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The complexity involved in managing trusts and estates has given rise to specific technology solutions to support lawyers and trust administrators. As digital assets become a more common feature of estate management, the demand for these types of solutions is growing.

Trusts and Estate Management

Legal point solutions solve narrow but critical problems that frequently occur within specific matter types. Unlike broader solutions, these tools are not meant to address multiple pain-points or to support end-to-end workflows. Instead, they address a single pain-point, such as the need to manage cap tables - which Carta addresses - or to verify claims made in a prospectus document, a need which both Atticus and Scribestar address. In spite of their narrow applicability, point solutions can be valuable investments where the pain-point in question affects a particularly busy or critical practice.

Legal Point Solutions

Prospectus Drafting and Disclosures

Corporate Meeting Management

In particular in venture capital and privaty equity transactions, keeping track of the various different classes of stock and notes is a challenge. Cap table management software helps companies and law firms to keep control of who owns what shares, issued in which round. Investors can see their entire holdings across different portfolio companies. Often times captable management software incorporates some form of equity valution offering (in the US 409A valuation). Companies in the space include Carta and LTSE Equity.

Cap Table Management

In capital markets practices, prior to a debt market offering an auditor will write a comfort letter to the underwriters confirming the financial soundness of the issuer. In order to highlight aspects of the offering documents that require auditing (or "ticking and tying") for the purposes of a comfort letter, the underwriters' counsel will circle all of the numbers in the documents that require ticking and tying. This process is called the circle up, and it is generally a manual time-consuming process as the numbers can be appear in the documents either numerically or alphabetically. Solutions have been developed that introduce automation to the circle-up process by highlighting each number in a prospectus document and guiding attorneys through those numbers in a way that enables them to more rapidly highlight those that require auditing. The leading point solution is SignedOff, though Scribestar is also developing circle up automation capabilities.

Circle Up Automation

Previously, many commercial legal organizations relied on external translation services to help translate critical deal or litigation documents written in a different language, for example in the context of cross-border work. Risk and liability issues arise when lawyers resort to using public translation sites online to translate documents relevant to a privileged legal matter. In addition, these sites are generally unable to translate large numbers of documents at once, or to retain the formatting of the original documents. With the development of advanced AI technology, digital translation solutions have emerged that are able to translate large numbers of complex legal documents into multiple languages with great accuracy, retaining original formatting. Leading vendors in this space include RWS (previously known as SDL) and Veritone. Sometimes digital translation or workflows are combined with human-in-the-loop translation services, which are also covered here.

Digital Translation

When forming private equity, venture, real estate or hedge funds onboarding investors (Limited Partners or LPs) is a time-consuming administrative task. Collecting copies of IDs, tax information, eligibility status as investor, and sharing information with general partners and/or fund administrators is a time consuming inefficient process without a software solution. Repeat LP's have to provide the same information every time they invest in a new fund. Software such as Anduin Transact, PassThrough and Fundformer address these painpoints. Some law firms have built their own solutions based on tools like Bryter and Neota Logic. Some of these internally developed tools go beyond onboarding and also cover side letter drafting and most favored nations clauses. This category only covers the specific solutions built for fundraising rather than generic low code tools.

Fund Formation

An equity valuation is an independent 3rd-party assessment of a company's value. In the US these are called 409A valuations. Carta and LTSE Equity offer these as part of their Cap Table Management offering. Scalar and Shareworks offer specialist services.

Equity Valuation

During the disclosure process in an initial public offering, each material statement made in the prospectus must be referenced back to a verifying source document to ensure its accuracy. This lengthy process is often identified as a practice pain-point. The solutions that have developed to address this pain-point streamline the verification process by identifying and enabling intuitive assignment of material statements, the ability to easily upload documents and to generate instant verification reports. Atticus and Scribestar are category leaders.

Legal Verification