Twinkly is a leading tech company that produces smart lighting. They are based in Milan and Padova (Italy) and they market their innovative lights in over 40 countries around the globe.
As Twinkly grew each year, the number of contracts they had to deal with also grew at lightning speed. This could no longer be managed manually.
In addition, they were outsourcing a lot of their contract negotiations and reviews to outside counsel which was costing them a fortune. Therefore, they wanted a better solution to save on legal costs and streamline the process.
The Story of Twinkly and SpeedLegal
Twinkly deals with several contracts including DPAs, NDAs, purchase agreements, distributorship and agency agreements.
They were spending a lot of money on outside counsel to negotiate contracts and they didn’t have any standardization or processes in place to handle their contracts. On most occasions, the other party sent the contract to them, which they then sent out to outside counsel for review.
Using outside legal for every contract was a time-taking and expensive task which often led to delays in the processing of contracts.
When they hired their first in-house counsel, Alfredo, he saw the need to standardize contracts and use Legaltech tools to manage them better.
He wanted a solution that could help him review contracts faster, organize them all in one place, and help him keep track of everything, so they didn't miss out on any important date or contract.
Challenges Before SpeedLegal
Twinkly had 3 major challenges before using SpeedLegal.
- Alfredo was reviewing the contracts manually, and each contract required a detailed review since each of them was different. This was very time-consuming and couldn’t be scaled.
- They couldn’t keep up with their contracts renewal dates. They had already missed out on 6 renewals in the previous 12 months.
- They were spending a huge amount on outside legal to get their contracts reviewed and negotiated for them.
Why Twinkly Chose SpeedLegal
When Twinkly hired their first In-house counsel Alfredo, he identified the above challenges and understood that a Legaltech solution could help them solve them.
Alfredo started looking for a solution that could help him automatically categorize their contracts by type, save him time when reviewing contracts and make the overall process faster.
While he was talking to some of his colleagues, one of them mentioned SpeedLegal.
Although at first reluctant on using a Legaltech tool, once he started using SpeedLegal his hesitance went away and now he recommends using Legaltech tools to other lawyers as well!