There are more than 2,500 companies changing the way legal is done according to Codex Techindex and Orrick Observatory.
Of course, a lot of them are not high-tech companies but still, there is a lot of dynamism in this quite recent sector called LegalTech.
The other day I was talking to an investor and he told me “Hans, there are several legaltech companies and they all look pretty much the same to me!”.
On the surface level, it is indeed quite hard to spot the differences among the legal technologies out there.
The purpose of this article is to highlight who are the most innovative and disruptive legaltech companies and explain what are the main differences among them.
What are the different types of legal technology companies?
Every month we see a new idea and startup coming up, but LegalTech companies can be categorized mainly into four categories:
- Contract Lifecycle Management a.k.a. CLM/CMS platforms (mostly for Lawyers)
- Contracts review and analytics (mostly for Lawyers)
- Ediscovery software (for Lawyers)
- Practice management software (for Lawyers)
As you can see from the above list, most of the legaltech solutions in the market are geared toward lawyers and legal professionals.
If you are looking for a more in-depth analysis of the different types of legal technologies and companies you may want to have a look here.
So, what’s the best legal software solution for Non-Lawyers?
Most legal software companies are focused on helping lawyers and legal professionals save time and close more deals. But few of them are helping non-lawyers understand what they are signing up for and translate contractual risks into laymen's terms.
So coming to our Top 10 legal software ranking for Non-Lawyers, it will go down to the Top 4 list!
Here we go.
Best Legal Software For Non-Lawyers Comparison
Top 4 Ranking
4. TermScout
- Focused on IT/Software/SaaS contracts, some Service agreements, NDAs, and DPAs.
- For contract review you need to talk to a person and they need a 1-year commitment to set up the playbook (they call it “Triage”).
- Contract review turnaround time: 24+ hours.
- Price: $400/contract review.
- No Freemium account nor free trial.
3. SuperLegal
- Focused on NDAs, MSAs, SDAs, DPAs, SaaS, SOWs, POs, IT Agreements, Software Licensing, Channel & Partnership Agreements.
- Contract review turnaround time: 24+ hours.
- Price: starting at $1k/month.
- 30-Day Free Trial and up to 5 contracts for free.
2. Tome
- Focus on financing docs and term sheets.
- No pricing information, need to book a demo.
- They mention Freemium accounts.
1. SpeedLegal
- Focused on vendor, sales, employment, real estate and financing contracts.
- Contract review turnaround time: up to 30 minutes.
- Contract summaries and Contract Nutrition Labels™.
- Red-flags and contract summaries are translated into plain English for non-lawyers.
- Multi-language contracts supported (including Chinese and Japanese).
- Price: starting at $97/contract or $83/month.
- Freemium account and up to 3 contracts for free.
Top 10 Best Legal Software For Non-Lawyers In Summary
In short, the software solution that provides more contract types, faster turnaround time and translation in plain English seems to be the best suited for non-lawyers.
From the above analysis, SpeedLegal appears to be the solution that matches those criterias and it also supports non-English contracts e.g. Spanish, Chinese, etc.
There are several other solutions geared towards lawyers and we will analyze them in our next article: The Top 10 Best Legal Software For Lawyers.
Stay tuned for more content like this!
If you have any comments or feedback on the above list, feel free to text me!
(Last Updated: October 6, 2022)