Implementing Legal Technology Solutions for Maximum ROI

Legal departments will automate over 50% of their work by the end of the year, according to Gartner’s predictions. While there’s no doubt that legal technology solutions can offer many competitive advantages for teams that are pressured to do more with less, there is some confusion over where in the contracting process they can fit in to help businesses drive the most value. Let’s clear that up by taking a look at the different types of legal technology solutions, where in the contracting process they can maximize ROI, and why contract review and negotiation solutions offer the greatest value.

What are the Different Types of Legal Technology Solutions?

“Legal tech” is a very broad blanket term that encompasses:

• Searchable (often cloud-based) storage repositories
  
  
• Drafting software that includes templates, checklists, and clause libraries
  
  
• Artificial intelligence (AI) that can streamline data management and eliminate repetitive tasks
  
  
• Cybersecurity tools to bolster security and encrypt file transfer data
  
  
• Workflow automation and auto-reminders that increase transparency and productivity
  
  
• E-signature tools to expedite final approvals
  
  
• Contract review, redlining, and negotiation platforms to increase efficiency

Each type of solution can help legal teams overcome various pain points of inefficient contract management. But many departments haven’t adopted them yet simply because they don’t understand the benefits of doing so or where in the contracting process to implement them.

Where Legal Technology Solutions Can Help Maximize ROI

While all of these tools are nice to have, contract review and negotiation solutions in particular offer the greatest potential time and cost savings. They can perform lawyer-quality work in a fraction of the time it takes an actual law professional. With weeks’ worth of routine work eliminated, businesses free up their top talent’s time to focus on duties that add significantly more value to the organization, like strategic positioning and building relationships with clients. This type of work is also more interesting and rewarding to employees who are often saddled with menial tasks and turning over at record-high rates. As new employees come in, contract review technology bolsters training processes by acclimating them to the company’s standardized negotiation positions, clauses, and best practices.

Implementing Legal Tech Today

When choosing an automated contract review and negotiation solution for your business, quality matters. And LexCheck provides the strongest support for contract review and negotiation. While some legal technology solutions cover many bases at once, they fall short of providing robust results that businesses need to keep operations running smoothly. 

Through the creation of an AI Digital Playbook, LexCheck can fully review and redline a contract draft in less than five minutes. Its advanced machine learning capabilities produce lawyer-quality risk analysis and context-based guidance with changes automated or implemented at the click of a button. A low-touch, high-impact solution, document intake is as simple as sending an email—making it one of the easiest legal technology solutions on the market to use and integrate.

Corporate legal departments using LexCheck have been able to cut training costs by 99%, reduce time spent on review processes by 90%, and decrease total time to execution by more than a third. Whereas most legal tech merely organizes, LexCheck optimizes.

Here’s what others are saying about LexCheck—one of the top legal technology solutions for contract review and negotiation:

“LexCheck eliminated an entire step of the process, reducing what took hours to a matter of minutes while also increasing the quality and efficiency of work.”

                      - Connie Brenton, Senior Director of Legal Ops for NetApp

“We were able to take a surgical approach using LexCheck, getting very granular. They turned around a nice product for us. It provided a very measurable result and a great ROI.”

                      - Frank Odlum, Senior Director for the National Office of Risk Management

“We can breathe now. We have more time to focus on negotiations, which also reduces the back-and-forth between us and the clients. The new turnaround time is just unbelievably amazing.”

                      - Mandy Wilson, Senior Attorney at RPC 

With a myriad of legal tech solutions available, due diligence and research are required to choose one that aligns with your business goals. But if you need an automated contract review and negotiation solution that can accelerate workflows and help your team focus on more value-adding work, LexCheck is here to help.