Exigent and McCarthy Tétrault launch automated document creation tool for faster and more efficient contract management New Chameleon DocBuilder™ is a quick and easy way for users to draft, sign and execute standardized documents
Toronto, April 26, 2017 —Leading legal technology services provider Exigent and one of Canada’s leading law firms, McCarthy Tétrault, announced today the launch of a new contract automation tool: Chameleon DocBuilder. Developed to respond to client demand, the tool combines Exigent’s contract technology with McCarthy Tétrault’s legal acumen to provide an end-to-end solution that reduces document drafting costs by up to 75 per cent. Chameleon DocBuilder is customizable and allows time, money and resources to be used for higher value contract drafting and review.
Offering integration with Exigent’s proprietary contract management tool, Chameleon, DocBuilder can also be used as a stand-alone tool to efficiently draft non-disclosure agreements, employment agreements, privacy policies, purchase / sale agreements, licensing agreements, service agreements and other template-based documents. Automatic tagging and integration with Exigent’s contract management solution, Chameleon, means obligations within all agreements can be easily managed post-execution, mitigating risk and allowing for efficient document tracking. The tool also integrates seamlessly with DocuSign, the leader in the electronic signature industry.
Chameleon DocBuilder is the first document assembly tool of its kind and combines Exigent’s world-class technology with McCarthy Tétrault’s exceptional legal talent. Chameleon DocBuilder allows departments to choose how to set up standard agreements: legal teams can use their own contract templates, use templates created by McCarthy Tétrault, or work with Exigent’s expert legal team to build new templates and playbooks. The unique flexibility of Chameleon DocBuilder means anybody in an organization can create legal documents by automatically populating standard agreements in response to simple, plain language questions. A simple questionnaire generates the documents and sends them for electronic signature. This minimizes human error and prevents the use of old or incorrect templates across the organization.
“Many agreements used today are template-based, requiring little revision or negotiation. Each organization may have its own template, written on their own paper, but largely they follow a standard format with a few variations. In other words, ideal for automation. For example, 80 per cent of NDAs follow a standard format with minimal alterations” commented David Holme, Exigent’s CEO.
“To think that law firms can charge up to $1400 for an NDA that could be produced in-house by non-lawyers for $225 shows just how much room there is for efficiencies in this space. And to do so in the context of contract management best practice means in-house legal teams can really make huge savings and get clever about their contracts.”
“Our clients are eager to embrace innovation and technology to keep costs down, but they need a product that is easy to use and that they can trust,” added Matthew Peters, McCarthy Tétrault’s National Innovation Leader. “By weaving the knowledge and skill of our industry-leading lawyers into the tool, we’re enabling legal departments to cut costs without compromising quality.”
About Exigent DocBuilder
For more information on Exigent DocBuilder please visit: http://www.exigent-group.com/chameleon-docbuilder-document-automation-tool/
On cost reduction
Exigent calculates that the average cost for in house legal work is $150/hour. An NDA is expected to take 1.5 hours to draft, meaning $225 on average. External counsel charges up to $1400 per NDA. The production of an NDA with Exigent DocBuilder can cost as little as $50, 75% less than what it typically costs an in-house legal department and exponentially less than what an external provider would charge.
- Easily customizable - contract and document templates can be created and customized by Exigent’s legal experts based on a company’s specific requirements
- Quick data population - it captures all of the necessary data and information to complete a document
- Fully integrated with DocuSign - Allowing teams to sign, send and receive fully executed contracts without the need to print, manually sign or scan
- Integrated with Chameleon - Can be used as a standalone tool or fully integrated with Exigent contract management software – Chameleon
For more information or to set up an interview please contact:
Global Communications Manager
About Exigent Group Limited
Exigent Group Limited is a global legal services outsourcing organization, providing advice and delivering a range of legal services, contract management solutions and business analytical tools aimed at reducing risk, improving compliance and driving process and cost efficiencies for clients in the US, Canada, UK, Australia and South Africa. The company has a 400+ global workforce, comprising consultants, business analysts, attorneys, software developers and multi-skilled business professionals. Exigent currently has eight offices globally with three operating centers in Bangalore, Cape Town and Perth. For further information, go to: www.exigent-group.com
About McCarthy Tétrault
McCarthy Tétrault LLP provides a broad range of legal services, advising on large and complex assignments for Canadian and international interests. The firm has substantial presence in Canada’s major commercial centres and in London, UK.
Built on an integrated approach to the practice of law and delivery of innovative client services, the firm brings its legal talent, industry insight and practice experience to help clients achieve the results that are important to them. For further information, go to www.mccarthy.ca.
About Exigent Chameleon
Developed by Exigent, Chameleon™ is an advanced proprietary contract management technology which simplifies the process of negotiating, organizing and enforcing contracts for clients around the world. Combining legal expertise, technology and analytics, Chameleon™ is the first solution to allow law firms to extract and aggregate unstructured data from legacy systems and reconcile contract reality with payment and cash flow reality. Chameleon’s focus on collaboration and efficiency ensures the legal function is integrated with commercial processes, allowing legal departments to deliver quantifiable value to their organization. Coupled with the legal expertise of established lawyers in different geographies, Chameleon™ offers unparalleled solutions to GCs and lawyers to manage corporate contracts, commitments and compliance.