Apr 9, 2020
Automate contract management in legal units with Taraxa.
Workflow challenges in corporate legal departments
Whether it is consulting or in-house, legal processes — a field where virtually every move and document need to be carefully tracked — are ripe for workflow optimization. From the inefficiencies of data management systems to heavy reliance on hard copies, these concerns are amplified by regulatory and compliance requirements. Here are some broader challenges surfaced in recent industry reports:
- The complexity of shared network drives and intranets;
- Difficulty in records retention, disposition, and governance;
- Delays in communication when finalizing contracts and term sheets;
While solutions for optimizing legal records management are scarce and reluctantly used in business, the major concern often cited by managing partners and legal executives is the abundance of bottlenecks when keeping track of archives and files that the existing file management system can’t handle. Hence significant expenses on constant paper backup and admin support, which still don’t cover the hazards of data leaks.
In this blog, we will offer clues on how automated data collection and auditing can significantly boost coordination and compliance in legal units.
Speed up contract execution with a seamless record tracker.
To get us started, we need to be confident about the complete accuracy and accessibility of files to all the parties and affiliates. Taraxa offers seamless integrations into your mailbox to simplify document vetting and contract management. Think of it as an invisible facilitator of the contract reviews that collects and audits sign-offs and rejections on critical contracts and other legally-binding documents. Here’s what you get:
Streamlined contract management and version control:
- Enjoy the automated sign-off process for contract vetting;
- Keep track of the latest document versions and revisions;
- Get updates on the latest contract amendments to your mailbox or another messenger of your choice;
- Notify the signees when a new e-signature is required;
- Track e-Signatures in the project status timeline.
Seamless and confident record retention:
- Maintain a clear tamper-proof chain of custody for idea ownership — patents, trademarks, and copyrights;
- Dispose of sensitive content and client files in compliance with GDPR and other industry-specific provisions;
- Group records into comprehensive categories;
- Locate and quickly access critical records at all times with a powerful search tool.
Enhanced internal and external communication:
- Seamlessly add new counterparties/signees with in-app integrations with popular collaboration and specialized software (Gmail, Linkedin, Slack, LexisNexis, etc.);
- Get links and QR-codes right your mailbox for easy sharing.
Credible audits with blockchain as a source of authority:
- View comprehensive audit reports to see who created, edited, or viewed a file.
- Mitigate disputes arising from billing financial reports with an immutable audit log.
The result? Now you can easily coordinate all the steps in executing contracts and finalizing complex transactions between the multiple contract counterparties.
