Bryan Cave Leighton Paisner launches Swiftagree, a legal start-up enabling a new digital approach to contracting
Bryan Cave Leighton Paisner (BCLP) has founded and launched Swiftagree, a UK-based legal tech startup providing clients with an innovative, time saving solution to legal contracting.
Swiftagree is the first innovative client technology product to be launched by the newly formed BCLP, and is one of a number of solutions the firm will rollout globally during its first year as a combined firm. Although SwiftAgree is currently focused on English law contracts, it expects to ultimately scale out its reach to contracts governed by US law.
Swiftagree provides clients with a consistent, efficient and low-risk approach to negotiating and executing high quality unbiased contracts. Contracting typically adopts an unnecessarily adversarial approach, with each side setting out their position and negotiating towards a balanced agreement. This may still be appropriate for complex contracts but Swiftagree adopts a different approach for more standardised contracts. Swiftagree provides a fair, unbiased and market representative agreement. With baseline and standard terms in place, the two parties only need to agree on the material commercial and legal points using the Swiftagree online platform, which are then automatically inserted into the agreement for e-signing.
Standard form agreements are already used across various sectors including the ISDA master agreement, JCT construction agreements, UK Loan Market Association (LMA) agreements and the UK Model Commercial Lease. Swiftagree develops this concept further by providing a digitised platform for the negotiation, execution, storage and tracking of agreements.
Swiftagree has started by addressing NDAs in the UK market and a simple English Law commercial NDA is available. Feedback from clients indicates that a huge amount of time and resource is being spent on negotiating NDAs, and that the existing processes often cause delays in pursuing business opportunities. As NDAs are relatively standard with limited risk, most General Counsel and Legal COOs are searching for more effective solutions. Swiftagree is now inviting key financial institutions operating in the UK to come together to agree a standard form English Law NDA for financial services that will be implemented on the Swiftagree platform for the mutual benefit of all participants. Swiftagree then plans to expand its offering to additional sector groups and agreement types.
Barry Gross, Partner at BCLP said: “Innovation is at the heart of the Bryan Cave Leighton Paisner combination. The future of legal service delivery will require service providers to meet their customer’s requirements through multiple channels one of which will be digital. Swiftagree is a significant step forward in bringing legal service delivery truly into the digital marketplace saving clients time and money.”
Bruce Braude, Head of Strategic Client Technology added: “We are committed to providing new, innovative, technology enabled solutions to clients. BCLP has a strong track record of launching innovative initiatives and Swiftagree is the next of these groundbreaking ventures. Swiftagree combines legal and technology trends to create a proposition that delivers material benefits to clients. We believe there is significant potential to further broaden its application and technology capabilities as we progress.”
Swiftagree is a company founded by Bryan Cave Leighton Paisner.
Swiftagree enables a new digital approach to contracting. Swiftagree focuses on ensuring the commercial terms reflect both parties’ intentions. It then converts those terms into a high quality unbiased contract. Through Swiftagree a fair legal agreement is generated and electronically signed. Due to the structured approach to the negotiation and documentation of the agreement the software enables on-going monitoring of contract terms as well as analysis of historic trends.
The Swiftagree platform was built with the assistance of Surely Group, a leading provider of innovative technology platforms.