Legal outsourcing and contract management provider Exigent has built on its collaboration with leading Canadian firm McCarthy Tétrault by launching a new contract automation tool, Chameleon DocBuilder.
The tool combines Exigent’s contract technology with McCarthy Tétrault’s legal acumen to provide an end-to-end solution that the pair say reduces in-house legal document drafting costs by up to 75% (on the basis of the cost calculation below.)
McCarthy Tétrault has already gained international recognition for its client contract management solution in cooperation with Exigent, whereby it helps clients to turn their contracts into templates and playbooks, reviews any deviations from the playbook, and stores the contracts in a central repository to track the contract lifecyle.
“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,” said Matthew Peters, McCarthy Tétrault’s national innovation leader.
Cost reduction calculation:
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.