Due to several previous mergers, our client had multiple legacy systems in place for drafting Protected Information Agreements, also referred to as Non-Disclosure Agreements, and all of those systems were being retired in 2019. After efforts stalled to develop a replacement system using internal development resources, the client engaged Major, Lindsey & Africa’s Managed Legal Services team to help it evaluate third-party commercial products. The client’s goal was to select and implement a technology platform that replaced the legacy systems, streamlined the drafting of Protected Information Agreements, and expedited the review and negotiation of similar agreements received from counterparties, by the end of 2019.
The Managed Legal Services team proposed an efficient and cost-effective process to help the client evaluate commercially available solutions and determine how to move forward.
The Managed Legal Services team and the client collaborated to develop a detailed functional requirements document that outlined its system needs. The team used that document as a guide to organize a series of technology days where a curated group of providers gave demonstrations tailored to the client’s functional requirements.
The team coordinated the presentations, conducted all follow-up work, and designed both a vendor script and a benchmarking scorecard to help the client narrow its focus. From that process, the client narrowed its focus down to two robust contract management platforms. After evaluating solutions and seeing detailed demos, the client opted to select a comprehensive platform that could provide solutions to multiple use-cases, across multiple lines of business as well as the legal department. Both finalists had strong workflow and drafting capabilities, and both had AI-enabled functions that would streamline the process of reviewing and negotiating third-party agreements.
With the help of the Managed Legal Services team, the client purchased a scalable contract management platform and successfully implemented the system within the deadline initially set for retiring the legacy systems. Working with the Managed Legal Services team gave the client the freedom to discontinue their efforts to build a homegrown technology solution and shortened the procurement and selection process by six to eight months.