You've purchased a document automation tool but don't know where to start? From our experience, the below are the most popular documents we see being automated:
- Corporate: by far the most popular practice area, with Share Purchase Agreements and NDAs topping the list. You might think that an SPA or Shareholders Agreement are too complex to automate, but in fact they lend themselves to it very well, and the time savings seen on these are incredible.
- Real Estate: Leases and licences are produced frequently and usually with little complexity. As such, they are great candidates for automation.
- Banking: Security and Credit Agreements, while complex, can see huge time savings by being automated. Let's not forget the reduction in risk automating these agreements bring.
- Employment: employment contracts again, are produced at a high frequency and will greatly benefit from automation.
- Documents with large review requirements: by using an approval workflow with your documents, you can alleviate the burden on your legal team. Specific triggers will let business users generate documents where compliant, or require approval where they are not, ultimately alleviating the number of documents the legal team needs to review.
Ultimately almost any document can be automated, however make sure you are looking for documents that:
- are produced frequently on a yearly basis
- can be bundled into 'suites' of documents (whereby one interview populates multiple documents)
- take up a large chunk of your lawyers' drafting time.
Documents that originally required junior or senior lawyers to draft can now be done by more junior resource e.g. paralegals or support staff, thus making the work more cost effective.