“We want to draft quicker, improve the quality and consistency, and reduce costs.”
– Martin O’Donoghue, Partner at Kerman & Co.
Kerman & Co, a London-based law firm with an international presence, serves a client base that includes many small and mid-sized publicly listed companies.
The speed of reversal and cost-effectiveness are key differentiators that they offer to clients. Providing responsive services has led the firm to explore more about automation. The firm started with basic automation and gradually expanded to confidential agreements too.
Document automation has proved so successful and innate at the same time. Before digging further, let’s discuss what document automation is?
Documentation automation is a process to automate the repetitive cycle of building a document from scratch every time you need a new contract. Because uses the already existing templates- including contracts, leases, licenses- to generate automated templates.
To retain competitiveness and cost-effectiveness, law firms need to find ways to reduce repetitiveness and improve efficiency. One of the most common ways to accomplish these goals is to acquire litigation support services, even for utilizing document automation.
Key Benefits of Automation in Document Preparation
Improved Efficiency & Standardization
Meticulous drafting of employment contracts, NDAs, or other documents from scratch is long gone. With this, you can create a wide range of legal documents in a fraction of time.
Reduced Risks
While copying or pasting a new document together, there could be the possibility of omissions. It eliminates these likelihood slip-ups, producing accurate and well-defined contracts.
Faster Turnaround Times
Speed in contract delivery is something clients expect and demand. Being able to produce customized legal documents faster improves client satisfaction and retention.
Reduced Costs
Document automation lessens the time it takes to create documents; lawyers get more time to work on other core matters. And it helps law firms increase overall productivity, profitability besides cost reduction.
Improved Client Relationships
In most cases, tech-savvy clients have several expectations and demands; document automation can help law firms fulfill those expectations.
“The more we use it, the more our lawyers come up with even better ways of using it.”
-David Halliwell, Pinsent Masons
According to a survey report by Legal Support Network, shared purchase agreements are the most automated documents of all. Majorly, the corporate sector is using the documentation of all times.
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Key Points in Implementing Document Automation
Implementation of document automation solutions is no different. However, successful implementation is essential to experience a positive difference. Document automation is a collaborative effort involving several key stakeholders from the business and the solution supplier. Moreover, it helps you better understand the steps you need to take and who are the key players to achieve the project’s milestones.
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But the rapid changes in contract automation mean a positive shift in the mindset of lawyers. Hence, law firms need to focus on all these aspects to successfully transition to automation.
Conclusion
This concludes that document automation is an easy way to create complex legal documents. It drastically reduces the effort, time, and costs involved in drafting. Legal document automation becomes a crucial tool for every law firm, no matter its size. To keep up to date with document review, legal document drafting/management, and much more, make sure you visit us at Legal Support World or send us your queries at info@legalsupportworld.com.
