InCloudCounsel Overview
InCloudCounsel is a legal technology company that offers a scalable, end-to-end solution for negotiating and managing routine legal work, combining the expertise of highly experienced corporate attorneys with advanced cloud-based software.
What InCloudCounsel Does
InCloudCounsel is designed to help companies streamline their contract processes, free up resources, and achieve substantial cost savings. The platform focuses on managing high-volume and complex legal contracts, such as side letters, limited partnership agreements, and most favored nations (MFN) elections, particularly in industries like asset management, investment banking, real estate, and healthcare.
Key Features and Functionality
Automated Contract Review and Management
InCloudCounsel’s platform includes AI-backed functionality that automates the initial contract review process. When a contract is loaded onto the platform, the system automatically scans and flags clauses that are in conflict with the customer’s negotiation requirements, ensuring that lawyers can negotiate agreements more efficiently and accurately.
Document Management and Data Reporting
The platform provides a robust set of document management and data reporting capabilities. It allows clients to organize and actively manage obligations to their investors across all funds in a centralized platform. Key terms of agreements are captured as data points, creating a comprehensive digital audit trail and enabling real-time tracking of compliance with obligations.
Insight and Analytics
InCloudCounsel’s software generates detailed scorecards for each finalized agreement, summarizing key terms in a standardized data format. This allows clients to compare terms across multiple contracts, identify patterns over time, and generate visually appealing and interactive reports. The platform also enables the export of data to Excel and provides analytics across a portfolio of agreements, making it a valuable tool for diligence and reporting.
Dedicated Account Management
Each client-specific solution is led by a dedicated account manager with deep experience from top law firms. These account managers ensure consistent, high-quality work output by coordinating a dedicated team of specialist lawyers and documenting each client’s substantive and process preferences in custom-tailored playbooks.
AI-Enhanced Efficiency
The platform leverages proprietary AI and machine learning models to enhance the efficiency and accuracy of legal work. These enhancements include automated initial contract reviews and the creation of abstract summaries of key terms after negotiations are completed. This integration of AI helps lawyers deliver higher quality work in less time.
Transparency and Real-Time Tracking
Clients have complete transparency throughout the contract negotiation process via a centralized dashboard. This dashboard allows clients to see the current status of all documents, track negotiations in real-time, and access the original, final, and executed versions of agreements as they become available.
Cost-Effective and Flexible Pricing
InCloudCounsel operates on a bill-by-the-document model, eliminating hourly charges, user fees, or storage costs. This model typically results in a 70% cost savings compared to traditional law firm services, while maintaining high-quality legal work.
Conclusion
In summary, InCloudCounsel offers a comprehensive solution that combines expert legal talent with advanced technology to streamline legal contract management, enhance efficiency, and provide valuable data insights, all while reducing costs and improving the overall quality of legal services.