International law firm Fasken has partnered with market-leading legal chatbot creator LawDroid Ltd. to create a proof-of-concept Nondisclosure Agreement (NDA) Chatbot for the firm and its client base.
NDAs are typically one of the first legal documents parties create when they consider doing business together so it's important to make the experience as seamless and painless as possible. The new NDA chatbot empowers parties to get started quickly and easily by answering a few quick questions and generating a ready-to-sign NDA. The NDA is automated by LawDroid's chatbot technology, but is Fasken lawyer-created to apply unilaterally or mutually and addresses all the concerns that normally arise in a new business relationship.
"LawDroid is a powerful, versatile, and yet extremely easy-to-use no-code platform for workflow and legal logic automation. It is designed for optimum user experience. Partnering with Tom [Martin] and the team to create a chatbot non-disclosure agreement (NDA) generator was a great choice for us," said Peter Stovall, Director of Innovation, Fasken. "The visual logic builder enabled us to build the customized tool we needed without spending a lot of time coding, and there are great options across the platform for tying your applets together. There is also a lot of choice in terms of format for the user input and output."
Juniper Research has projected that chatbot conversations will generate $8 billion in cost savings across the economy by 2022, with 2.5 billion hours saved by businesses and consumers combined by 2023. The global chatbot market size was estimated at $2.9 billion in 2020 and is expected to reach $10.5 billion by 2026. (MarketsandMarkets Research)
"I am thrilled to have worked with Fasken on this proof-of-concept project," said Tom Martin, founder and CEO of LawDroid. "We look forward to continued growth and uptake of intelligent automation solutions in the legal and financial industries. There is no time like the present to leverage automation and conversational interfaces to improve customer satisfaction and create new economies of scale."
About Fasken
Fasken is a leading international law firm with more than 800 lawyers and 10 offices on four continents. Clients rely on us for practical, innovative, and cost-effective legal services. We solve the most complex business and litigation challenges, providing exceptional value. For additional information, please visit the firm's website at fasken.com.
About LawDroid
LawDroid is the market leader in no-code automation solutions for the legal and financial industries. LawDroid tools make it possible for teams to build sophisticated self-serve automations without programmers and capture significant cost savings. We empower top law firms and enterprise businesses to scale their expertise and customer support through intelligent automation. For additional information, please visit LawDroid's website at lawdroid.com.
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Original Source: Fasken Partners With LawDroid to Create Nondisclosure Agreement Chatbot
