Benefits of digitalisation
Legal tech helps companies to digitalise paper-based agreements. In particular, legal tech offers the possibility for agreements to be signed electronically. This would however only apply to those agreements where the law does not provide that they have to be in writing in order to be effective. Nevertheless, the use of legal tech can thus make an overall contribution to sustainability.
Please note: All in all, legal tech provides a wide range of possibilities for optimising the drafting and negotiation of contracts as well as for enabling companies to push digitalisation forward and, thus, to make savings in terms of time and costs.
Collaborative working and tracking
Legal tech provides, in particular, a variety of simplifications related to the conclusion, management and also the termination of agreements. For example, legal tech can be used for the collaborative drafting, negotiation, electronic signing and data-driven analysis of legal documents (such as, e.g., employment contracts, target agreements and non-disclosure agreements) and for making such documents available across an organisation. Consequently, legal tech enables, for example, salary structures, target agreements and company cars to be monitored simply and clearly (so-called tracking).
Please note: Furthermore, legal tech users are automatically reminded of durations and notice periods.
Rapid agreement drafting
Through the application of legal tech, personnel and legal departments can use a legal hub (understood as an online legal service area); such a hub consists of automated processes and, moreover, standard forms can be made available for download there. Thus, for example, by answering an easy-to-understand list of questions it would be possible to create, within minutes and in the respective corporate design, a perfectly formatted draft agreement with all the customised contents and variants. Up to now, when agreeing individual parameters with a contractual partner, the big time guzzlers have frequently been the purely administrative activities and inefficient document processing.
Please note: The possibility of being able to negotiate and coordinate agreements between parties, in real time, on an online platform provides an attractive and efficient alternative to the usual process hitherto of sending alternately overly processed Word documents in markup mode and by way of a circulation procedure.
Keeping standard form agreements up to date - and therefore providing greater legal certainty when they are used - is facilitated because individual clauses only have to be adjusted once (e.g., for changes in legislation or the ongoing evolution in case law). Subsequently, through ‘streamlining’, it is possible to automatically optimise all the standard forms with the desired changes.
Recommendation: Legal tech makes intelligent communication via a digital legal hub possible. This enables more efficient work when drafting legal documents and managing them. In particular, it means that it is no longer necessary to enter new clauses and text modules in a variety of individual documents - something which is frequently time-consuming and convoluted.