New pre-signature offering accelerates contract generation for in-house legal teams
BOSTON–(BUSINESS WIRE)–LinkSquares, provider of the fastest and most comprehensive AI-powered SaaS contract management and analysis tool, today announced LinkSquares Finalize, its new pre-signature contract generation solution. In addition to its existing post-signature AI insights solution, LinkSquares Analyze, in-house legal teams gain new transparency capabilities and tools to standardize and collaborate on the contract creation process. Now, legal, sales, HR, procurement, marketing departments, and other internal partners can easily draft, review, and approve contracts through the first single, easy-to-use contract lifecycle management platform built for enterprise-level security. The end result is companies are able to write contracts even faster to help mitigate risk and reduce manual processes.
Legal teams are facing increasing pressure to accelerate contract generation, negotiations and deal approvals. However, they often rely on general office productivity tools such as Microsoft Word for drafting contracts. While these tools are great for office productivity, they aren’t built for the unique needs of legal teams and create a disjointed process that’s difficult to manage and track. This can quickly translate into lost revenue, unnecessary risks, unintended costs, and poor cash management. In-house legal teams want an end-to-end solution for contract lifecycle management that will give them visibility into the entire process, automate manual, time-consuming tasks, secure their data and help them improve business outcomes overall.
“The legal department plays a critical role working hand-in-hand with the business in structuring, negotiating and closing deals,” said Tim Parilla, DraftKings’ long-time general counsel. “LinkSquares’ addition of the pre-signature tool helps to provide stronger speed and structure in the early stages of the contract lifecycle, facilitating a data-driven approach to crafting and negotiating consistent standard terms, allowing the deal team to focus on open business issues and getting to the finish line in a much more organized and efficient manner.”
LinkSquares built its Finalize pre-signature solution due to heavy market demand for extending the company’s user-friendly platform and rapid onboarding for executed contracts into one streamlined tool. LinkSquares’ SOC 2 Type II certification ensures contract data is secure with enterprise-level controls built into each step of the contract management process. With LinkSquares’ ability to now cover pre-signature and post-signature management, companies gain deep visibility and comprehensive accuracy into the entire contract process — all built on top of an AI platform.
Danielle Sheer, general counsel for Bottomline Technologies said, “Modern legal teams must match the agility, efficiency and customer-first mentality of our business partners. LinkSquares Finalize automates the lifecycle of a contract in a streamlined and simple manner, provides transparency into the contracting process, and integrates beautifully with the LinkSquares AI solution, as well as other systems within a company network. No feature bloat, no multi-month custom setup process – finally, a 21st-century CLM for the in-house legal team.”
Hundreds of customers trust LinkSquares to provide insights for millions of executed contracts. DraftKings, Fitbit, Asurion and other high-growth customers rely on LinkSquares to not only automate manual contract processes and provide data analytics, but also to help reposition legal teams and departments away from being a time- and resource-intensive cost center. With the AI-powered insights into existing contracts, customers can rely on outside counsel less, potentially saving hundreds of thousands of dollars in legal fees. LinkSquares also eliminates the extra cycles involved in the manual teaching, data entry, upkeep and lengthy onboarding that other contract management solutions require.
LinkSquares Finalize provides three new capabilities:
- Drafting: Legal teams and sales, HR, procurement, marketing, and other internal departments can easily create documents with pre-approved language based on contract templates, which helps them improve deal velocity and mitigate risks through standardizing the contracting process.
- Contract review and versioning: Contract management teams can receive notifications from the easy-to-use self-service platform throughout the entire process and work autonomously on redlining and negotiations, and at the same time, engage other departments who may need to contribute. The LinkSquares chat interface lets users easily collaborate and bring others into the conversation.
- Approval: LinkSquares Finalize provides final approval notification, which serves as a clear snapshot for the general counsel, chief legal officer or other department heads that need to provide sign-off on the final contract if they had limited involvement in the redlining and negotiation stages.
“In the race to accelerate contract generation and approvals while using a lean bank of tools and resources, legal teams demanded a solution that could handle both pre-signature activity and post-signature analysis,” said Vishal Sunak, CEO and co-founder of LinkSquares. “The new pre-signature capabilities give legal teams one, end-to-end tool that can handle contracts at their inception through execution, which removes silos and improves transparency for a streamlined contracting process across the organization.”
The new Finalize pre-signature solution will seamlessly join the LinkSquares Analyze post-signature for an integrated, end-to-end platform, extracting key metadata from executed contracts across the legal team’s repositories. The LinkSquares pre-signature functionality will be live in June. For more information, contact firstname.lastname@example.org.
LinkSquares helps legal and finance teams work smarter across the entire contract management lifecycle. The AI-powered contract lifecycle management platform provides end-to-end support for pre-signature contract drafting, as well as key insights and analytics into executed contracts. LinkSquares saves high-growth companies hundreds of hours and thousands of dollars by eliminating manual contract review and the need for outside counsel. For more information, visit https://linksquares.com/.