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Twinkly

How Twinkly Reduced Their Contract Negotiation Time By 50%

6X

Faster Identification of Key Financials

50%

Time Reduction in Contract Negotiations

$67,000

Estimated Saved in Outside Counsel
Company
Twinkly
Company Size
30+
Industry
Electric Lighting Equipment Manufacturing
Funding
Revenue
Location
Milan, Lombardy
Features
Contract Summaries, Automatic Reminders, Smart Folders & Red Flag Table™
Contract Types
DPAs, NDAs and Purchase Agreements

Introduction

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.

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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.

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Challenges Before SpeedLegal

Twinkly had 3 major challenges before using SpeedLegal.

  1. 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.
  2. They couldn’t keep up with their contracts renewal dates. They had already missed out on 6 renewals in the previous 12 months.
  3. They were spending a huge amount on outside legal to get their contracts reviewed and negotiated for them.

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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!

"Before we adopted SpeedLegal, we missed six contract renewals in past 12 months. After adopting SpeedLegal, no more missing a contract renewal date!"
Alfredo De Felice
General Counsel at Twinkly (LedWorks)

How Twinkly Uses SpeedLegal

Twinkly started adopting SpeedLegal in January 2022. Since then, they have been using SpeedLegal’s 4 main features to improve their internal legal processes.

  • ‍Contract Summaries -
    Twinkly deals with a lot of purchase agreements which are majorly made of annual discounts and allowances. These along with other key financials often needs to be extracted and sent to the accounting department.

    Doing this manually took a lot of time earlier. But since they use SpeedLegal’s Contract Summaries feature they can easily export a CSV file of all the key financials from the uploaded contracts and share it with their accounting team for invoicing purposes.
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  • ‍Automatic Reminders
    Keeping track of agreements expirations or renewals is important for any business in order to renew (upsell) or terminate (reduce the costs) their contracts on time. To be on top of their contract obligations, Twinkly used SpeedLegal’s Automatic Reminders feature: now they don’t miss out on any contract renewals.
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  • ‍Smart Folders
    Twinkly stores all their contracts on SpeedLegal’s encrypted CMS storage where they are automatically categorized by type/date/party by SpeedLegal’s Smart Folders feature. This makes it incredibly easy for Twinkly to look any specific contract up in seconds.
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  • ‍Red Flag Table™
    Twinkly uses SpeedLegal’s Red Flag Table™ to check whether the contractual terms of their vendors, clients and partners are compliant with the Market Standard and how much they deviate from Twinkly's standard document. This helped them go from draft to signature in half of the time compared to what it took before adopting SpeedLegal.

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The Results

Since Twinkly started using SpeedLegal, they have achieved some outstanding results with respect to their internal legal processes. Below are the most notable ones.

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  • ‍6X faster identification of Key Financials -  Using SpeedLegal, their time to find and extract key financial values within any contract went from 30 minutes per contract to just 5 minutes per contract.
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  • ‍50% time reduction in contract negotiations - Using SpeedLegal’s Red-Flag Table ™ and Contract Summaries, Twinkly reduced their contract negotiation time from 30 days to 15 days (from draft to signature).
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  • ‍$67,000 saved in outside counsel - Now that Twinkly has automated its contract review process, they don’t have to rely on outside counsel and they can handle 3-4x more contracts with more independence. Over the past 6 months, they have saved about $67,000 in outside counsel.
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"With reference to standard docs, we saw a drastic reduction in the time taken between Contract Authoring and Contract Signing (about 50%)"
Alfredo De Felice
General Counsel at Twinkly (LedWorks)

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What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

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