Business challenges

The key to developing a good business idea is as simple as a conversation. The LawTech Hub has spoken with real businesses to identify their greatest pain points.

Learn more about these challenges below.

Contract negotiation

Large-scale contract review is difficult and time consuming, and is often undertaken manually involving multiple parties.

The client, a large consultancy company, is looking to simplify the identification of issues for reviewers and streamline the negotiation process.

Background

The client currently has a "gold standard" contract containing its preferred clauses. It also uses a checklist and guidance notes to review contracts.

The review is typically a four-stage process, managed via email, with the contract stored in a central SharePoint folder and updated using the Track Changes feature.

Defining the need

The client seeks to streamline the contract negotiation experience to reduce the time taken to complete the task, reduce risk associated with human error and improve overall quality and consistency.

Solution key requirements:

  • Incorporate consistent contract review methodology to standardise the review process and reduce risk
  • Include document automation technology to integrate universal preferred wording
  • Improve consistency and reduce queries by seamlessly guiding reviewers through the contract review process
  • Assist reviewers with customised wording within the contract.

If you have an idea or solution to this contract negotiation challenge, we invite you to apply below.

In-house legal triage

Legal teams within large, particularly multi-national, organisations receive a signi´Čücant volume of queries from internal business units such as marketing departments.

The client, an in-house legal team at an international health product provider, is looking to reduce the number of queries received from internal business units.

Background

The organisation produces promotional content across multiple markets and channels, each often having unique regulatory requirements.

Defining the need

The in-house legal team is seeking solutions to reduce the number of queries by developing an automated response system.

Solution key requirements:

  • An easy-to-use guide to common legal queries
  • Automated tailored advice based on the type of product and platform being used for advertising
  • A triage authorisation process to reduce risk and provide clear accountability