Today, modCounsel, a concierge legal services provider, officially launched mC IO, an end-to-end contract review solution designed to expedite the contract review process to help alleviate the workloads for busy legal professionals and departments.
Legal professionals are in higher demand than ever, yet many companies continue to pile on projects while expecting more from their limited legal resources, resulting in burnout. In a study conducted by the University of Minnesota and shared via Thomson Reuters, 46% of lawyers reported that they were considering leaving the profession due to stress or burnout.
Contracts have long been one of business’s most tedious yet necessary components. However, without dedicated and experienced legal capacity to review, negotiate, and manage contracts, risk exposure amplifies as a company scales. Overworked legal teams that are already stretched thin are subject to even more burnout as they try to keep up with contracts.
Ronak Ray, Co-Founder and Executive Managing Director at modCounsel, saw the opportunity to combine the optimal mix of human legal expertise and cutting-edge AI technology to redefine contract management.
“According to research from CLOC, ‘65 percent of teams aren’t using integrated tools to manage agreements.’ We created mC IO as the modern solution to help businesses get ahead of contracts and save busy legal teams from burnout.” —Ronak Ray, Co-Founder and Executive Managing Director, modCounsel
Ray shared that clients who helped pilot the solution are already seeing benefits:
“modCounsel’s coverage model turned our small, US-based legal team into a 24-hour global machine. We all know end-of-quarters are a race for attorneys and deal teams, but with modCounsel we can offer around-the-clock sales support. This helps Seismic achieve our revenue goals with a scalable, flexible, and transparent pricing model.” -Celaena Powder, Vice President, Legal at Seismic
The solution expedites simple to complex deal types, including MSAs, DPAs, SOWs, NDAs, POs, Supplier Agreements, Order Forms, RFP materials, and more. Businesses that use mC IO can expect to save 42–68% per review from day 1. mC IO is available in three tiers and offers a 24-hour turnaround for contracts, so legal teams can focus on more high-value work.
mC IO leverages AI-powered technology paired with a comprehensive understanding of vendors and agreements to effectively help businesses navigate deals and relationships, keep ahead of risks, and protect in-house legal staff from burnout. Learn more about mC IO.