Summer Victories and Fall Lessons: Accelerating Contract Review
I vividly remember my summer vacations in Italy when I was younger. While I waited anxiously for August 15th, the Ferragosto holiday, for the traditional midnight swim in the Mediterranean Sea, fireworks and picnic on the beach, I also knew this date marked the conclusion of my summer vacation. It was time to head home to the US and say farewell to Italian relatives as I nervously anticipated my first day back to school. Fall, winter and spring seasons passed slowly before my feet could hit the rocks and sand on the Calabria beaches. Traditionally, Ferragosto, or in Latin, Feriae Augusti, is a religious holiday celebrated by the Catholic Church. However, this holiday likely dates back to Emperor Augustus in 18 B.C., when the first Feriae Augusti was planned to celebrate the military victory.
At Seal Software, we achieved several victories this summer, and I am certain that Emperor Augustus would be proud of our team. Seal unveiled its global partnership with DocuSign, $30m round of growth capital funding from Toba Capital, acquisition of our key partner, Apogee Legal, and Seal was named 2018 “Hot Vendor” in Document and Contract Analytics. As we transition focus from summer vacations to resume our normal business activities, even as adults, we naturally have that first day of school feeling inside of us seeking a new sense of purpose, planning strategic goals and willingness to learn. At Seal, I am a member of the Customer Success team who helps our clients adopt the Seal platform in a broader manner across their organizations by prioritizing use cases with the most potential for savings, risk reduction and revenue enhancement.
Over the summer, I reminisced on days when I was entrenched in the e-discovery and managed review technology world as a sales and account management professional. Accelerating document review was a priority and we took the following approach:
- Enhanced linear document review solutions by visually clustering key concepts in documents
- Utilized predictive coding workflows to eliminate documents from review populations
Companies facing aggressive timelines in legal and regulatory matters quickly deployed these methodologies along with custom workflows and sophisticated analytics and reporting, as they retired slower, manual processes.
Today at Seal, accelerating the review of contracts has taken on a whole new meaning! While contract reviewers typically spend hours reviewing one lengthy contract, Seal has absolutely sped up that process. And what adds to the overall complexity is that contracts have more than doubled and tripled in size due our current business landscape, complexity of business arrangements and legal risks as defined in regulations like Sarbanes-Oxley Act, FCPA, cybersecurity, data privacy, IFRS 16, and GDPR. For example, during due diligence and post-merger integration phases, companies face limited timelines to review contracts to uncover risks, exposures and liabilities. With Seal, review time is substantially reduced because it extracts critical data buried in your contracts and quickly publishes it for analysis. Complete visibility into your contracts allows you to quickly find key terms and provisions related to change of control and assignment, renewal and cancellation rights, exclusivity, and renegotiation dates, to list a few focuses within M&A transactions.
I challenge you to learn about this new way to accelerate document review with Seal so you know what’s in your contracts and are able to leverage insights to make better business decision. Start off your school year with the goal of joining Seal Insight 2018 events in New York, Palo Alto or London to explore use cases, meet our clients and partners and learn from our customer success team. Our Seal family is anxiously waiting to celebrate our summer victories with you this year; see you there!