Teaser: “Imagine this: Your company is getting acquired and the buyers want to know what agreements are inside all of your contracts. How do you figure it out? That’s the problem today’s guest had while working with Backupify.
When he couldn’t find a simple solution, he decided to create one himself.”
Gartner shares, “Our research has shown that the typical legal department causes an additional three days in turnaround time for each contract.” The report also provides guidance for legal teams and application leaders, including the following:
“Over 90% of legal departments report that ROI from automation either met or exceeded their expectations, with 43% saying their ROI had exceeded their expectations.”2
“However, many of the solutions available on the market take months to get up and running, and require extensive configuration and cost. The solutions highlighted in this research have bucked that trend, providing faster, more nimble options that can help companies address these challenges at a much lower price point and complexity level.”
Beau Sylvester, LinkSquares customer and head of Ubreakifix Strategic Initiatives for Asurion, said, “Two years ago, Asurion struggled with document management utilizing more than 25 different locations to store legal documents. After looking at numerous options, we landed on LinkSquares as the best platform for our document management solution. The partnership with LinkSquares has resulted in lowered risk for lost and breached documents, and better efficiency from our staff on search and retrieval of documents using cutting edge technology empowered through LinkSquares. My favorite characteristic of LinkSquares is how intuitive it is for the end user.”
Hundreds of customers trust LinkSquares to provide insights for millions of executed contracts. DraftKings, Fitbit, Asurion and other high-growth customers rely on LinkSquares to not only automate manual contract processes and provide data analytics, but also to help reposition legal teams and departments away from being a time- and resource-intensive cost center. With the AI-powered insights into existing contracts, customers can rely on outside counsel less, potentially saving hundreds of thousands of dollars in legal fees. LinkSquares also eliminates the extra cycles involved in the manual teaching, data entry, upkeep and lengthy onboarding that other contract management solutions require.
“The pressures that legal teams face to quickly determine and mitigate business risks were amplified during the pandemic,” said Vishal Sunak, CEO and co-founder of LinkSquares. “Now, legal teams, sales, procurement and other strategic arms of the organization are involved in contract lifecycle management in a big way, which means they need a central source of truth to communicate and guide future decisions. To us, being a Gartner Cool Vendor validates our commitment to empower business leaders to streamline a labor-intensive process and easily use artificial intelligence to stay agile.”
Details from the report can be found here. For more information about LinkSquares’ AI-powered contract lifecycle management platform, contact email@example.com.
LinkSquares, a Boston-based company that provides an AI-based contract management and analysis platform for corporate legal departments, is today announcing the roll-out later this month of a product that extends its platform to the pre-signature, contract-generation process, to offer enterprises an end-to-end platform for drafting, reviewing and managing contracts.
The company says that the new product, called LinkSquares Finalize, will work seamlessly with its existing post-signature product, which it now calls LinkSquares Analyze, to provide an integrated platform.
LinkSquares Finalize will provide three capabilities, the company says:
Drafting. The product will enable legal teams and sales, HR, procurement, marketing, and other internal departments to create documents with pre-approved language based on contract templates, helping finalize contracts more quickly and reduce risk through the use of standardized language.
Contract review and versioning. The product will allow contract management teams to receive notifications throughout the negotiation process and work autonomously on redlining and negotiations, while also engaging with other departments that may need to contribute.
Approval. The product provides final approval notification, notifying the general counsel, chief legal officer or other department heads who need to provide sign-off on the final contract.
The company says it developed the product in response to feedback from its customers — which include DraftKings, Fitbit and Asurion — that wanted an integrated platform for pre- and post-signature contract management.
“In the race to accelerate contract generation and approvals while using a lean bank of tools and resources, legal teams demanded a solution that could handle both pre-signature activity and post-signature analysis,” Vishal Sunak, LinkSquares CEO and cofounder, said in a statement.
“The new pre-signature capabilities give legal teams one, end-to-end tool that can handle contracts at their inception through execution, which removes silos and improves transparency for a streamlined contracting process across the organization.”
In February, the five-year-old company announced that it had raised $14.5 million in a Series A financing round, bringing its total financing to $21.5 million.
Corporate contract management may be the hottest area in legal technology right now, at least when measured by investment dollars. Just last month, a single day saw investments in four companies totalling $70 million.