Our position right nowSince the start of the year when we announced our new company identity, we've been working on a strong push to re-introduce ourselves to customers, research how the market has been changing, and understand how we can better respond to its needs as a consolidated vendor.Part of the advantage of our new company identity is the new software products we're bringing to the table. We have more people than ever before available to discuss where we can deliver the most value to our customers.But for me, the most exciting part of this change isn't what we have right now; it's what we're going to do and how we're going to make the most of our new position. And some of that is building new products.
What we're hearing from customersOur conversations with customers haven't been solely about us as a consolidated vendor and what we can offer. The best way to understand how products should evolve is to listen to customers and understand the market problems that we haven't fully addressed.In particular, we have strong document assembly software, which accelerates the production of first drafts. However, we're learning that the majority of a lawyer's time is spent with a document that has already been produced. Because of this, it can be difficult to bring lawyers value from a document assembly tool.For law firm partners, it is important for their lawyers to use the most recent version of contract terms to reduce business risk. Most of the firms we work with have teams of Knowledge Management professionals working to make sure precedents and standard terms align with current business need.Staying up-to-date with precedents and standard terms is more important than simply removing outdated language from circulation. It also:
- protects against changes to terms, conditions, and pricing as well as regulatory compliance issues
- avoids human errors that occur during manual entry
- provides guidance when clauses have multiple variants and gives a strong outward-facing position to clients and outside counsel.