Oftentimes, a corporate law firm work includes identifying implications for cases from legal precedents or other legal information for a client, preparing documentation of proceedings and other legal documents, significant negotiation and drafting and more. Problem arises when firms have the knowledge and expertise to take on a client but because of the nature of the work they cannot allocate enough resources to compete as they require significant amounts of time. As such, large firms often have the upper hand as they have the resources to ensure they can take on any client that they like without having to worry about sacrificing quality of work to get the job done in a timely manner and still remain profitable. For example, a small sized firm would struggle drafting hundreds of employment contracts meanwhile large firms could handle that workload without much struggle. But the tides have turned for small and medium size firms, now, with the correct legal software, firms of all sizes could compete for a wider range of clients by being more efficient and having more time to work with clients rather than performing repetitive tasks for them. As such, we have prepared a review of some of the exciting software in this space for you.
We have more articles on tackling problems for specific practice areas as well that you can check out here.
Athennian is a cloud based solution for entity management and offers law firms the tools for automating corporate document generation, corporate compliance management, customizable workflows and dynamic reporting.
In Athennian, you can create a profile for each client and enter all relevant information about them. This will include specific details such as shareholder information, directors, by-laws and more general entity details, compliance requirements, filing dates, addresses, registrations and more.
Once a profile is created, lawyers complete tasks for that client, for example issuing shares or some contract work. To complete these tasks, the software automatically generates all related documents for the relevant task using the client information already inserted and templates put in place. Once the documents are generated for a specific task, users can make further changes using the integrated Microsoft Word Document which is integrated with Athennian.
Lawyers can also manage a client's compliance needs by utilizing the compliance tab on their client profile on Athennian. Lawyers can create compliance unique tasks and reminders for each client. For each task, you can select a number of document templates required to complete the task, along with other date requirements and a task description. You can then review all open and completed tasks for each client on their profile to ensure everything is handled in a timely manner. In addition to compliance tasks, lawyers can create workflows unique to each client. The flowcharts are customizable and can be designed for any work being performed for the client regardless of complexity. This could include contract generation, sale and purchase agreements and more.
Athennian allows users to integrate document templates from other document automation platforms to generate ready to sign documents on Athennian’s platform. This allows for an easier transition to Athennian and allows continued development of old templates. Additionally, users can access a list of precise document templates created by professionals at Athennian to automate complex documents.
Strengths
- Integration with Microsoft Word, DocuSign and Google Drive.
- Extensive service options which include on-going training and support, document migration, automated document setup. Athennian also provides paralegal services for clients who wish to hand off administrative tasks.
- User-friendly interface making it easy for users to implement in their practice.
Drawbacks
- Does not offer a free trial.
- Learning and implementing the coding language into document precedents can be challenging to users who are not proficient with coding language used for document precedents.
Arteria is a legal software that takes a unique approach of “data first” and applies artificial intelligence to the drafting, negotiation, and analysis of contracts to assist corporate lawyers specifically with contracting. With Arteria lawyers first start by entering all relevant data regarding a client. Using this data, lawyers can now automatically create first drafts of any documents using hundreds of customizable templates. A unique feature with this tool is that the templates are highly customizable and can include text variant sections that will be included or excluded from a contract based on certain information provided. For example, in the case of employment contracts, if certain circumstances are present (such as if the employee is on a short-term contract), clauses regarding full-time employee benefits will not be generated.
Additionally, Arteria assists lawyers with negotiations by utilizing two tools, which are Arteria Negotiate and Arteria Analyze. Using data related to a client, lawyers can negotiate contracts with the help of playbooks, and previously negotiated terms to allow for efficiency during highly complex negotiations. Further, Arteria Analyze uses artificial intelligence to review contracts to immediately spot which clauses that are negotiated or escalated most commonly. These two features help lawyers with a competitive advantage and as they better understand which clauses to pay special care to in order to advance in the negotiation process effectively.
To ensure lawyers are getting the most benefit out of their documents, a unique feature that Arteria offers is the ability to extract valuable information from legacy contracts and third party papers using advanced AI. By using this feature lawyers can develop their own unique playbooks and highlight valuable insight applicable to future work.
Strengths
- Highly customizable document automation tools.
- Arteria Negotiate and Arteria Analyze provides a unique advantage to lawyers compared to competitors.
Drawbacks
- Limited functionality to contract and negotiation tools. Does not provide a client portal or other compliance tools.
EntityKeeper is Cloud-based software solution for managing complex legal entities and replacing manual and complex processes out of the legal management of entities. This cloud-based system provides control over every aspect of an entity's legal needs from a single source. Lawyers and paralegals first start using EntityKeeper by creating an entity profile for each client. This can be done manually or multiple entities can be imported using a specially coded Microsoft Excel spreadsheet that is provided to users. From there lawyers keep track of every detail associated with each client and can create highly customizable workflows to manage complex client relationships and completed tasks. An additional perk is that lawyers can save as many documents for each entity as needed.
EntityKeeper is also equipped with an organizational chart builder which allows lawyers and paralegals to create a chart as complex as necessary to alleviate pressure from keeping track of administrative and legal tasks that can quickly cause problems for law firms.
Corporate lawyers need to stay on top of compliance and legal for many clients with complex business structures and unique legal needs. EntityKeeper allows users to schedule email alerts on the platform for every compliance or legal task to ensure all work is completed in a timely manner. These reminders are also customizable to be a one-time alert or repeated reminders on a schedule to provide more flexibility.
EntityKeeper’s corporate services allows lawyers to outsource filing, name services (registration, availability), document retrieval and much more all at affordable rates. More information on their corporate services can be found on their website.
Pricing option are affordable starting at $100/month for startup practice, with options available at $200/month & $350/month with additional features like corporate services, email support, custom, fields, advanced user access
Strengths
- Affordable pricing allows users to start using the software at a low cost and scale up their use as they need it.
- Very user friendly interface, making it easy to integrate into a practice
Drawbacks
- The software is not equipped with document automation tools.
You can visit our marketplace here for more information on additional features, pricing options, trials and demos. You can also browse our marketplace for more exciting legal softwares that can change the way you practice law.
