SAN FRANCISCO, March 31, 2020 /PRNewswire/ -- Ironclad, the digital contracting platform for modern legal teams, today announced the release of Ironclad Editor, a tool designed to help remote teams collaborate in real-time, coordinate contract review and access critical contract data, especially during this unprecedented period of business uncertainty.
The COVID-19 outbreak and stock market volatility have created extraordinary challenges for business across all industries, from entertainment, manufacturing, retail and transportation to technology. During this business disruption, contract provisions that once seemed like afterthoughts—a force majeure provision, for example—can determine a company's long-term viability.
"Enterprise legal teams need to manage risk and uncertainty," said Chris Young, Ironclad's General Counsel. "They can't do that unless they're able to assess their obligations quickly and accurately. In recent weeks, Ironclad has seen a 40% increase in Repository usage as legal teams make a concerted effort to understand what's in their contracts."
Remote work is a new development for the entire legal industry, not just in-house legal teams, from general counsel to legal operations. With over a fifth of the country being asked to work from home, Legal finds itself facing two significant challenges at once: intense scrutiny of contracts and contract obligations, and the need to coordinate complex contract review and negotiation across distributed teams.
How Ironclad's New Collaboration and Negotiation Capabilities Help
Ironclad Editor, a new capability designed specifically for legal collaboration, helps decrease Legal's reliance on email, Microsoft Word and legacy editing tools that make collaboration and knowledge sharing difficult across organizations.
Ironclad Editor allows remote legal teams to:
- Speed up contract collaboration and negotiation by editing Word documents directly within the application
- Increase contract visibility by looping in colleagues for contract review with @mentions
- Stay on top of all contract changes by redlining documents and accepting or rejecting counterparty suggestions with a few clicks
"Legal work requires an exceptional degree of collaboration and coordination," said Jason Boehmig, Ironclad's CEO. "Every company in the world is trying to figure out what force majeure terms are in their contracts and every company is worried about falling behind. We are proud to partner with legal teams to stay connected, even when working remotely, while they are driving forward the most critical parts of their business."
Ironclad is the leading digital contracting platform for legal teams. By streamlining contract workflows, from creation and approvals to compliance and insights, Ironclad frees legal teams to be the strategic advisors they're meant to be. Ironclad is used by modern General Counsels and their teams at companies like Dropbox, AppDynamics and Fitbit to unlock the power of their contracts data. Ironclad was named one of the 20 Rising Stars as part of the Forbes 2019 Cloud 100 list, the definitive list of the top 100 private cloud companies in the world. The company is backed by investors like Accel, Sequoia, Y Combinator and Emergence Capital.
To learn more, please visit us at https://www.ironcladapp.com
InkHouse for Ironclad
SOURCE Ironclad Inc.