Transactional attorneys primarily counsel individuals and organizations on issues related to business dealings, real estate, and compliance. There is a huge variety and complexity to the transactional side of the practice of law, along with a sometimes-mind-numbing quantity of documents to review. The ten companies highlighted on this list are finding innovative ways to help firm attorneys, solos, and in-house corporate counsel find better, more efficient ways of practicing law.
Using a combination of machine learning and natural language processing technology, eBrevia is changing the way the legal industry reviews its contracts.
Developed in partnership with Columbia University, the eBrevia artificial intelligence is unprecedented in its ability to automate contract review.
The software learns as it goes, so it can be trained to extract custom data from contracts according to a specific industry or company need.
If you’ve ever experienced the tedious process of creating the same document over and over again for different clients, you’ll understand exactly why Docasaurus was founded.
It makes automating documents a snap for corporate attorneys, freeing them up for the high-value work they actually enjoy doing.
Attorneys can upload their own form documents, created from scratch, and Docasaurus will transform them into templates that can be used over and over again across different matters and different clients. Now corporate attorneys can spend seconds, not hours, generating client-specific documents.
This Toronto-based company was founded in 2015 to provide a centralized management platform for transactional legal work.
The Closing Folders software catalogs different versions of the same contract, checking the basics – such as noting missing signatures – so that attorneys don’t have to.
In even the most complex legal transactions involving multiple entities, contracts, documents, and due diligence requirements, Closing Folders manages to streamline processes and create a more efficient digital workspace. Consider your closings practically automated.
Litigation attorneys will always complain that practice management software is geared to favor transactional work, and transactional attorneys will always say it favors litigators.
Perhaps that’s why we are now seeing so many split-side practice management software companies, and Doxly has quickly made a name for itself by being selected as a showcased startup at the American Bar Association TECHSHOW Startup Alley Competition.
Despite being merely a year old, its transaction-focused platform is receiving rave reviews for seamless signature management, complex project management capabilities, and data organization.
Founded in 2014, EasyNDA is not a comprehensive automated document creator like many other companies and platforms on this list.
Instead, EasyNDA picks one thing to do well and then knocks it out of the park. As the name suggests, their niche area is making non-disclosure agreements (NDAs) as painless as possible to execute.
With eSignature verification built in, a document manager, and a team manager, EasyNDA promises to keep your sensitive information protected throughout the process.
Document review from LegalSifter is available anytime and takes just a few minutes.
Simply upload your document, and the LegalSifter team on the other side will read it, apply feedback, and send it back.
This type of a la carte transactional service is catching on – quickly – with in-house legal departments, small law firms, and solos. Traditionally, it has been hard for attorneys working alone and in small firms to find that “second pair of eyes” that big firm attorneys take advantage of by simply walking down the hall. Now that second review is available to everyone through LegalSifter.
Axiom believes that the line between in-house legal work and outside legal work is blurring and evolving.
Axiom is not a law firm, but it does fulfill some of the functions typically ascribed to outside law firms, including short-term contract lawyers and due diligence support services.
In essence, Axiom aims to offer in-house legal departments a more flexible and economical alternative to engaging outside counsel. And it must be doing something right, since according to the company approximately half of Fortune 100 companies have used Axiom to facilitate the needs of their in-house legal departments.
It has a funny name, but serious results. Attorneys use jEugene to quickly review complex legal documents, including leases, business contracts, and more.
By uploading a document into jEugene, it spots true substantive issues and potential problems and flags them for human review.
For example, jEugene can catch that a defined word is used within the document spelled slightly differently, or spelled only partially, and bring it to the attention of the user. Documents are reviewed more efficiently, and in less time, than it takes a human working alone.
The tagline for Beagle says it all: “We sniff out the fine print so you don’t have to.” This innovative startup is disrupting the way transactional attorneys review contracts, by using an AI-assisted technology known as Technology Assisted Narrative Review, or TANR.
Beagle is a self-learning program that incorporates feedback on finding errors and discrepancies within contracts and compliance documents. It can be custom-trained to look for specific elements and errors, and do so with an error rate that is much less than the average for human review.
Not only is Beagle more thorough, but it’s also more efficient. Within mere minutes, Beagle can review documents that would take hours or days for a person to read through carefully.
LawPay credit card processing is owned and run by AffiniPay, LLC, which is a prominent payment processor solution provider for professionals (now try saving that five times fast).
Although not specific only to transactional work, LawPay deserves a spot on our list because of its growth and impact. You might not think of credit card processing services as being very disruptive to the industry, but manageable and flexible credit card processing is essential to small firms and solo attorneys.
And with the complicated issues surrounding accounting requirements for client trust accounts, LawPay has consistently shown itself to be one of the few trust account-compliant solutions out there for attorneys. Its user-friendly website undergoes regular updates, and adds new features aimed at making getting paid a little less painful.