Step-by-Step Guide on Contract Drafting and Review Software

1. Time and financial savings;

2. Workflow efficiency; 

3. Instant error elimination and risk mitigation in contracts; and

4. Team collaboration.

• Costly software installation;

• Time for teammates to get used to the software; and

• Replacement of lawyers and their legal expertise.

• Security: When you have access to people's personal and sensitive data, you certainly don't want anyone to abuse it. To determine what security measures the company uses, you may contact the software provider for a demo and inquire about the level of safety. Ideally, software for legal document drafting should work in accordance with GDPR compliance, SSL certificates, cloud storage on AWS, and/or encryption.

• User Friendliness: Pay attention to how user-friendly your chosen software for legal documents is. The easier it is to use, the higher the chance that you will actually integrate it into your daily routine. 

• Customization: It may not be necessary if you only want some basic features, but if you're after a more personalized tool, customization can make the legal document drafting software a lot more effective and easier to use.

• Integrations: If you're using other legal programs, keep them in mind when you select new legal document generation software. You may want the new software to integrate with your CRM, billing, document management programs, or other business software. 

• Customer support: Especially in the beginning, new users may encounter issues with their software for drafting legal documents. For that reason, look for companies that can be reached for answers within 24 hours, have 24/7 support, and/or offer a wide range of instructions for their product, including how-to videos.

Loio

• AI-powered: Loio uses AI to analyze contracts and create tailor-made solutions. 

• Compatibility: Loio quickly becomes part of any familiar document editor on macOS, Windows Desktop, and Office 365 online. 

• Security: The software guarantees total privacy and security to all of its users. Loio's team works in GDPR compliance and processes data at the highest standards for personal data protection. All the data you share is stored in a cloud storage with Amazon Web Services (AWS), according to standard security practices required by the U.S.

• Demo contract: Loio provides each user with the opportunity to run a test with its software. Essentially, this is an embedded document file that you can click on to test Loio. For your first test, it's not your own data, so there is no need to worry about sharing sensitive information. With the test file, you can see if this software suits your needs, is truly easy to operate, and will effectively manage your contract workflow.

• Customer support: Loio's support service guides users through complications and issues that may arise from using the software.

• Tiers: Loio offers the following three tiers for this program:

  • Free — 20 document reviews, 10 tips to resolve, 10 custom clauses, 3 seats for your team;
  • Business — $59/per seat, unlimited document reviews, unlimited tips to resolve, 80 custom clauses, 20 seats for your team, integration with Clio Manage; or
  • Enterprise — Custom-made solution.

PandaDoc

• Content library: Store graphics that you often use for contract creation, such as your company logo or relevant charts and tables, in PandaDoc's content library.

• eSign: In order to bring your contracts to the finish line, PandaDoc supports electronic signatures.

• Tiers: PandaDoc offers the following package tiers: 

  • Free eSign — Free, 1 user, unlimited eSignatures, unlimited documents sent;
  • Essentials — $19/user/month, 2 users, templates, notifications, drag-and-drop editor, analytics, and email and chat support;
  • Business — $49/user/month, unlimited users, CRM and Zapier integrations, content library, branding, approval workflows, and forms; or
  • Enterprise — Custom.

Agiloft

• Contract lifecycle management (CLM): Agiloft can manage contracts from their inception to their end or renewal date.

• AI-powered: Agiloft uses AI to analyze contracts and search for mistakes, discrepancies, risks, or missing clauses. 

• Security: Agiloft uses encryption to keep your data protected. Permission-based access ensures that only the people working on a document can view it. In addition, the software uses features to help ensure that all of your documents are compliant with your local jurisdiction.

• Integration: Agiloft can be integrated with popular software, including Google Workspace, Microsoft Office, and Salesforce.

• Tiers: Agiloft offers the following tiers for its software:

  • Essentials — Basic workflows and automation, 5GB data storage, repository;
  • Advanced — Advanced workflows and automatons, clause and obligation tracking, 8GB data storage; or
  • Premium — Integration hub, 12GB data storage.

Lexis for Microsoft Office

• Research integration: Lexis for Microsoft Office gives its users access to its very own legal research tool. You can do your research while you're still in the document.

• Citation tool: The software has a legal citation tool that can check to ensure that all citations in a document are accurate. The Shepard's Citations Service by Lexis is a helpful tool for determining whether the cases you've cited can be used in that context

• Security: Microsoft uses 2-factor authentication and data encryption to make sure its clients' sensitive data stays safe. You can decide who will have access to your document and how much control they can have over each document.

• Tiers: Lexis for Microsoft Office offers the following package tiers for law firms: 

  • Lexis State Basic at $105/month;
  • Lexis + State Premium at $235/month;
  • Lexis+ National Basic at $255/month;
  • Lexis+ National Premium at $295/month.

Legito

• Collaboration: Legito allows multiple users to work on one document. 

• User-friendliness: Users can store all their documents in the same place, divide them by categories, and reuse them when needed.

• eSign: Integrate Legito with your eSignature provider to get your documents signed more quickly than meeting in person.

• Security: Legito uses encryption to protect its users' data.

• Tiers: Legito offers the following package tiers:

  • Free — up to 10 users, 1GB storage, unlimited documents, unlimited signatures;
  • Team — 10 users, $1,200/year, 1GB storage, unlimited templates, unlimited documents, access to template database; or
  • Custom — 20+ users.

ClauseBase

• Collaboration: Multiple users can collaborate on the same contract using this software for drafting legal documents. 

• Clause library: ClauseBase has its own library of clauses. Each user can take advantage of and contribute to the clause library. Store your most used clauses in the library so you can conveniently add them to new documents when needed.

• Coding language: One of ClauseBase's unique features is its coding language. Users can automate document flow and customize documents by creating conditions and inserting variables. 

• Tiers: ClauseBase offers the following package tiers:

  • Solo Plan (1 user):
    • Light: €17/month;
    • Standard: €51/month;
    • Advanced: €102/month.
  • Team Plan (10 users):
    • Light: €20/user/month;
    • Standard: €60/user/month;
    • Advanced: €120/user/month.
  • Office Plan (20 users):
    • Light: €17/user/month;
    • Standard: €51/user/month;
    • Advanced: €102/user/month.

CobbleStone Contract Insight

• Reminder: CobbleStone can flag users when a contract needs to be signed or revised or when its expiration date is approaching.

• AI-powered: CobbleStone supports the idea that AI can improve the general quality of any document or a lawyer's work in general. Therefore, when people create new contracts using AI, it scans and analyzes existing contracts and templates to learn about your needs. Using that information, CobbleStone Contract Insight can draft new contracts and populate them with data.  

• eSign: CobbleStone enables you to manage contracts by integrating with electronic signature providers.

• Tiers: This software for legal documents can be tailored to meet the unique needs of users. For this reason, the company shares its prices only upon request.

DealHub.io

• Configure, price, quote (CPQ): One feature that sets DealHub apart from its competitors is CPQ. This solution can help users quickly and accurately prepare a quote or proposal for a new client. 

• eSign: DealHub can simplify the process of signing contracts through its integration with electronic signature providers.

• Tiers: DealHub offers these tiers:

  • DealRoom — Digital sales proposals, CLM, online forms, document generation, eSignature;
  • DealHub CPQ — Configure price quote, selling playbook, pricing models, contract management, collaboration, approval workflows, security;
  • DealHub Billing — Billing system, invoicing, pricing.

Ironclad

• eSign: With the help of eSign integration, users can sign contracts without leaving the Ironclad software for legal documents.

• Collaboration: The software can make working together easier and more straightforward. Using tools like task assignments, comments, and workflows, Ironclad can help users make sure everybody on the team is doing their jobs and working toward a common goal. Automatic reminders inform team members about deadlines and tasks that need to be done.

• Automation: Ironclad has made simple contract creation almost entirely automatic. The software can generate a new contract for you using a template and some user input.

• Tiers: As software for legal documents, Ironclad invites its users to get a custom quote through its website. 

Nintex

• eSign: Nintex can be integrated with electronic signature tools like DocuSign to make signing documents quick and easy. 

• Nintex DocGen: This tool can help users write new contracts with the help of data from other integrated tools, such as an ERP system.

• Nintex forms: Nintex Forms is a useful tool for collecting information. If you need to include information about a client in a contract, you can ask the client to fill out a custom form that you created. This way, you will avoid going back and forth via email and struggling to collect all the necessary information.

• Tiers: Nintex offers the following package tiers:

  • Pro — $25,000/year, unlimited users, unlimited workflows, 2,000 document generations;
  • Premium — $50,000/year, unlimited users, unlimited workflows, 10,000 document generations;
  • Custom — Custom fee, unlimited users, unlimited workflows, customized document generations.