DocJuris — Why We Invested
One of the most important, and arguably overlooked, business activities is the contract negotiation process. Fortune 500 companies review and negotiate over 250,000 contracts annually. That equates to more than 25,000 hours per company spent redlining, comparing, and tracking contracts with thousands of unproductive hours lost. In-house legal departments are essential stakeholders when it comes to B2B and B2C contracts, however they oftentimes become a bottleneck due to limited capacity and inefficient workflows. This can lead to long closing cycles, additional expenses, and lost revenue. The problem that persists today is one that has existed for decades and has never been solved: the contract review and negotiation process remains the most expensive, complicated, and time-consuming phases of the contract lifecycle.
The inefficiencies occur because the contract negotiation process involves multiple parties, both internally and externally, and repetitive issues arise for each contract. Companies also struggle with version control issues and lost communications as most of this work is currently done through emails, chat and offline word documents.
DocJuris provides a solution to these problems by offering a cloud-first contracting platform that empowers sales, legal, and procurement teams to close deals with speed and accuracy. DocJuris’s core solution is a user-friendly collaborative markup and editing tool. The technology and AI solution automatically organizes clauses, scans for changes (marked up or not), and compares key clauses to those defined in the company’s legal playbook. Companies can also import their prior agreements into the platform and the system will use AI to surface prior clauses to expedite negotiations. DocJuris can be easily integrated with all the existing solution Contract Lifecycle Management (CLM) systems.
Furthermore, by employing its AI solution to aggregate and employ past best practices, DocJuris helps customers reduce internal legal risk and ensure that company standards are met across all agreements. The strength of the product has been validated through its pilot customers, including Dell, Fedex, and Toyota.
DocJuris is tackling a large market: the US corporate legal market stands at $160B and growing, of which $35B is comprised of contract lifecycle technologies and solutions. The acceleration of remote-first and hybrid work has forced companies to rethink the ways they conduct business, and we believe that DocJuris is an enabling technology well positioned to revolutionize the way contracting is done across industries.
Lastly, throughout the investment process we were thoroughly impressed with the DocJuris team. We have full confidence in their ability to deliver an industry leading solution that drives business and saves companies significant time, costs, and resources. Having spent over a decade as an in-house lawyer, Henal Patel, CEO of DocJuris, has extensive knowledge in addressing the problem that he has faced his entire career. He is joined by a strong technical team led by co-founder and CTO, Brian Ng, a business-oriented engineer with strong technical skills and management lens.
Learn more at https://www.docjuris.com.
