Drawing up complex contracts requires time and effort while some of the work can easily be done by the computers so that entrepreneurs and lawyers could focus on negotiating, reaching, signing and closing deals. Document automation reduces the cost of legal services, speeds the process of drawing up and signing contracts and enhances the overall efficiency and flawlessness of the process plus offers clients the possibility to use innovative cross-border online services.
First automated share purchase agreement created and used by Sorainen lawyers
Our regional Corporate and M&A practice group together with our Knowledge Management and Innovation team, in close cooperation with legal technology company Avokaado, have completed automation of a share purchase agreement (SPA) template. Lawyers are now able to create the first draft of such a rather complex agreement more quickly and can focus on the strategic issues that bring more value to clients. In addition, in one of our jurisdiction we have also automated a company incorporation documents package, which will help to complete incorporation process faster.
Says Toomas Prangli, co-head of the Corporate and M&A practice at Sorainen: “The automated SPA is a step towards making our services even more efficient by eliminating some of the technical work that lawyers did before. To our knowledge, this is the first automated SPA in our region and we believe that our clients will benefit from this tool”.
“We are also in the first stages of exploring the option of automating agreements that we draft for the specific needs of our clients. This would mean that in addition to receiving an agreement in Word format, the client would also gain access to an Avokaado account where they would be able to create agreement drafts by using an online questionnaire. As we see it, this would make sense for agreements that the client uses often, such as employment, lease or sales agreements”, adds Mantas Petkevičius, head of the Private Equity practice at Sorainen.
Helping businesses with AI
With a strategic focus on innovation and a vast pool of know-how and experience shared between all offices, practice and sector groups from Estonia, Latvia, Lithuania and Belarus, Sorainen is using several AI tools, including Avokaado, to automate legal drafting for the benefit of its clients.