Posted on July 12, 2017
5 Best Players in Contract Drafting
Contract drafting tools can cut hours of time in a legal department. If you have not started using contract drafting automation you may be missing out. For the writing of an initial contract, drafting tools are already well understood, and used by more than half of lawyers, who report a 92% satisfaction level with this relatively basic software which has been around for nearly two decades.
The programs tend to offer questionnaire-style document generation with lawyers able to review and finalize the draft. The software helps legal departments cut hours through creating routine and high-volume contracts.
Here are 5 of the best contract drafting tools relied upon by Legal Departments.
Contract Express allows GCs to accurately automate and update their legal templates. The contracts are generated by filling out web-based forms—also called ”questionnaires.” The software allows lawyers to automate templates inside Microsoft Word by using markups. Seth Weissman VP and GC of SolarCity: “Sales can create a contract at one in the morning, one in the afternoon or on a weekend, whenever they want. You don’t have to go through my department, and we will never slow you down.”
Concord standardizes templates which can be easily created, stored on the cloud, and distributed among team members. This not only saves time but keeps contracts uniform.“Concord is great for solos and teams,” says Mary Redzic who has worked both as a Solo Practitioner and as an in-House Counsel. “You can save templates, and auto populate fields. It’s affordable and really easy to use. They have great cues on how to use their features and they’re really helpful and responsive when you need help.”
HotDocs allows companies to transform frequently used documents and forms into intelligent templates that, in their words, enables “super-fast production of custom documentation.” Clients include HSBC Singapore who use it to generate facility letters for its corporate customers.
MerusCase allows in-house teams to prepare templates, auto populate them, and mail them directly for review.
The Association of Corporate Counsel’s Contract Advisor provides templates and a contract drafting tool, described by one in-house counsel as “really useful for quick drafting.” It requires an ACC membership, but this nevertheless represents a great resource for 30,000 corporate counsel members from all around the world.
Download the full guide now to see the best LegalTech for in-house lawyers today including more tools for contract drafting; contract review; digital signature; contract and matter management; contract due diligence; legal research; eDiscovery; Prediction technology; Intellectual Property; Expertise automation; eBilling; Legal analytics; simple task management; and Communications.
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