How contract review software can save law firms time and money
Traditionally, law firms use a complicated system for contract review. First, a contract to be reviewed passes from the junior lawyers (or legal assistants), who do the first review, to the middle-class lawyers (associates), who do a proofreading and in-depth review. In some cases, a contract then goes to the top or senior lawyers in a law firm. After the review, a summary of the results and reports are written to capture salient information in the contract. This method ensures a thorough review process. However, this method is not sustainable when it comes to efficiency, time, and money.
The success of the modern legal practice is based, first of all, on efficiency. Luckily, technologies have made tasks in every field and across various careers, including the legal profession, easier and more efficient. For law firms, contract review software is the technology that provides effective assistance that boosts the process of contract review and saves time and money. Contract review software ensures effective use of the resources of a law firm during contract review.
With contract review software for legal documents, you can draft and review the contract just in few clicks. There are several contract review software in the market, each with specific features and specifications. The Loio software, for example, is an excellent software for law firms seeking to digitize their contract review process.
So how does the contract review software save time and money?
1. Boosting efficiency
Contract software saves time and money due to its efficiency. The contract to be reviewed is inputted into the software in different categories. These categories include the type of contract, the title, possible agreements, etc. The Artificial intelligence of the software automatically reads the categories, sorts out information, and reviews key information in the document. A summary of the contract is also generated automatically after the review. This automated method saves a lot of time and also makes it possible to review more contracts in a shorter time, in turn generating more money for the law firm.
2. Tracking changes
Contract review software helps to track all the changes in the contract that are made during the process of reviewing. Every minor change can be easily monitored and addressed. What is more, it helps to secure that all the changes that are made do not affect the structure of a document. If there are changes in the law binding that contract, the contract can also be easily modified and reviewed based on the new changes.
3. Reducing errors
Errors that may be missed during the human review are easily picked up by the software. The contract review software is designed to include error identifiers. This helps the software to identify all errors in the contract as fast and thoroughly as possible. This is how small law firms use contract review software like Loio to reduce mistakes and cut costs.
4. Fostering communication
Contract review software fosters communication between lawyers in a law firm and even clients. The Artificial intelligence of the software simultaneously sends the necessary information to the lawyers involved, enabling communication between them. Law firms can also use the software to communicate with clients about the review and actions to be taken regarding the contract. The software can be set to send reminders of deadlines and notifications of changes. A fast and detailed communication ensures that the lawyers do a great job and clients are satisfied.
5. Overcoming a language barrier
Language is not a barrier to contract review software. The software can be programmed to read contracts in any language and translated to the language you understand. The software reviews contracts in foreign languages while analysis and summary of the contracts are translated into as many languages as you want. So law firms can review contracts in different languages and make money from more clients.
6. Securing effective exporting
Exporting reviewed contracts is much easier with the contract review software. A contract reviewed by the software can be exported to other systems using the software. Features including manually inputted comments and highlights stated on the contracts also reflect on other computers whenever one opens a contract.
7. Enhancing storage and research
Contract review software stores details of the review and all needed copies of contracts. All the information can easily be retrieved and used at a later time. In the case of research, the software provides credible data for research. Analysis of data of contracts is done using the software. This entire process saves time and money during the retrieval of stored reviews and research.
The importance of contract review software cannot be overstated. You can set it up to simplify the process of contract review. So, your law firm will save and make money and save time when you use contract review software.
Story by Habib-ur-Rehmani