TermScout, the contract analyser system that compares software policies, has joined legal tech market platform Theorem as a CoreStack member. This means it can be used to give a report on the software licences of legal tech companies listed on Theorem, as well as other vendors.
As covered before, US-based TermScout (see Product Walk Through) at present analyses software contracts, compares them to what is ‘market’, picks out key terms and conditions, and gives you a consumer report-style overview. This includes star ratings and comparisons to what else is out there. It’s the kind of solution that could be useful when you are doing your due diligence on a provider before you commit.
The company uses a combination of human reviewers and NLP to analyse the software contracts. Meanwhile, Theorem, which includes some major brands, has literally hundreds of legal tech companies now listed on the platform. Around 150 of these listed companies have detailed TermScout reviews now.
Below is an example of how TermScout, shown inside Theorem, responded to DocuSign’s end user licence agreement.
As you can see, the contract scored three out of five stars, but is considered to have balanced terms. If you want to dig deeper you can purchase a detailed assessment. (And no doubt the legal team at DocuSign will be wondering if they can improve the wording and terms of their licence agreement to get it up to five stars.)
As mentioned in a previous article, Theorem also offers security review system Prevalent as a CoreStack vendor, and that allows buyers to use the tool to do a security assessment of legal tech companies on the platform before they buy.
All in all it seems quite handy, and although platforms such as Reynen Court get a lot of attention, Theorem is offering in many ways an alternative approach to finding and onboarding new legal tech solutions.
To conclude, TermScout founder, Otto Hanson, added: ‘This partnership is really exciting and shows the promise of two legal tech companies partnering together to deliver better collective value to their customers. We’re so excited to be a part of Theorem!’