Trakti Smart "Legal" Contracts Blog

Advantages of the no code approach for Legaltech

on May 26, 2024

The no-code movement is a trend that can also offer a lot of potential benefits for the legal and administration sectors.
According to Gartner, no-code and low-code application development will be responsible for more than 65% of application development activity by 2024.
No-code platforms can revolutionise the way legaltech approaches its internal innovation and automation of key tasks.

Efficiency for Legal Professionals

No-code tools and technologies can help lawyers to efficiently drive their business.

This is certainly a challenge with regards to customer experience, as no code applications transform and simplify the way we can all interact with the interface of an app or software.
No-code is an approach to designing and using applications that don’t require any coding or knowledge of programming languages.
This can be an extremely forward innovation for legaltech to simplify and quicken the negotiation of contracts. 

Digital Transformation

With the implementation of no-code apps, digital transformation can be accomplished in less time and at a lower cost, by automating high-volume and repetitive tasks. 

No-code apps use building blocks to design the logic behind the application and let users build powerful apps through an easy-to-use editor. Through integrations and API, no-code allows even compound projects to be built on top of more basic applications.
The inestimable value of no-code for legaltech, resides in the capacity of turning workflows into digital applications to automate repetitive, time-consuming tasks, and increase efficiency, cutting the cost of developers and IT teams. 
A no-code app enables legal teams to build their tools via legal workflow automation, without any coding required, to manage more requests, more regulation, and more data.
This simply confirms that the development of apps is no longer the exclusive domain of developers. 

Legaltech can innovatively solve specific business problems, and manage complex legal risks, such as data privacy or regulatory disclosures, achieving compliance without having to worry about coding. By creating digital workflows and self-service applications, lawyers can turn their manual legal work into something measurable, being able to access data analytics of archived and actual workflows. The no-code innovation is drastically improving customer experience, making more intuitive the way to interact with a platform.

Therefore no-code also has a great potential in improving clients’ access to legal services.

Lawyers could develop a simple no-code survey to collect data online from clients, ready for court proceedings. 

Document processing, such as filing of initial claims, client intake processes, and the generation of non-disclosure agreements together with workflow automation, can certainly be improved and simplified, by adopting a no-code technology.

Which are the improvements that no-code apps can perform for the legal sector? Let’s see some of them:  

  • automating and auditing compliance measures;
  • automating procedures, tracking and organising data;
  • automating document, contract creation, and review;
  • automating partner and associate performance review processes;
  • managing contract expiration or renewal easily with timely alerts and follow-ups.

If your legal team spends most of their time drafting and reviewing contracts, a contract automation no-code platform is definitely the right solution for your business. 

Trakti: No-Code Innovation for Legaltech

Trakti is the first no-code contract automation platform integrated with blockchain, to increase simplicity and ease of use for non-developers. Our no-code platform can help streamline the legal process automation without having any knowledge of code.

With Trakti, legaltech can create, negotiate and manage the full contract lifecycle, all in one compliant, secure, and user-friendly platform. You can automate every step of your negotiation, including payments and eIDAS compliant e-signature, to improve speed, efficiency, and savings. Moving signatures to Ethereum blockchain reduces manual activities and the high costs associated with coordination and authentication of signatures.

Our platform enables more than 30 features in a single no-code platform to manage your contracts from start to finish.

Thanks to the power of blockchain technology, Trakti can streamline the whole contract management process, integrating the deployment of Smart contracts for payment automation and application, execution, and management of obligations.

Smart contracts activate the payments of the funds only when each contractual term is satisfied, limiting the risk of disputes over the right to payment, and accelerating transactions between parties. Through the Chain of custody (CoC), the chronological documentation or paper trail that records the sequence of custody, control, transfer, analysis, and disposition of materials, lawyers can track and monitor digital documents to increase transparency, but also generate indisputable evidence for judicial proceedings.

By incorporating blockchain into regulatory compliance practices, legal firms and lawyers can attain compliance.
The integration of the blockchain into routine tasks reduces the risk of human error and ensures that legal documents are kept securely and transparently, increasing data integrity.
Smart contracts govern transactional agreements hosted on a blockchain network. Their simplicity and seamless integration can help legaltech reduce legal costs and time, improving efficiency while ensuring total transparency and control. 

Automating contracts, speeding up processes, facilitating collaboration, ensuring compliance, and improving customer experience are now possible with Trakti.

Ready to join the no-code revolution? Find out more about Trakti clicking here or book a demo with us.

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