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Smart Contracts

This category covers all tools and solutions dealing with contracting, from end-to-end contract lifecycle management (CLM) to contract review, and contract management. All interactions of a company are underpinned by contracts making this one of the most important categories of legal tech. Alongside ERP systems for finance, CRM for marketing / business development teams, Procure to Pay for procurement, and HR management for HR, CLM is the fifth system of records touching all parts of a business.

Contracts

Contract negotiation software is used for pre-execution contract review, helping lawyers with review of third party documents and negotiation. The flow of advanced tools involves the software analyzing a contract and comparing it against models (e.g., playbooks or previously negotiated and approved contracts) to ensure consistency and highlight deviations from the models, and suggesting alternative, consistent contract language. Key players in this market are Lawgeex, Blackboiler, Termscout (recent startup), Scissero.&nbsp;

Contract Negotiation

Contract management is the storage, calendaring and reminder system for contracts. A contract managment system stores and summarizes the contract and creates reminders for time-sensitive dates in the contract. Very mature systems are integrated with external systems: for example a loan agreement may be linked to an accounting system to measure whether or not certain threshholds in the loan agreement are breached. This category is often treated as equivalent to end-to-end CLM systems, but solutions in this category don't include all of the elements of an end-to-end system. 

Contract Management

eSignatures or electronic signatures are a legally binding way to sign electronic documents as opposed to "wet ink" signatures. This category also includes on-line notarization software. Legaltech Hub does not include in this category broader products where one feature of the product is digital execution. Companies in this space include Docusign and Adobe Sign.

eSignatures and Notarization

Contract review software rapidly categorizes executed contracts, and is able to identify and extract clauses and discrete data points from contracts. These applications use machine learning and natural language processing technology to extract pre-defined data points. For example, a user may want summaries of thousands of commercial leases: the software reads the leases and prepares a summary of e.g., the names of tenant and landlord, the property address, the rent, the expiry date, the termination clause etc. If a datapoint is not predefined in the system, users are typically able to train the technology to recognize it, creating their own "models" for extraction. Companies in this category include Kira Systems, Zuva, eBrevia, RAVN Extract, Syntheia, ThoughtRiver, Luminance and others.

Contract Review

Document automation software helps a lawyer draft documents faster and more consistently. There are two types: 1. Q&amp;A based where a user answers a series of questions (e.g., when drafting an employment agreement: name of employee, salary, non-compete yes or no and if yes for how long, place of work etc.) and the system inserts the answers into a template creating a complete document ready for signature. The industry standards for this are Contract Express and Hotdocs. Successful new entrants in the space include Avokka and Clarilis. 2. Clause-based document assembly: by selecting clauses, the user builds a document to their needs. Clausebase and Draftwise are examples.

Document Automation

End-to-end Contract Lifecycle Management (CLM) software helps companies manage their contracting from start to finish: 1) request for a contract, 2) drafting or review, 3) negotiations, 4) approvals 5) execution, 6) storage, 7) data extraction 8) management, 9) reporting, and 10) drafting amendment or renewal. For inclusion in this category LegalTechnologyHub requires a software product to cover at least 6 of these 10 steps. This category has received significant investment since 2018. Companies in this space include ICertis, Coupa, Docusign, Sirion Labs, Agiloft, Evisort, Ironclad, Cobblestone and Legisway.

End-to-end CLM