Contractbook, the contract management platform, has launched a new questionnaire-based drafting tool aimed at helping clients rapidly create a wide range of contracts, and that can be used via a white label law firm portal. The drafter was developed in collaboration with Danish law firm STORM Advokatfirma.
It joins a growing number of contract automation and drafting platforms in the market that with varying approaches are all trying to do roughly the same thing – make contracting faster, cheaper and simpler by using a highly structured and template-based approach to contract creation.
“these solutions are both efficient and scalable as they generate revenue automatically when they are set up”
Is there room in the market for another application of this type? The company certainly thinks so, and they may well be right. Uptake of such products remains highly fragmented and the addressable market is potentially huge. In fact, the company says that it was driven by client demand.
As with others, you fill out a questionnaire and generate the contract based on a collection of templates. It’s been designed with a white label approach from day one, i.e. the law firm offers up questionnaires to clients, who can then use this to create their own contracts.
The company said: ‘The drafter is offered as a full white label solution, and enables each law firm to really let their brand shine through.’
STORM CCO, Lars Lyngdal, said: ‘The solution is more flexible than a traditional contract template. For law firms these solutions are both efficient and scalable as they generate revenue automatically when they are set up,‘ he added.
The firm is initially using it to allow clients to draw up wills. And this is perhaps where it makes most sense. I.e. where the legal ‘product’ is relatively low value, tends toward a standardised format and where profit can be made from a rapid turnaround by meeting client demand in this highly structured digital format.
In many ways, what we see here is what is happening all over the world: tech companies, both new and old, are bringing to market applications that are relatively similar to many others already in existence. This in turn creates market segments packed full of solutions that clients may find it hard to differentiate between.
What matters then is not that the solution is radically different, or totally new, but how it competes against others, and perhaps even more simply: does the market even know about the product and its capability, or feel compelled to try it out?
Here’s a short video below that gives an overview of Contractbook.