Core Concepts
Our SaaS-based solution is driven by a firm-wide clause-component database that is fully controlled by legal staff. This database functions as the ‘single source of truth’ for each lawyer and legal document and is used by all employees, departments, countries and systems. Contract professionals collaborate to improve the compliance and uniformity of legal documents, while reducing costs and increasing efficiencies.
Our modular, granular approach makes our database high quality, highly efficient and limited in size. Dynamic documents mean all your contract content is updated and generated in real time.
Our platform is genuine no-code by design.
Single Source of Truth (SSOT)
Shareforce serves as the ‘single source of truth’ for all contract professionals and each legal document within your firm. Clause-component databases (“clause libraries”) hold one blueprint text for each clause-component (granular contract building-block) and as a result for each contract topic or contract clause. This means our customers no longer have to deal with an ever-growing collection of static clauses or templates & precedents, and ever-increasing overlap and inconsistencies – just one, exhaustive “clause library” for all countries, departments and systems.
By connecting the clause-component database to your firm’s document systems (e.g. loan origination, underwriting, DMS applications), departments (i.e. procurement or your legal department), Shareforce functions as a catalyst for all contracts: from bespoke contracts that require the involvement of lawyers or document creators to basic Straight-Through-Processing documents. By having one central source of contract content, firms are able to eliminate a huge spread of legal content sitting in disparate systems, on various types of storage mechanisms. By building your ‘single source of truth’, you create the foundation of all your legal content, breaking down separate content silos and creating full visibility into exactly what legal content your teams use and how up to date the content is.
Modular Documents
What do we mean by Modular Documents? It means that in a clause-component database (“clause library”), legal content is managed, originated, automated, maintained and deployed at a granular, or clause component (building block) level. A component could be as granular as a paragraph, a phrase or even a word. We use these individual clause components rather than managing entire clauses or documents.
Your “clause library” holds one blueprint text for each clause component (building block) and as a result for each contract topic, or contract clause. This blueprint text is then automatically utilised in the appropriate clauses and legal documents. For example, the blueprint text for an arbitrage clause can be used for UNCITRAL, ICC & other relevant arbitrage rules depending on its context and eliminates the need to have multiple arbitrage clauses in the “clause library”. It is our modular setup that allows us to offer these multi-purpose building blocks instead of multiple similar clauses. By using this modular approach, our database is not only high quality and highly efficient, but also limited in size. Firms no longer have to deal with an ever-growing collection of static clauses or templates & precedents and ever-increasing overlap and inconsistencies.
Dynamic Documents
All documents and templates in Shareforce are dynamic. This means all your contract content is generated in real time, as Shareforce retrieves the most recent version of the appropriate clauses (i.e. contract building blocks) from your clause-component databases (“clause library”) each time a document is opened. The platform continually and automatically looks for updates and generates the most up-to-date version of your document. By using Shareforce your starting point is no longer a static Word or Pdf document that is a snapshot of the past.
Dynamic documents and automatic updating enable you to make contract updates in minutes and instantly distribute these to all systems and legal documents (all within permissioning rules set by you). All update activities from initiation to completion (drafting, versioning, collecting input stakeholders, consulting, approving) are standardised, digitised and recorded, creating an audit trail of all changes. Approved updates are automatically distributed to all corresponding documents that include the updated clause for acceptance by the ‘owner’ of the document. As a result, updating becomes a highly efficient, one-time and automatic event.
Control
Legal staff has full control over the clause-component databases (“clause library”). This enables them to originate, automate, maintain and deploy contract content throughout a firm. By providing legal staff full control over their legal work processes, they are not reliant on internal or external (legal/IT) sources to update content, taking away a time-consuming process layer and improving content accuracy. This allows legal staff the broadest flexibility as well as fully automated control over all work processes surrounding their legal documents.
As a result, the relevant subject matter experts (i.e. Legal, Wholesale Banking, CIB, Procurement, Underwriting) can easily review, manage and deploy their assigned clauses and updates to ensure consistency and compliance. Our software allows them to effortlessly manage updates across teams and assign to individuals or groups to ensure deadlines are met. Routing content updates and approvals to subject matter experts is an integral and user-friendly part of the offering.
No Code
Shareforce’s Automated Document Creation tool allows users to generate tailor-made documents fast and automatically. Legal staff independently create automated legal documents by using the contract building blocks that are available in the clause-component database (“clause library”). No coding, or knowledge of programming languages is required. Users can create successive drafts, without loss of manual changes made in MS Word.
P2P Collaboration
Our collaboration tools enable your firm to leverage the power of peer-to-peer collaboration. Users share their legal content in a decentralized manner, fostering dynamic collaboration and seamless updates. Allow your firm to gain significant benefits from the collective legal content knowledge pool, unlocking not only cost and time savings but also cultivating a fertile ground for efficiencies and value creation. Embrace the collaborative synergy that arises from the shared wealth of individual expertise and innovative insights.
