Until very recently, legal teams have had a somewhat incalculable value. They protect companies from liability, they ensure contracts get turned around quickly, and they ensure everyone stays in compliance. But these all seem hard to measure. In fact, Ironclad’s Alex Su nails the sentiment with this TikTok on satirical quarterly legal KPIs like “amount saved from lawsuits that never happened” and “number of Google-able questions legal received.”
But what if legal teams could accurately measure their impact? What if they had the power to slice-and-dice data, not only within contracts, but also around the contracting process itself?
Introducing Insights for Repository
With Ironclad, all of this is possible. Ironclad Insights – our full-stack contract data analytics platform – helps users create custom charts and reports based on both process data from contract negotiations, and contract data in executed contracts. Legal teams can self-serve with an intuitive, easy-to-use interface without relying on their analytics team to create dashboards.
Now fully integrated with Ironclad Repository, users can generate insights directly from executed and signed contracts to understand upcoming renewals, total contract value, contract types, workload across attorneys, and more. These comprehensive charts and graphs can also be easily shared with teammates and executives.
We’ve Doubled Down on Our Repository
Aside from Insights, our team has been hard at work building and implementing cutting-edge solutions within our AI-powered repository – which puts contract data right at your fingertips to give you an accurate picture of commitments across the company.
A few of our recent enhancements help you:
- Upload contracts faster with Smart Import.
Traditionally, the legal team needed to keep track of their contract data manually in a CLM solution (like counterparty name, contract date, revenue, etc) – which is incredibly time consuming. This is why we’ve invested in AI to automate the tagging process, so the legal team can start using the Repository faster. We introduced Smart Import, powered by Ironclad AI in February, and the usage has grown 4X in 8 months. Contracts uploaded via Smart Import are OCR scanned, indexed, and tagged by Ironclad AI automatically, enabling search and reporting functionality right from Day 1 without any human tagging needed.
Understand what’s in your contracts instantly with Smart Import
- Establish parent/child relationships between contracts.
As contracts grow more complex, teams need a solution to maintain the contract structure and, more importantly, to navigate related contracts to find the most-up-to-date contract data easily. With the introduction of Contract Families in September, customers can create hierarchical contract relationships and navigate between MSA, Sales orders, and amendments in one place, instead of jumping between contracts.
- Track the number of turns and time spent between company and counterparty.
At Ironclad, we pride ourselves on providing the best end-to-end platform for customers to optimize their contracting process. Ironclad collects both process and contract data, so our customers understand not only what’s in their contracts, but also how those contracts were created. With Turn Tracking, customers can easily track where contracts sit, understand the negotiation process, and identify the bottlenecks. This adds an essential data point for the legal team to optimize the contracting process.
- Manage contract data at scale with Bulk Actions.
Companies have contracts from various counterparties, all structured in different ways. Teams need a scalable way to clean up the data in the Repository so they can aggregate the data to identify trends and create reports. Now Ironclad Repository allows users to perform bulk actions to clean up the data in the Repository. For example, a particular counterparty’s company name might have been entered inconsistently over time by different users. You can use Bulk Actions to consolidate all the counterparty company name values across all contracts with that counterparty to get data cleaner, at scale.
- Conduct advanced searches.
One of the most common challenges for legal teams is finding the contracts they need. Ironclad offers an intuitive search capability to support the most complex search queries. With Advanced Search, users can now find contracts faster with the search syntax lawyers are familiar with. Ironclad supports proximity, fuzzy, exact, and boolean search, and all search syntax is compatible with LexisNexis search.
Updates for 2023 and Beyond
Last year was incredibly busy for us at Ironclad, and a big focus was enhancing the foundation of our Repository – powered by Ironclad AI – to convert contracts into data more easily. In 2023, our focus will be injecting intelligent automation throughout our repository to create a repository that works for you, so you can spend less time navigating, managing, or searching for contracts and contract data – and more time focusing on the deep work that drives impact.
Interested in learning more about Ironclad Repository, or Ironclad in general? Click here to request a demo now.
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of and access to any of the resources contained within Ironclad’s site do not create an attorney-client relationship between the user and Ironclad.