Legal DOCUMENT Automation
CONTRACT GENERATION
Free up time for the legal team by automating standard, low risk documents.
The Challenges
Manual legal contract generation of critical documents like contracts, letters and reports, can become a bottleneck for progressing business deals. Document templates can be time-consuming to find and outdated – one that doesn’t accurately reflect the current position of the business or is not on brand. Business users will often turn to emails and phone calls to get a ‘quick response’ from the legal team. The legal team responds, but with the same questions each time: “Who is requesting this?”, “What is the purpose?”. Considering the hundreds of documents requested from the legal team, we realize the number of repetitive and tedious hours spent each year when higher impact work should be prioritized instead. Furthermore, after stakeholders have signed the completed document, finalized contracts may not be centralised in a single repository.
Benefits
Empower the legal team to focus on high value strategic work
Providing an intuitive, self-service tool for business users will minimize the time required by the legal team for contract generation, allowing a re-focus on higher value work.
Faster turnaround time for business users ensures faster deals progression
Empowering business users to self-create compliant documents means the legal team does not block the progress of their work.
Eliminate contract errors and maintain compliance
By using legal contract automation, compliant-by-design standard templates which are on-brand, operational excellence and a consistency in the legal service delivery can be achieved.
Improve maintainability
Through no-code, the solution can be easily modified for any contract content, logic or format changes.
Improve client’s experience
Moving from manual paper-based contracts to e-signature using legal contract automation makes the contract generation process convenient and effortless.
Oversee the contract and e-signature status
Track the contract across the stages of its life-cycle process through the MLS dashboard. Upon signature, documents are automatically directed to the repository of choice.
What’s the Return on Investment?
On average, with MLS, clients save 2 hours* through streamlining the entire end-to-end journey using legal contract automation. By assuming that 1,000 documents are generated per year, 2,000 hours from the legal team can be used to re-focus on higher priority work. This tool can also be used indefinitely as the business grows.
* Dependent on the document size
challenges
HOW DOES MLS ADDRESS IT?
High turn-around time for documents which can slow down business deals. For both business users and the legal team, the manual collection of client data for the contract is time-consuming and repetitive.
High risk of human error from manually creating contracts, and non-compliance if the incorrect, or an outdated template is used.
Manual look up and rekeying of data from multiple sources, such as CRM systems.
Clients experience a tedious and lengthy contract signing process by having to download, sign and re-send their contract.
Horizontal view of the approval and contract status is lost through back-and-forth emails.
Minimal visibility on the finalized document post-signature.
MLS builds in smart, dynamic forms with complex rules and decision-tree logic, including calculations and weighted scoring, empowering business users to self-serve without requiring input from the legal team.
These documents are automatically customized and can feature:
1. Conditional clauses – only the relevant clauses are inserted into the document and numbered automatically.
2. Dynamic tables to structure information in rows and columns that are adjusted automatically to the content.
Contract generation is automated by populating an underlying master template which is compliant by design.
Data required for the documents is automatically retrieved from various systems including Hubspot, Salesforce, and SharePoint through REST API.
Leverage e-signature in MLS to provide an effortless experience for clients and reduce friction and time to execution.
Track the real-time status with MLS dashboards where information such as contract status, e-signature status, and approval timestamps can be displayed.
Generated and signed documents are all stored in MLS and can be sent to store in other document repository systems such as Google Drive, SharePoint, iManage, or NetDocuments.