Bootstrap Legal, a legal tech and proptech start-up, has launched software that partially automates the drafting of paperwork for those raising capital for real estate projects.
The system is being pitched as a streamlined and low cost service to provide necessary legal documents at a key stage in property investment. The partial automation of standard legal documents is a welcome step forward and this may prove to be a useful and time-saving development.
Founder, Amy Wan, (pictured above) said: ‘The one thing I heard from my clients as an attorney was the importance of speed. Sponsors need to maximise the amount of time they have to raise capital for a project prior to close of escrow. Everyone always wanted to start fundraising yesterday.’
‘At the same time, clients need legal documents even for their smaller deals. The legal fees for small transactions are often too high for small deals. Bootstrap Legal aims to solve a lot of problems my clients have had over the years,’ she added.
Rather like other partially automated document creation systems Bootstrap Legal users answer a series of questions about their real estate project. Once the blanks are filled in the legal documents are delivered to the user’s email inbox within 48 hours.
Wan stated that ‘each set of documents is attorney-grade and attorney-reviewed prior to delivery’, i.e after the partially automated data input into the documents they then need to be checked by a lawyer to make sure they meet the right standards.
Prior to founding Bootstrap Legal, Wan was a Partner at Trowbridge Sidoti, LLP and General Counsel at Patch of Land, a real estate crowdfunding platform.