Almost exactly a year ago, a new legal tech startup named The Contract Network was launched with the objective to drastically decrease the time required for contract negotiations. How does it achieve this you may ask? It utilizes an innovative AI-powered contract collaboration platform. This platform, a product of modern technology, provides a secure and neutral environment where all participants of a deal can come together and engage, thereby accelerating negotiations.
The brains behind this ground-breaking idea is the company’s co-founder and CEO, Jim Wagner. A veritable veteran in the fields of legal tech, contracting, and e-discovery, Wagner comes bearing an impressive and accomplished track record. He co-founded the successful e-discovery company DiscoverReady. Additionally, he served as president of Seal Software, an acclaimed contract management and analytics company, and later as a vice-president of agreement cloud strategy at DocuSign after its acquisition of Seal.
Motivated by a desire to solve the inherent problems faced by many during contract negotiations, Wagner’s The Contract Network aims to permanently reform contracts. According to Wagner, the traditional process of contract negotiations is overly time-consuming and noticeably lacks suitable realtime tools for collaboration, communication, and transparency among all parties involved. However, The Contract Network promises to offer a better and more efficient solution.
Wagner took time to discuss his views on the problematic state of traditional contract negotiation processes and how he believes The Contract Network presents a more superior alternative in a recent LawNext feature. Drawing from his three-decade-long career in this industry, he also provided insight into how the industry has evolved since the beginning of his career, and where it stands currently.