This weeks' selection from the Lawtomatic Newsletter:
Start-Up PartnerVine + PwC to Sell Automated Legal Contracts
November, Artificial Lawyer
Legal tech start-up PartnerVine has launched an automated legal contract market for corporates, in conjunction with Big Four firm, PwC.
The Swiss venture is the brainchild of Jordan Urstadt, who previously worked as a general counsel and earlier in his career as an associate at White & Case.
The core offering is a marketplace of automated contractual documents covering a wide range of needs a company may have. The first major seller in the marketplace is the Swiss division of PwC, which has created a range of contracts for sale based on the Exari automation platform.
It is expected that lawyers from other firms will also place automated contracts on the market place in the coming months. The automated contract templates appear to be very reasonably priced, with an automated employment agreement for CHF 219 ($223) and an automated NDA for use during M&A priced at CHF 99 ($100).
Urstadt told Artificial Lawyer that he believed this was the best way for legal tech to ‘add value’ to the work of inhouse legal teams, i.e. to make the completion of standard contracts, faster, cheaper and more efficient.
In turn, the benefit for the providers of the contracts, such as PwC, is that they can generate additional revenue, and also perhaps generate additional work from users of the system who then later want more complex advisory input. In effect, this is both an extra revenue stream and a business development device. It’s also, as noted, a means to achieve greater efficiency and cost savings for inhouse legal teams. Read More
(@GTeninbaum) is a professor at Suffolk Law (with additional affiliations at Yale, Harvard, and MIT) focusing on legal innovation, technology, and the changing business of law.
Every day, he digest tons of content on these topics. The goal of Lawtomatic, his newsletter, is to curate the most interesting, valuable, and thought-provoking of these ideas.
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