Pramata Shares Its Top 3 Legal Predictions with the ABA Journal
Today’s contract AI solutions will enable modern-day legal teams to focus on big picture strategies and leverage contract data as the business-critical asset it is.
Pramata for legal teams
Become a Business Savvy Legal Leader
Eliminate the busy work and elevate your strategic impact with enterprise-grade Contract AI that actually works for you and the broader business.
Common Legal Pain Points
- challenge
Disorganized contracts, disparate file formats, duplicates and non-contract files make your job feel impossible
Contracts are everywhere, except in one central location where you can easily find them and analyze and report on their contents. With thousands of documents stored across email, shared drives and even CLM systems it’s impossible to locate the right ones, much less analyze their contents for valuable business insights.
- SOLUTION
Cleansed contract files, organized contract families and extracted contract terms unlock the value hidden in your contracts
Pramata’s Contract AI Knowledge Engine does the work of cleansing, deduplicating, organizing and extracting key terms from every contract. The result is a clean and organized contract repository which you can now use to power analytics and reporting that answer key business questions, and as a basis for future contracts and contract playbooks.
- challenge
Reviewing contracts is manual, tedious and slow
Legal teams have to choose between two unattractive options: Manually review every contract and create bottlenecks, or find shortcuts and hacks that open up a risk of errors.
- SOLUTION
Automate contract review processes
Pramata lets legal teams leverage past negotiation history from legacy contracts to identify common patterns, frequently negotiated terms, and standard practices.
Using these inputs, our interactive Playbook Creator creates a comprehensive playbook that combines standard clauses from your contract template with business-specific negotiation guidelines.
With your playbook in-hand, Pramata automates the process of comparing any new contract against it and allows customizable thresholds for deviations and approvals.
- challenge
Redlining contracts is a painful back-and-forth process
Even with a contract playbook, comparing every new contract against your standard terms is an unscalable task. Redlining can damage relationships and open up previously settled terms, on top of just adding time to every agreement.
- SOLUTION
Automate redlining in Microsoft Word
Pramata’s Automated Review and Redlining capability for Microsoft Word instantly identifies and highlights all clauses that deviate from your preferred guidelines.
It allows you to quickly compare current contract language with previously negotiated terms for the same party, suggest alternate language based on playbook guidelines and insert counterparty friendly comments to explain redlines.
Redlining can be frictionless when you avoid reopening previously settled terms by flagging accepted deviations from past agreements.
- challenge
Manual compliance reporting is time-consuming and error-prone
As regulatory landscapes become more complex, organizations need accurate, timely and comprehensive compliance reporting more than ever. Unfortunately, too many companies rely on manual processes that make compliance reporting resource intensive and put real strain on legal teams.
- SOLUTION
Automate compliance reporting with powerful Contract AI
Pramata transforms Legal’s compliance reporting duties by automating it with Contract AI that actually works! With Pramata, legal teams can:
- Quickly locate and extract DPAs and privacy clauses across your contract portfolio
- Manage non-standard language
- Identify and extract key clauses affecting revenue recognition
- Identify relevant clauses in the case of a data breach or force majeure event
- and so much more
- challenge
M&A and divestitures are complex, slow and risky
Mergers and divestitures can drag on for months or even years. This can create business challenges like operational delays, missed revenue opportunities and compliance risk.
- SOLUTION
Accelerate M&A integration & divestitures with Pramata
Pramata’s platform transforms the traditional M&A process into a simple and smooth experience leveraging our enterprise-grade Contract AI. Using Pramata, organizations can stand up deal rooms, assign and terminate contracts, find vendor and customer overlap, identify non-standard terms in every contract and much more – all with just a few clicks.
- challenge
Inability to respond quickly to changing regulations
Combing through thousands of pages of contracts to locate sections affected by ever-changing regulations is time consuming at best and impossible at worst. The inability to quickly respond to changing regulations leaves companies open to risk and penalties.
- SOLUTION
Use Contract AI to automate regulatory compliance monitoring and actions
Pramata’s enterprise-grade Contract AI allows legal teams to quickly scan all contracts to identify those impacted by changes to privacy regulations, exposure to specific entities, regions or terms impacted by new regulations or global events, and identify contracts lacking preferred notice and consent clauses – among many other use cases.
Once identified, you can easily take action to generate and share a report, and even update contract templates with preferred language.
- challenge
Contract requests live in your inbox and requesters have no visibility into workflows and approvals
When the business needs a contract, Legal gets an email. The emails multiply as you go back and forth with the requester and other stakeholders, and without visibility into the status of their request, your internal customers send continuous follow-up emails.
- SOLUTION
Contract intake forms with collaboration and visibility across the business
Pramata makes it easy to create your own contract request forms, in turn making it easy for others in the business to collaborate throughout the contract creation process. Automated workflows level up contract requests and approvals by providing self-service capabilities for contracts that Legal’s pre-approved. Plus, internal customers have full visibility into where their request sits, eliminating those follow-up and escalation emails.
Why Legal Teams Love Pramata
Streamline Contract Negotiation
Pramata's automation accelerates contract approvals and makes it easy to track compliance with the company’s standard playbook. This minimizes delays and enhances customer and vendor relationships by removing unnecessary back-and-forth in negotiations.
Empower the Business
Pramata helps Legal focus on the highest-impact agreements, giving the business the self-service capabilities they need to get things done. Like accurate contract templates, the ability to draft standard agreements without Legal’s input, and intelligent routing based on contract complexity and risk,
Accelerate Contract Cycles
Pramata makes it easy for other stakeholders to request contracts and for Legal to fulfill those requests. No endless email threads required. Between powerful contract templates, approval automations, and AI-powered reviews, teams across the business will spend less time waiting on Legal.
“Pramata has enabled our internal clients to proactively manage contractual relationships, which allows our legal team to focus on more strategic, value-added opportunities.”
Brian LynchSenior Vice President and General Counsel 
On the Blog...
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What we Learned at the ACC Annual Meeting: It’s Time for Legal Leaders to Start Thinking Big Picture
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