Computational Law: the next logical step in the legal system?

posted in Computable Contracts

On April 30th, CodeX – The Stanford Center for Legal Informatics hosted the third annual FutureLaw 2015 conference, which focuses on how technology is changing the landscape of the legal profession and law as a whole. The program brought together academics, entrepreneurs, lawyers, and policymakers at the forefront of the technological transformation in the industry. Effacts CEO Harm Bavinck participated in a panel on “New Breakthroughs in Computational Law,” that covered issues relating to computable contracts, open data and legal applications of the blockchain.

Effacts Earns #5 Position in the Top 20 Most Popular Contract Management Software

posted in Contract Management, General News

We are proud to announce that Effacts has earned the #5 position in Capterra’s Top 20 Most Popular Contract Management Software for this spring. With an estimated market size of over $400 million and a forecast of 10-20% growth per year, contract management software assists in the creation, tracking, and monitoring of contracts and agreements. Effacts provides the complete workflow for creating, approving, and controlling contracts, so customers can optimize their resources and work more efficiently in order to achieve better results.

10 Things each Legal Counsel needs to know about EU Data Protection

posted in Legal Risk Management

In 2012, the European Commission proposed a comprehensive reform of the EU's 1995 data protection rules to strengthen online privacy rights and boost Europe's digital economy. Technological progress and globalisation have profoundly changed the way our data is collected, accessed and used. In addition, the 27 EU Member States have implemented the 1995 rules differently, resulting in divergences in enforcement. A single law will do away with the current fragmentation and costly administrative burdens, leading to savings for businesses of around € 2.3 billion a year.

The origin of smart contracts

posted in Computable Contracts, Contract Management

In 1997, Nick Szabo wrote a visionary article on smart contracts. Today, we are witnessing a revolution in the concept of contracts based on this work. Bitcoin, Ethereum and other cryptocurrencies are developing the next generation legal networks that will help us create smarter contracts.

Harm Bavinck on the expert panel at the IACCM conference

posted in Computable Contracts

Our founder Harm Bavinck was last week on the expert panel at the annual conference of the IACCM. The topic was "5 Predictions for Procurement, Sales/Commercial, Contracting, Legal, BPO & Technology". Very interesting predictions were shared with the audience by the experts from General Motors and Microsoft. Harm Bavinck predicted that we will see a world of self managing contracts in the near future. New technologies will disrupt the way we create, approve and use contracts. Today, you can already see self driving cars in the streets of Silicon Valley. His prediction is not really science fiction.

The Stanford Computable Contracts Initiative

posted in Contract Management

Smarter Rules, Better Contracts
The Stanford Computable Contracts Initiative (SCCI) develops an online platform and repository of standards that will help move the world from natural language based contracts toward a world of computable contracts. A computable contract is a contractual obligation that has been formulated such that a computer system can both interpret and determine whether the obligation has been complied with. Such computable contractual obligations offer advantages over traditional written obligations, including efficiency of compliance assessment, and detection of contradictory legal obligations.

E-contracting for enterprises

posted in Contract Management

Companies face relentless pressure to perform better, faster, cheaper, while maintaining a high level of guaranteed results. The introduction of the Internet led the way, through its innovations in business process reenineering, in breaking down inefficiencies within an internal organization of a company. Using e-contracting to build more efficient business relationships is a new trend in breaking down the inefficiencies in the relationships with external parties.

GC and Legal Risk Management

posted in Legal Risk Management

As software developer, we identify the trend for in-house lawyers to play a greater role in risk management activities for years now. Traditionally, in-house lawyers have been advisors helping internal clients to understand the law. Services also included the drafting of legal instruments like contracts and conducting litigation. Increasingly, General Counsel are taking on a role as legal risk manager. A 2013 Berwin Leighton Palsner study confirms that the old-fashioned way of managing legal risk by relying on the experience of senior in-house lawyers has given way to the introduction of greater process management in mitigation of legal risks escalating issues and integrating with the risk management frameworks and risk culture of the broader business.

Insourcing of Legal Services

posted in Entity Management, Legal Risk Management

Ben W. Heineman Jr., former General Counsel at G.E., wrote an interesting blog on the website of the Harvard Business Revieuw on the role the General Counsel. One of the most important developments of the last 25 years in the Legal Service Industry is the rise in the role, status and importance of the general counsel and other inside lawyers employed directly by the corporation.

How to start Legal Risk Management?

posted in Contract Management, Legal Risk Management

Legal work is all about risk management. It is impossible to ignore the legal risks that have caused significant damage to companies over the past years. In most cases, the material legal risks faced by those businesses were not clearly identified and mitigated. General Counsel are under real pressure to become better at managing the legal risks in the business. Traditionally trained to solve problems in a reactive manner, General Counsel need to invest in time and resources to identify and mitigate the legal risks proactive.