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

Updated January 26, 2024
13 min read
Step-by-Step Guide on Contract Drafting and Review Software

Introduction

Whether you're a small business owner or a legal professional, you can expect to deal with contracts and other legal documents. If only a couple of documents get lost, you or your client can miss a renewal date. When handling many documents daily, you may easily overlook a typo or two that can have a major impact. Luckily, in this age of technology, many regular processes can be automated. With the use of contract drafting software, you can streamline your contract flow and reap the benefits of automation. 

What Is Contract Drafting & Review Software?

Contract drafting and review software is a specialized tool used to create, review, and modify legal contracts, ensuring accuracy and efficiency while reducing potential errors and inconsistencies. The most prominent features of automated legal document preparation software include:

  1. Time and financial savings;

  2. Workflow efficiency; 

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

  4. Team collaboration.

Most legal contract review tools use prebuilt artificial intelligence (AI) technologies to perform multiple tasks simultaneously. However, there are some possible drawbacks to the active use of AI-powered software for legal forms, including:

  • Costly software installation;

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

  • Replacement of lawyers and their legal expertise.

Contract drafting and review tools should assist lawyers with their daily tasks, not vice versa. For attorneys, these tools provide improved accuracy and relief from the mundane work, enabling them to focus on higher priority, more valuable tasks. Still, final revisions from a legal perspective are necessary, especially when it concerns free legal document drafting software usage, since these documents depend on the individual client's circumstances, state law, federal law, amendments, etc.

Conclusion

There are many different types of writing software for legal documents available on the market now. When looking for a suitable option, consider the main features you need, your non-negotiables, and some additional features that you'd like to have, including the ability to share the document with teammates or a feature to insert a signature right into the document. Take into account the factors mentioned above and make sure the software you choose fits your needs. To see what tools are available on the market and how exactly AI can be applied in legal contract drafting, try Loio, a word-processing software for legal documents.

Article by
Inna Lohvin
Lawrina

Inna Lohvin (Ptitsyna) was a Product Communications Manager for Lawrina. Inna has a law degree and great expertise in legal innovations. Along with her work for Lawrina, Inna is a part of the international community of legal hackers, where she gives presentations about the importance of PR and marketing for lawyers.

We use cookies to improve our website's work and deliver better services.