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How technology will continue to automate the legal industry
With the rising pace of business and work-life integration, the world around us is becoming more complex every day. And there is a constant demand on us to be increasingly productive and efficient. Over the last decade, technology has transformed how legal professionals create value by enabling them to be more creative while automating repeatable tasks better done by machines. And while we can gain incremental improvements from manual process optimizations, the technology helps us achieve exponential efficiency. Impact of Technology in Legal Services The legal industry has been impacted by technology in every aspect, from corporate practice to courtroom proceedings to document management. Attorneys make critical legal decisions but with access to powerful insights driven by data analytics and machine learning. New tools, platforms, and communication innovations have redefined age-old practices. They have reformed high-volume repetitive tasks enabling legal professionals to perform their jobs more efficiently, making services more accessible while simultaneously reducing costs. As a result, legal professionals have become more proficient and more innovative in their work. Some of the shifts brought in by technology are: Faster and comprehensive research: Legal professionals now don’t need to scour millions of pages of books and search engines for their case research. They can choose from various legal databases to carry on their research, check the law, and stay up to date on recent developments and amendments. Simplified case management: Lawyers typically manage multiple cases simultaneously, and there are many complex components in each case. Case management software enables legal professionals to manage their case schedules efficiently by keeping deadlines, managing client information, and organizing documents in a centralized repository. With electronic storage of information, legal professionals can monitor, edit, and access them whenever required. Leveraging data & analytics for risk assessment: There are a lot of data points to analyze for the prediction of a case outcome. With the help of analytics, the data can be compared against historical patterns to assess the risk, predict results and costs. It helps in forming an optimized case strategy. Better contract management: Obtaining the maximum benefit from contracts requires effective management throughout their lifecycle. Contract workflow platforms empower professionals with benefits like contract templates, centralized repositories, e-signatures, AI- reviews, automated alerts, and notifications. These tools provide transparency, efficiency, and streamlined contract management. Efficient collaboration irrespective of geographical barriers: Technology has reduced the necessity to be physically present in the same room to draft contracts, negotiate with stakeholders, discuss the case, and file documents. Legal professionals use cloud storage, e-signatures, e-discovery tools, etc., and it enables them to collaborate effectively with their team and clients across the globe. Improved client satisfaction: Legal technology provides a better user experience for clients, making them more satisfied. All the information is easily accessible to the client, ensuring total transparency. Also, legal professionals and clients now have streamlined interaction through communication and collaboration solutions, saving both time and money. Organizations recognize that adopting legal-tech platforms helps them uncover information that otherwise would have been the sphere of hypothesis. Whether legal professionals are trying to improve their case performance, draft a better contract, gain valuable insights, or maintain better professional relationships. The enhanced efficiency and the automation of routine tasks brought about are positive developments augmenting legal professionals. Future of technology in the legal domain We are observing the next wave of legal technology features more automation, artificial intelligence, remote work, and Web3.0 (blockchain-driven decentralized technologies). AI-based software and analytical tools will help legal teams provide more accurate and targeted advice to their clients. Attorneys are performing due diligence with AI-powered tools. AI tools are helping patent attorneys analyze large patent portfolios. AI is also being used for deciding case strategy and predicting case outcomes. Remote collaborations over multi-stakeholder documents like contracts will become a breeze. We will have intelligent e-contracts that will understand the corporate contract playbook and keep every contract updated. We will have an AI that summarizes the contract risks overall agreements that keeps informing the global team about new alerts, becoming the best 24/7 assistant to the team. Execution and authentication of legal paperwork will become more secure via the tools built on Web 3.0 that will authenticate signatures and legal paperwork for worldwide stakeholders. Some of these technologies are already in use today by small and giant corporations. All these technologies (and more) will become more accessible and inexpensive for anyone to use in the future. Legal services will undergo a permanent shift with technology, improving efficiency and enhancing risk management, allowing legal teams to put their energies into higher-value activities. Embrace the technological advancements Tech-savvy lawyers are embracing the technological shift and harnessing it to their benefit. The legal field has a culture of the client first; therefore, client satisfaction is the prime objective. Technology helps with this objective by providing the ability to offer better and cost-effective solutions. A client feels more comfortable if legal professionals are up to speed on digital developments. The law firms are taking advantage of opportunities brought in by technological enhancements, taking risks, adopting proven technologies, and evolving themselves. They are reinventing their business operating models to meet challenges. Legal professionals are upskilling themselves with tools that are increasing their productivity. It takes time for any industry to catch up with the changing technological landscape, but ultimately, we choose better tools to simplify our lives. Legal Technology has provided enormous value to early adopters and given them unfair competitive advantages. Everyone else is taking notice of this and is eager to follow suit.
9 productivity tips for your legal team.
Life in a legal team is never mundane. Something is always up: a client might bombard you with queries or question how you are handling a legal document that you need to file hours before the deadline or, you may get stuck getting approvals or, cannot locate the contract when it is needed. Even though juggling many tasks at once can be exciting, it can also be very difficult to accomplish them all on time. If you feel overburdened all the time, and cannot seem to achieve your goals, you might want to consider these productivity hacks that will help you and your team increase efficiency many folds. So let us learn these 9 productivity tips! 1. Make to-do lists A to-do list is essential if you're going to stay on top of your workload. Keeping a realistic and feasible to-do list will help you stay organized and help you remember deadlines. Setting a fixed time aside for planning your to-do list is recommended. Otherwise, since there is so much to do, it is easy to waste too much time planning instead of doing it. Focus on only a few critical tasks, and rate them in terms of should, must, and can. Break down your project into accomplishable tasks. Your to-do list should contain short, concrete items that can be accomplished in one day. Most importantly, remember that a to-do list can help you only if you stick to it. 2. Manage time effectively Sometimes during the day, no matter how much we try to focus, we just cannot think clearly, and thus take much more time than we wanted to for completing that task. Typically, this happens to some people after lunch or during busy office hours. The mind is more productive at certain times of the day than at others. This is valuable time, so make sure that you utilize it. Consider scheduling your most difficult or time-consuming tasks during that time of day. Easy tasks that do not require much attention during the day can be scheduled for other times. In this way, you can use the same hours of the day much more efficiently without mental overload. 3. Use Kanban board The only equipment you'll need is a whiteboard, a pen, and post-it notes. Identify each stage in the progression of the case in columns. Put a post-it note next to each case name. The post-its will be moved to the correct columns as the cases progress. The areas where the masses are stuck are those that require focus. A clear representation of your office's caseload process can help you identify and eliminate the bottlenecks that reduce your productivity. Sometimes, it takes a long time to end negotiations and to start the case, or to process fee agreements and expert reports. Kanban board will help you keep track of the case more efficiently. 4. Establish a communication flow and schedule In a legal team, you have to communicate with clients and your colleagues for reviews. To maintain efficiency and productivity, it is necessary to establish clear communication procedures and manage the flow of messages. Setting aside time blocks to respond to emails, messages, and calls will keep distraction to a minimum, and you will be able to focus on the tasks at hand. Blocking multiple periods of 30 minutes each would be a good idea for responding to people. You can clearly define at what point of case you will be communicating with the concerned party or team member. It will save both your and everybody else’s energy. 5. Do not multitask Despite the perception that multitasking is a great way to handle a lot of things at once, research has shown that our brains are far from adept at handling multiple tasks as we might imagine. Several studies indicate that multitasking can reduce productivity by affecting comprehension, attention, and performance levels. As a result, multitasking reduces your accuracy and makes you more likely to make mistakes. Take one task at a time, devote your full attention to it, and then move to another. It will make work more enjoyable and will also allow you to perform better. 6. Learn your tools better It is important to know the hacks of the tools you use on a daily basis so that you can enhance your productivity. If you know how to use them better, your job will get easier and you'll save time as well. Professional office tools are generally included with many time-saving shortcuts. No matter how experienced you are with them, there is a high probability there are some useful features that you have not discovered yet. You can take classes or watch videos on the internet for such tutorials. You can take up courses, read articles or watch videos on the internet for such tutorials. 7. Divide complex tasks into manageable steps Break up your complex assignments, projects, and cases into small actionable tasks. For example, If you have a long, complicated task that you are not eager to get started, especially if you have a lot on your plate, procrastination is easy as there are always reasons to put off the big, tricky assignment at hand. Dividing into smaller tasks will give you better confidence in yourself and also decrease your resistance towards your task. Smaller tasks make it easier to work on a complicated project. Making this your habit could help improve your workflow. 8. Maintain positive work culture Employees who work in an environment with a good culture are more likely to work together, have higher morale, be more productive, and be more likely to stay within the company. As a result, job satisfaction, collaboration, and work performance improve. In addition, a positive work environment reduces psychological pressure on employees. You can read more about do’s and don’ts for creating a healthy environment. Companies can encourage others to create positive work cultures by rewarding those who are contributing. With a positive work environment, the quality of your work will always shine through. 9. Use a contract workflow platform, like InkPaper to streamline the process. Automating the contract management process with a workflow platform makes it easier. InkPaper saves time and effort in the contract workflow from drafting a contract right to reviewing, negotiating, signing, and storing it securely. The cloud-based storage and e-signature functionality of such platforms make contract management easy. InkPaper helps you in decreasing the number of hours spent on e-mailing versions of contracts, waiting for approvals, and collaborating one- by one with people. It allows you to have a centralized storage system where the whole team can collaborate simultaneously and accelerate the whole process. A contract workflow platform directly saves you a great deal of time that you can use to do more profitable tasks. Get started with InkPaper today. Applying these 9 hacks will help you become more efficient and improve your mental health by reducing work stress. Try converting them into your habits and also encourage your team to try these. Remember the 21|90 rule. ‘The 21/90 rule states that it takes 21 days to make a habit and 90 days to make it a permanent lifestyle change.’ A healthy and efficient team always works better and drives greater success.
5 powerful reasons why your legal team needs InkPaper.
Whether you are running a startup, a mid-sized company, or a large corporation, every business deals with multiple contracts such as NDAs, partnership agreements, licensing agreements, SaaS, etc. From the moment a new deal is acquired, the legal counsel or the organization’s legal department initiates a contract workflow. A contract workflow includes multiple stages, such as contract creation, contract reviews, negotiations, signatures, and secure storage. Managing multiple contract workflows simultaneously consumes a lot of legal time and directly affects the organization’s sales cycle. While creating and reviewing multiple contracts is challenging, it can be easily simplified and accelerated by utilizing an efficient contract workflow and e-signature platform like InkPaper. InkPaper streamlines the contract workflow to the execution cycle by simplifying negotiations and providing secure e-signatures. Here are five reasons why legal teams need InkPaper: Streamline contract review In a contract workflow, reviewing and negotiating the contract takes up the most time. Contract negotiations undergo a lot of back and forth using word files via multiple emails. Every word file exchanged is then created into an updated version of the contract. These multiple versions of the contracts are dispersed over the emails, making it difficult for legal teams to manage contracts efficiently. InkPaper simplifies the negotiation process by enabling legal teams to collaborate under a single platform. Legal teams can edit, review, redline, and add comments to the contracts all in a single platform. InkPaper benefits the legal teams to collaborate and review contracts effectively in real-time. Increase visibility Internal teams, such as sales, logistics, IT, finance, etc., often want insights into the contract workflow. Using InkPaper, these internal teams can access and control the contract workflow by getting complete visibility into the process. Team members can see who last edited, reviewed, commented, or signed the contracts and track the status of the contract workflow. Furthermore, InkPaper features a notification bell that enables legal teams to send alerts to the signatory and remind them to sign the contract promptly. With complete visibility to the contract workflow, internal teams can work with each other more efficiently. Increase productivity and business growth According to a recent survey, 41% of legal professionals would like to spend more time on business development but are unable to do so because of heavy workloads. By providing a digital contract workflow and e-signature platform, InkPaper cuts the time wasted on lengthy manual contract reviews. Thus, legal teams can do more work for less amount of time, increasing productivity in the legal department. The time saved can be optimized to get more deals and to execute multiple contracts more quickly. Furthermore, small and mid-size law firms can utilize the time to take on projects which were previously too labor-intensive and unfeasible. Using InkPaper, legal counsels and law firms can focus more on business growth. Enhanced security Multiple contracts of the organizations are stored across the combinations of emails, shared drives, hard disks, filing cabinets, etc. The dispersed location of the contracts makes it difficult to locate them and risks the contract’s security. InkPaper securely stores the contracts on the cloud making them easier to access from anywhere, at any time from any internet-enabled device. The contracts are secured with cloud safety and accessible only to the owners and designated stakeholders. Obtain e-signatures easily Legal contracts often need signatures from multiple parties. Sending contracts via emails and waiting for the signatories to print, sign, scan, and return the signed contracts can cause unwanted delays. InkPaper eliminates these delays by providing reliable and secure e-signature technology that can be accessed by all the parties from anywhere, at any time. With InkPaper, legal teams can obtain e-signatures quickly and streamline the contract workflow to the execution cycle for the organization. Legal teams can thus optimize InkPaper, to review, negotiate and sign contracts faster. With InkPaper, legal professionals can get complete control over the contract workflow and can manage multiple contracts effortlessly. By eliminating the repetitive time-consuming tasks from the legal contract process, InkPaper boosts productivity and empowers law firms and legal counsels to scale more business efficiently.
10 benefits of e-signature in the modern workplace
Getting a handwritten signature copy is cumbersome for people who deal with businesses around the world. Today, almost anything can be done from anywhere, anytime in this digital world. After 2020, remote operations have become even more fundamental. Instead of waiting for your clients to print, sign and email the documents, adopting e-signatures can save you valuable time. E-signature or electronic signature has been legalized by the U.S. government in 2000 under the act of ESIGN and has transformed the traditional way of signing a document. Electronic signatures are not only proven to be cost-effective and time-efficient but are reliable and accessible from anywhere. Email has completely replaced postal mails due to its convenience, efficiency, and cost-effectiveness. The same applies to electronic signatures, which are replacing handwritten signatures and conserving the planet's most valuable resource, trees. Here are 10 benefits through which electronic signature can benefit your business: 1. Cost-effective Getting a physical signature not only costs printing and postal expenses but also wastes a lot of energy in follow ups. On the other hand, an electronic signature can be accessed with a single click, eliminating these costs and saving your team's valuable time. Additionally, e-signatures can also reduce the financial impact of human errors that can arise due to blunders in physically signing a document. Furthermore, using e-signatures also saves storage costs and space by securely storing all confidential information electronically on the cloud. As compared to ink and paper signatures, electronic signatures incur minimal costs. 2. Speeds up contract execution Frequently, an organization has numerous documents to sign from multiple stakeholders. And a lot of costly time is wasted on anxiously waiting for the recipient to sign and resend the document to you. The more time the signing and agreement process takes, the more it will delay the procurement process. An electronic signature platform like InkPaper can eliminate these waiting periods by providing a one-click solution that truly saves time. 3. Lesser risks Paper records can be easily forged or edited without any detection, even after signing documents. And there is also a risk of imitation with handwritten signatures. To overcome these problems, the InkPaper e-signature platform uses blockchain technology that assures high-grade security measures for clients. E-signature documentation includes password protection, unique document link, audit trails, and secure storage. These e-signature tools safeguard the legality of your documents. 4. Increases productivity Electronic signatures save you a lot of time that can be focused on more important assignments. E-signatures allow you to eliminate mundane tasks by automating document flow. With speedy document procurement, your team can target more clients and get more deals. Also, onboarding a new hire takes a significant amount of time which can be reduced by adopting electronic signature solutions. By empowering sales and simplifying operations, e-signatures improve productivity in a workspace. 5. Secures document flow Paper documents are fragile and can be damaged easily. And sometimes, you might send out an urgent contract for signing, and it is sent back with a few signatures missing. With e-signatures, you won’t have to worry about these mistakes. InkPaper e-signature platform has robust algorithms that can track who opened, signed, or approved the document. InkPaper's highly secure cloud platform helps you easily control which third parties can access the relevant contracts with your consent. 6. As legally defensible as wet-ink signatures According to the ESIGN act signed by the U.S. government in 2000, e-signatures enjoy the same legal status as paper signatures. A few Electronic signature solutions include additional security features such as bank-level encryption and biometric authentication to record the identity of the signatory. These assurances increase the integrity and reliability of e-signatures. 7. Increases approval rates Electronic signatures eliminate the monotonous task of emailing and then waiting for your approved documents by digitizing the process. With the one-click signing process and secure storage, organizations can focus on other high-priority tasks. Also, with faster approvals, sales teams won’t have to prolong the closure of deals. This efficiency increases the number of deals, in turn, results in business growth. 8. Convenience for customers Electronic signatures are not only beneficial for organizations but are a convenient tool for clients as well. E-signatures save the clients valuable time, making the solution more desirable. Clients can approve and sign the documents from anywhere at any time using any internet-enabled device. Smart e-signature platforms like InkPaper, also ensures whether the documents are signed appropriately without blank fields before hitting the send button. As client satisfaction is a driving factor in a business's success, e-signatures are an efficient option. 9. Saves office Space Traditionally, documentation meant stacks of papers stored in all corners of the office. Think of all the space you can save by going digital and getting rid of paper documents. You can use this space for better things. Thanks to secure document storage provided by e-signature solutions that records all the e-signatures in a single platform. This reduces the time wasted on finding a relevant document when urgently required. 10. Eco-friendly Along with being costly and time-consuming as compared to e-signatures, wet-ink signatures harm the environment. The world needs to be more environmentally responsible than before, so it is crucial to adopt eco-friendly practices across your company. Adopting an e-signature platform shows to the world that you’re a modern and responsible organization. Electronic signatures can therefore be an efficient replacement for handwritten signatures. One-click signature platforms such as InkPaper can help you sign documents effortlessly. InkPaper is an easy, reliable, and readily available solution that also provides companies and clients with complete visibility into whether an agreement has been signed and approved. By leveraging InkPaper's patent-pending technology, you can focus on growing your business and getting more deals done faster.
5 ways your sales teams can use InkPaper to close more deals faster
Most sales leaders highly anticipate when the deals are moved to the contract stage because getting the contract approved and signed is the most crucial step. Even though sales teams are enthralled on selling and obtaining more deals, approvals of closed deals with contracts are just as important. Any extra time spent on drafting the latest version of contracts, correcting errors, and going back and forth for negotiations can cause a deal to fall through. Additionally, salespeople do not know which legal teams are working on which contracts, their statuses, or whether the contract has been approved by all parties involved. To mitigate these problems, sales teams need efficient and user-friendly contract review software. InkPaper understands your frustration with a slow contract lifecycle. So, InkPaper provides a convenient solution that makes your contract review process faster, more efficient, and easier. InkPaper allows sales teams to close more deals and generate more revenue instead of worrying about contract drafting delays. Here is how InkPaper streamlines the contract review process for sales teams: ● Simplify the contract creation process As soon as the deal moves to the contract stage, the sales rep often asks legal teams to draft it. At this stage, there may be delays if the legal teams are occupied with multiple contracts simultaneously or if they do not have enough information to draft the contract. Also, starting over every time a new deal is made stagnates the entire contract execution process. This delay can be easily resolved with a standard contract template library. By allowing teams to upload the most recent versions of contracts, InkPaper simplifies contract creation for your organizations. Furthermore, these templates are stored in a repository for later use. Contract templates have all the pre-requisite information necessary, so teams only need to fill in party names, start date, end date, payment information, etc. Not just legal teams, but even sales teams can draft contracts easily with this simplification. ● Enhance real-time collaboration among stakeholders Ideally, the contract draft should include various details agreed upon by all parties involved. The contract is then passed on to various internal departments (legal counsel, sales, IT, finance, etc.) to ensure efficiency. Once the internal team approves the contract, it is sent to external teams for further negotiations and agreements. Exchanging multiple contracts through email and manually in the past was not only time-consuming but also risked omitting important contracts. You can overcome these problems with InkPaper. With InkPaper's collaboration tool, multiple teams can collaborate and communicate in real time, saving time spent going back and forth for revisions. Additionally, this interface allows different teams to keep in sync with each other and allows sales teams to have a better insight into the process. ●Negotiate contracts more efficiently and resolve issues faster Besides collaborating with prospects, stakeholders, and external parties, it is equally important to revise the contracts following their negotiations. The problem is that negotiations and contract changes may happen in more than one place, such as in person, via phone, or through emails, etc., and it gets difficult to keep track of all the changes. This issue is effectively resolved by InkPaper, which allows users to review contracts and trace any potential changes. Different parties can redline, comment, edit, and revise contracts using the InkPaper platform. The sales team can keep track of all the changes made and get a better understanding of the contract status. InkPaper's negotiation tool not only resolves problems faster but also makes the process seamless for everyone involved. ● Use e-signature tools to speed up execution Sales teams know how difficult and time-consuming it is to get approval and signatures from all parties involved. Typical contracts require multiple signatures, and they go from one party to another. If each party takes their own time to sign, scan, and mail their copy of the contract, the contract execution gets delayed. InkPaper allows sales teams to obtain the signatures of clients with just a click of a button. InkPaper's e-signature technology ensures maximum security with a unique identifier assigned to each signatory. InkPaper securely stores confidential signed contracts on the cloud using blockchain technology for future audits. As well as being legal in many countries worldwide, electronic signatures provide a reliable and accessible advantage over paper signatures. For sales teams, InkPaper provides complete visibility into who has signed the contract and who hasn't. InkPaper's Notification feature also allows sales teams to notify prospects to sign and approve the contract as soon as possible. Therefore, sales team members obtain e-signatures faster and close more deals. ● Securely store multiple contracts in the cloud Upon the completion of the entire contract review process and execution cycle, you may not think about the contract again until it is required. Additionally, sales teams have difficulty finding the specific contract they need when it is essential. It is estimated that nearly 10% of all contracts are lost forever, causing a loss of revenue for companies. A cloud-based contract review and negotiation system like InkPaper eliminates this risk. The InkPaper platform allows users to store contracts securely on a single platform and access them whenever they need them. Keeping contracts can also be beneficial for sales teams to conduct audit trials in the future. As a result, all sales teams can benefit from incorporating a contract review, negotiation, and e-signature tool like InkPaper. InkPaper solves the age-old problems of drafting contracts, collaborating with multiple teams, revising negotiations, approving contracts, and secure storage. With InkPaper, sales teams have full control over structured contract review. By making contract review easier, InkPaper allows sales teams to close more deals and grow their business.
Fast-track your contract review process from weeks to days with InkPaper
Companies of all sizes, from small firms to large enterprises, are involved with contracts on a regular basis. It is crucial to get sales and make deals, but it is even more crucial to get them approved by all parties concerned in a timely manner. The entire process from drafting to signing and approving the document is a lengthy one. In addition, The World Commerce and Contracting Association estimates that a slow-moving contract costs your company 9% of its revenue each year. InkPaper contract workflow, negotiation, and review platform will not only reduce these costs but will also expedite the process. With InkPaper, a patent-pending technology, the lengthy contract review process is accelerated from weeks to days. 1. Upload contract templates A contract must contain all terms and conditions, clauses, and amendments as required by the stakeholders. It can be time-consuming and prone to error to create a contract from scratch for every new agreement. Having a standard contract template that is legal-approved is beneficial to speed up the contract review process. A contract template includes all the prerequisites that are standard to all contracts. With the standard template, teams only need to insert details, such as the names of the multiple parties, start and end dates, payment information, etc., instead of starting from scratch. The InkPaper platform allows users to upload these standard contract templates into a secure repository that can be easily accessed when required. This benefit simplifies and speeds up the process of drafting contracts. 2. Fix errors easily Once the initial draft is ready, it is exchanged between stakeholders to ensure it is error-free. Generally, these errors and changes are discussed over multiple emails or on phone calls, making it difficult for teams to track what needs to be corrected on the contract. To make it easier to fix these errors, InkPaper allows stakeholders and prospects to redline, comment, edit the high-risk mistakes they find in the contract. The highlighted errors make it easier for teams to collaborate and revise contracts together efficiently. InkPaper also records all the changes made in the contract and gives complete control to the user to track the contract review process. This seamless collaboration on the InkPaper platform saves the team valuable time and effort. 3. Negotiate faster with multiple stakeholders The admissible review of a contract requires collaboration between internal and external teams. A contract draft may require the input of internal teams, including sales, legal, logistics, information technology, etc. Moreover, stakeholders and multilateral parties must also communicate for prominent contract agreements. In the past, the collaborative process used to be conducted primarily through multiple emails and word documents. But now, contract review and negotiation software like InkPaper make real-time collaborations easy by providing an accessible interface. A multitude of parties can come together and negotiate in real-time under one umbrella. The InkPaper collaboration tool helps make contract review easier and faster. 4. Track the review process Often, businesses draft and review multiple contracts simultaneously. All of those are in various stages of procurement, so it becomes difficult to track each individually. Additionally, not being aware of the status of the contract may cause costly delays. InkPaper offers users visibility into their contract review process to overcome these problems. The InkPaper platform records when the contract was last edited, revised, approved, and signed. This feature enables users to keep tabs on the workflow. Furthermore, InkPaper includes a notification bell feature to send alerts to signatories to remind them to sign documents as feasible. User control over these tracks is given solely to the user, who has the ability to delete and save entries at their discretion. This transparency benefits all parties involved and facilitates contract review management for companies. 5. Store contracts securely on the cloud As your company grows multifold, so does the number of contracts. Trying to keep track of contracts and have them easily accessible is very difficult manually. Through blockchain technology and cloud computing, InkPaper enables your business to store contracts easily. After a contract has been drafted and uploaded to the platform, InkPaper securely stores it in the cloud. Additionally, all the reviews, edits, and signatures of the contracts are stored securely for later audit trials. InkPaper provides convenient access to all of your contracts at any time. 6. Sign the contract quickly with e-signature technology Last but not least the most important and effortless step of the process is getting the contract legally signed. In recent times, it has become essential to adopt a technology that is accessible remotely. And businesses dealing with companies worldwide may find obtaining physical signatures inconvenient. InkPaper’s electronic signature technology allows users to sign a document anywhere, at any time. InkPaper stores the signature on blockchain securing confidentiality by providing unique identification to the particular user. You can get the approval of a contract with just a single click by employing InkPaper in your workspace. A lengthy contract review process can be streamlined and accelerated by using InkPaper. The InkPaper platform helps teams to speed up the contract review process by allowing businesses to store standard contract templates, collaborate with multiple parties, as well as provide process visibility, secure storage, and convenient electronic signatures. With InkPaper, you can shorten the contract review process from weeks to days. With InkPaper, businesses facing the challenge of drafting multiple contracts at the same time can have a quick and efficient solution. Your business can scale faster with InkPaper solutions that streamline the review to execution process so that you can focus on getting more deals.
How Startups can speed up contract review using InkPaper!
Launching a new business can present significant business and legal challenges for a small team. A small team must not only design, develop, market, and sell but also deal with legal issues. Startups have many agreements with vendors, clients, and creditors. The contracts are reviewed multiple times to ensure that it meets all the legal requirements. Multiple contract reviews are not only tedious but also require a lot of time from a small team. InkPaper, a contract workflow, negotiation, and e-signature platform, helps startups review and negotiate the terms of the contracts more quickly. Here are some of the major benefits of using inkPaper to speed up contract review for startups: 1. Avoid errors As teams review contracts, they discover multiple errors that need to be amended according to the agreements. Team members can easily redline high-risk errors using InkPaper, which simplifies contract review. Streamlining the negotiation process makes startups more efficient, and the whole contract review process is accelerated with minimal errors. 2. Collaborate with multiple stakeholders Multilateral negotiations are necessary to reach an agreement acceptable to both parties. To ensure that every requirement is met, the process goes back and forth for a long time. By providing a collaborative platform that allows stakeholders to review, edit, and comment on online contract drafts, InkPaper decreases this prolonged time. Each change is recorded by InkPaper to be audited later and the document is stored securely on the cloud. The collaboration tool by InkPaper saves startups valuable time. 3. Secure and convenient Storage Following the execution of agreements by all parties, it is important to store them in a secure folder that can be easily accessed when needed. InkPaper securely stores the records in an electronic repository on the cloud using blockchain technology which provides a reliable audit trail. Startups can access the contracts conveniently at any time, from anywhere, with InkPaper. 4. Easy investor due diligence InkPaper helps you organize and maintain all the valuable information in a contract, including value and obligations. An investor needs to inspect the contracts and documents of a startup before investing in it and valuing it. Therefore, you can use InkPaper to both maintain your records and present them to potential investors and speed up investor due diligence. 5. Convenient e-signing Contracts are often subjected to multiple signatures. Moreover, printing, scanning, and emailing documents take up a lot of time. With InkPaper's blockchain technology, electronic signatures reduce this time-consuming step. InkPaper electronic signatures are not only legal in many countries, but are also reliable and accessible. Through the InkPaper patent-pending technology, a document can be easily signed online from anywhere. Besides startups, your customers will also appreciate electronic signatures. 6.) Onboarding a new hire Startups can manage contracts for multiple employees and freelancers more efficiently by using online contracts on the InkPaper platform. InkPaper allows you to speed up the employee onboarding process by sending all the employee documents online and obtaining signatures quickly and conveniently. In addition, you can access all signed employee documents and contracts conveniently via the InkPaper cloud storage. With InkPaper, a patent-pending technology platform, startups can streamline the process of reviewing contracts. Through this platform, contract reviews and negotiations can be simplified by reducing time-consuming, error-prone, and tedious tasks. InkPaper's cloud-based storage and fast contract review make it a valuable platform for startups. With InkPaper, you'll save time and work on more profitable projects. Get deals closed faster with InkPaper!
Streamline your contracts using InkPaper!
Over the years, we have worked with many small and large-scale companies. We have observed, while sales teams are enthralled upon getting more and faster closure of deals, the contract review process slows them down. We came up with InkPaper to streamline the legal process and make it effortless. InkPaper is a convenient tool that helps organizations speed up their legal process through services such as contract reviews, team collaborations, negotiations management, electronic signatures, and plenty more. Here are key benefits of InkPaper that will help streamline your contracts: 1. Speed up the contract review process The initial step in contract management is contract drafting and reviewing. Both of these processes are crucial yet time-consuming. The legal team has to go back and forth to review the contracts and ensure whether it is framed properly. This process can be brutal for senior lawyers who have to point out numerous mistakes manually. InkPaper can make your work easy by streamlining your contract review process for you. InkPaper provides workflow tools that help upload your contract to the cloud, collaborate online with your colleagues without the need for repetitive emails, and quickly eliminate the issues within your contract. A seamless and time-efficient contract process results in quicker closure of deals. With InkPaper, business teams focus on getting more deals without worrying about contract delays. 2. Collaborate with remote stakeholders Once the contract is drafted, it is necessary to discuss negotiations that are acceptable for both parties. A typical negotiation includes various subjects like pricing, terms and conditions, rights and obligations, warranty provisions, terminations, and renewals. InkPaper makes this easier for you by providing a tool through which your team and remote stakeholders can contribute and negotiate on any matter. This collaboration and transparency build a trustworthy relationship between your organization and clients. InkPaper makes contract drafting easier and faster, resulting in business agility. 3. Get rid of multiple word files and emails for one contract While going through the tedious process of reviewing contracts, multiple word files and emails of the same contract are exchanged between the stakeholders. Manually keeping track of the latest version of the contract and managing changes is error-prone and wastes expensive legal time. InkPaper saves you the trouble by managing the latest version of the contract on the cloud for easy access by all the stakeholders. 4. Get process visibility Contract procurement is a lengthy process that involves countless steps. While lawyers put utmost attention in drafting the contract, it is easy to overlook some crucial points. InkPaper provides process visibility that not only enables you to view the process. But also allows you to edit, sign, and share documents by getting access to workflows. With InkPaper, you can track a contract’s progress, get notified when vendors sign the documents, and reminders when someone hasn’t. Process visibility serves one more benefit of building trust with new clients who want to view significant changes in the contact process. 5. Store documents securely The next crucial step is to make sure the documents are stored securely. InkPaper simplifies record management for you by keeping them in an electronic repository. This ensures your documents are not only secure but are easily accessible whenever required. 6. Audit contract changes Auditing contract changes regularly is the best way to optimize your team’s capacity for contract procurement. The more your team can manage contracts without errors, the faster your organization can grow. InkPaper creates a database that includes the history of every change made in a contract right when a document is uploaded to the system. This directory ensures every change is recorded, disabling the removal of the data. 7. Sign it up quickly with easy and secure e-signature technology Signing the contract after the final approval is a trouble-free process. However, handwritten signatures make it difficult for organizations that deal with businesses across the globe. Emailing, printing, scanning, and signing the documents delays the contract procurement process. E-signatures by InkPaper simplifies this by providing a one-click solution. InkPaper e-signatures are not only legal in many countries but are also fully reliable and accessible from anywhere at any time. InkPaper uses blockchain technology that ensures the confidentiality of the document. InkPaper safeguards the legality, indispensability, and imitability of documents. Hence this enables organizations to get quicker agreements resulting in a faster-growing business. Conclusion InkPaper is a contract review and negotiation platform that eliminates many time-consuming, error-prone, and tiresome processes from your contract review to the execution cycle. InkPaper provides solutions to startups, mid-size organizations, law firms, and large enterprises. Using InkPaper can benefit you by streamlining your contract review processes which saves valuable time, close deals faster and boost revenue.
Why should law firms invest in Legal Tech?
Introduction to Legal Technology Technology is not new to the Legal industry. Law firms have been using technology for documentation for over a decade now. However, with the global pandemic, it has become more prevalent. Legal technology, also called LawTech and LegalTech, refers to using software and technology to accomplish legal services. Traditionally, technology was used by individual lawyers, mid-size law firms, and large-scale businesses for documentation and emailing only. Nowadays, Legal Tech integrates document storage and legal databases with artificial intelligence, cloud computing, and machine learning to assist lawyers with documentation, management, storage, automation, E-signature, and analytics. Lawyers around the globe are adopting the new technology because Legal Tech has proven to be time-efficient with a negligible amount of errors. It is estimated by McKinsey Global Institute that 23% of work accomplished by lawyers can be automated by existing technology. Legal Tech is no longer an alternative, it is here to stay and expand with time. Key benefits of Legal Technology for organizations Here are the most significant benefits an innovation is bringing to traditional law firms and companies worldwide. 1. Automation: Most of the tasks in a legal organization are performed manually. And often, the work is repetitive and tedious. With the use of correct software, these manual or routine tasks can be automated. Legal automation can help lawyers focus on high-priority tasks by taking care of low-value process work. Automation in the legal industry can be used in document reviews, contract automation, bill management, risk management, and automated workflows. Automation with cloud computing and AI will ease the burden of lawyers. 2. Improved research: Staying up-to-date with the latest trends and progresses of the legal world is very important. Traditionally legal experts used to rely on printed documents as a reference tool. Legal Technology now uses cloud computing to show real-time data without the fuss of documentation. Research tools customized for law firms can ease the time-consuming process and store critical research data. 3. Fewer risks: Employee negligence, misinterpretation of facts, and misjudgments can be minimized by adapting Legal Technology. Self-aware technology capable of analyzing the situation from different angles is used to reduce the risk of financial and reputation damage is an emerging trend. Through machine-learning-based tools, technology helps human experts make the right decisions with utmost precision. 4. Optimised Resource Management: The monotonous and low process work can take up crucial time for law firm employees. And mostly the paperwork and other routine tasks are given to junior lawyers. With the help of Legal technology, every employee in the organization can work efficiently on essential tasks. Technology management and automation can handle routine tasks, letting the junior lawyers focus on learning the craft faster and contribute more to the team in a shorter time. 5. Transparency: There are many areas where transparency drives and protects businesses. Let's take an example of: A new client- A new client is not sure of your legal organization. The first step of a client relationship is establishing trust and transparency. With technology management solutions, it is possible to create an overview procedure transparent for both lawyers and clients. This helps establish a trustworthy relationship faster. Contract renewals- Technology can provide timely alerts of contract renewals and violations. This safeguards everyone from unnecessary fines, penalties, or fraud due to contract violations. Legal playbook implementation- Manually implementing such a playbook is tedious, and it is time-consuming to see what might be missed out. And modern technology solves this problem with the click of a button. And it is the tedious job that just got solved forever - who doesn’t want that. 6. Better convenience for customers: Mobile applications and software solutions have helped in creating customer-friendly tools for the entire world. Legal tech is no different. New-age legal tech tools are very convenient and effective in getting real-time updates for clients. Business and legal users are getting more and more hooked to the convenience of using legal tech. E-signatures are one of the prime examples that provide utmost convenience in Legal tech. Legal teams don’t have to chase signatories with documents and printouts. Even external clients can approve contracts from anywhere using mobile devices within minutes of you sending the contract. 7. Technological edge over competitors: Legal organizations have tough competition. While some follow the traditional path, those who are turning into innovative law firms are prospering more by getting more customers and reinforcing the trust of the existing ones. If you want to stay on top, it is now more than necessary to adapt legal technology. The future of Legal Technology At present, we have observed exponential growth of technology in all sectors. So far, legal technology has been utilized to support lawyers and law firms with routine tasks such as documentation, accounting, billing, contract reviews, e-signatures, contract renewals, and contract management. In the future, we can imagine lawyers developing systems that will solve clients’ problems. Whom we refer to as lawyers today will be called legal knowledge engineers, legal risk managers, technology experts, system developers, and more. In the coming decade, it is beneficial for legal teams to learn the essential skills and work alongside technology to be at the top of the trade. The legal industry is still undergoing the digitization that other industries have already gone through. Many legal innovations are underway and legal tech will continue to boom in the coming months and years. About InkPaper: InkPaper speeds up your contract review process. With InkPaper, you can collaborate and negotiate with multiple stakeholders under the same platform. Powered by blockchain, InkPaper patent-pending technology offers secure storage and contract review tracking. InkPaper also provides an electronic signature solution that is acceptable in many countries worldwide and is accessible from anywhere in the world, at any time. Use InkPaper to close deals faster and boost your business.
InkPaper.ai - For remote global teams
Most of the online legal papers signing solutions provide secure electronic signatures, it is entirely different from the digital signatures. An electronic signature is ideally a scanned image of a handwritten signature, but a digital signature uses mathematical algorithms to prove the authenticity. All such document signing platforms allow its users to sign documents securely and also provide cloud storage for the signed documents. Blockchain technology can enter the document signing industry by creating timestamps and allowing multiple signatures. By using private keys between the recipient and the signer - documents can be managed securely by approved parties. Why Blockchain for Document Signing? Blockchain technology allows the linking of a group of records referred to as blocks into a chain. This chain is protected and encrypted against tampering. Blockchain uses the concept of hash which acts as a fingerprint for every block. Each time a block is added to the chain, a corresponding hash gets generated for it. Tampering with any of the already created blocks would cause the hash address to get changed. A hash is calculated for the original version of the PDF file, doc or Docx file and the value already stored in the blockchain. The authorized party can verify their copy of the document is legitimate by matching their version’s hash with that of the original version’s hash stored in the blockchain. When there is a requirement of multiple copies with different signatures, all the parties can use the blockchain document signing platform to view the timestamps associated with the document. Blockchain can save an accurate timestamp and the identity of the person who signed the document. So, it becomes possible for multiple parties to sign a document through a legally and secure binding process. Document Signing with InkPaper InkPaper is a customized solution based on blockchain, that allows the users to upload the document they want to get signed, select the recipients, sign and send the document. Once the prime document is signed by all signatories, all participants get the signed documents via email. Users in the network can ensure that the documents have not been tampered with by uploading the signed documents. InkPaper has features wherein it compares the content of the uploaded signed document with the document saved originally on blockchain to validate the documents. No matter where you are located or with who you are dealing, one of the advantages of using InkPaper is that you don’t need to meet physically to sign and close a deal. Benefits of InkPaper Works with PDFs, Excel, Word, Outlook and other content apps you already use Makes signing easy InkPaper works with your existing content and workflow management applications Keeps your sensitive documents inside your IT domain Provides you with complete control over its implementation Complies with the regulations that are relevant to your organization Enables anyone to validate the signature, even without access to the system Provides the ability to sign via the internet Offers the option to self-host the system Provides cost-effective IT management