Document assembly and contract automation specialists
March 4, 2003
Linklaters leading the way - The Times by Richard Susskind.
Linklaters is again leading the way in legal technology, this time as the first big law firm to offer an online automatic document drafting service for clients. Term Sheet Generator, the latest in the firm's Blue Flag suite, was developed by its banking practice and has been successfully piloted with clients ( www.blueflag.com ). It enables banks, after completing online questionnaires to generate polished term sheets automatically, speeding up this process, it is said, from hours to minutes.
Term sheets are documents that summarise the terms and conditions upon which banks are willing to provide finance. Today they are drafted by banks. Accordingly, the system does not automate a task undertaken by Linklaters. Instead, to adapt the old lager advert, the system enables the firm to reach parts of its clients that other firms cannot.
Linklaters developed the system using DealBuilder (www.business-integrity.com) software - which is also used by other big firms including Clifford Chance, which uses the package for automating internal routine tasks ( www.e-hub.com/gpm/legalit/ ). The vital difference in Linklaters' approach is that it is also providing the tool to clients rather than merely using it to improve efficiency.
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