software. As a single-source solution through Microsoft® Word integration and technology-assisted review (TAR) capabilities, it will help to transform the legal function in the negotiation of third-party contracts and give an edge over competitors by:
- Implementing AI into daily working processes
- Delivering high user acceptance through a familiar interface
- Reducing the effort necessary for review
- Increase standardization of the review outcomes against internal policies
Seal Now™ takes the internal process of review to the next level. It can detect discrepancies, missing clauses and highlight differences between the contract elements and their annexes. This enables effective clause comparison and real-time risk scoring based on a self-defined dynamic risk model. One of the greatest advantages of Seal Now™ is that it leverages an already available configuration in Seal. As a complement to our German NDA Accelerator, over 50 German language topics (ranging from Confidentiality and Indemnification to Governing Law and Intellectual Property) are provided to clients within the familiar Microsoft® Word environment.
We at TPR Legal are very much looking forward to establishing Seal Now™ jointly with Seal Software in the German market by holding a first webinar (in the German language) on January 16, 2020, followed by several follow-on seminars.
It is a game-changer for productivity and efficiency, and we would love to show you how it works. Join our January webinar or schedule a demo in 2020 to check it out!
TPR Legal is a hybrid of a classic law firm and an IT/ consulting company and is a solution provider of a new kind in the legal market. TPR stands for highly efficient processing of standardized activities in transactions, large court, and mass proceedings. As a consulting firm, we support legal departments and law firms in the development and implementation of legal operations. TPR combines many years of management expertise in Professional Services Firms with extensive practical experience in the legal market. We optimize processes, reduce complexity and provide technology-supported solutions.
Together with our technology partner Seal Software, we are advancing the industrialization of the legal market. Processes are optimized, content standardized, digitalized via apps and, if required, supported by our Managed Service Team. A path we have been successfully following since 2014.
TPR Legal announced a partnership with Seal Software in April 2019.