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Comparison software compares two versions of a document and redlines the versions to highlight differences. Litera Workshare Compare and NOVO Compare are examples.

Compare

Documents are central to a lawyer's work. There are many types of document-related applications that support lawyers, including document automation, drafting tools that ensure consistency of citation, expression, or tables of contents, comparison software to compare versions of documents, and many others. This category includes a number of long established companies like Hotdocs but also companies (like Litera) that are consolidating the market in certain segments. Legaltech Hub has included eSignatures in this category as well as Document Management.

Documents

eSignatures or electronic signatures are a legally binding way to sign electronic documents as opposed to "wet ink" signatures. This category also includes on-line notarization software. Legaltech Hub does not include in this category broader products where one feature of the product is digital execution. Companies in this space include Docusign and Adobe Sign.

eSignatures and Notarization

Co-authoring allows several users to access and edit documents simultaneously. Google Docs is the leader. However, many law firms block access to Google Docs due to security concerns. Scribestar was developed specifically for co-authoring of capital markets documents.

Co-Authoring

Software in this category organizes defined terms and enables users to identify errors made in defined terms. Oftentimes this functionality is part of other programs that check for more anomalies in documents, such as Litera Contract Companion. Other providers include LexDye Definition Tracker and Define.

Defined Terms

Drafting Tools assist users in drafting better documents. Specifically excluded are document automation tools as that is a category of its own. Functionality covered by solutions in this category include identification and resolution of grammatical and substantive errors and inconsistencies, finding connections and important information in documents, citation checkin, creating, automating and managing Styles within Microsoft Word. Litera Clause Companion, Docstyle, Citeright, and Litera Best Authority are among the products in the category.

Drafting Tools

Many discrete tools have been developed that improve the efficacy of document management systems by integrating with those broader solutions to solve specific problems. Examples include tools like SeeUnity that provide an integration layer between iManage DMS and SharePoint, or iManage DMS and Teams, so that changes made to a document in one system are replicated in another. These tools are add-ons and sold separately from document management systems.

Document Management Add-On

Document automation software helps a lawyer draft documents faster and more consistently. There are two types: 1. Q&amp;A based where a user answers a series of questions (e.g., when drafting an employment agreement: name of employee, salary, non-compete yes or no and if yes for how long, place of work etc.) and the system inserts the answers into a template creating a complete document ready for signature. The industry standards for this are Contract Express and Hotdocs. Successful new entrants in the space include Avokka and Clarilis. 2. Clause-based document assembly: by selecting clauses, the user builds a document to their needs. Clausebase and Draftwise are examples.

Document Automation

Document management software helps users store and organize their organisation's documents. Important features include versioning, file sharing and access control. Typically document management solutions have been on-premise only but increasingly providers are moving their solutions to the cloud. In organizations that implement this software the document management system is the central repository of all client-matter related documents. Companies in this space include iManage, NetDocuments and Opentext. Many organizations also use Microsoft SharePoint.

Document Management

Smart drafting, also known as intelligent document automation, has transformed the legal landscape by leveraging technology to streamline and enhance the drafting process. Smart drafting platforms employ machine learning algorithms to analyze existing legal documents, identify patterns and clauses, and generate customized drafts.&nbsp;

Smart Drafting