Corporify: A Data-Driven Approach to Automate and Simplify Legal Workflow
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Maarten Poulussen, Founder & CEO
While most legal firms and commercial organizations aim for effective legal management, they hardly focus on efficient legal data governance. Maarten Poulussen, an experienced corporate lawyer and legal manager, explains, “Legal professionals end up consuming a tremendous amount of time searching, analyzing, and validating the collected legal data continuously. Inaccurate and ineffective manual processes are a true burden on legal automation.” A solution is needed that can combine legal data management and workflow automation. Poulussen established Corporify to offer a secure SaaS-based legal data governance solution for efficient legal automation. More profoundly, the solution aims at a generic framework to support auto compliance that reduces operational complexity and unnecessary overhead.
“Essentially, Corporify simplifies and automates corporate housekeeping and legal entity management activities, which aids both in-house legal counsels and law & advisory firms to deliver accurate and trustworthy services in a time and cost efficient way,” says Poulussen. “We offer legal intelligence to meet the unique needs of customers’ workflow.” Legal rules define how legal data has to be managed, and to that end, Corporify introduces a built-in framework where customers can better manage, define, customize, and apply these rules to their internal legal data for efficient automation.
Corporify’s innovative solution is based on three pillars. First is the centralized legal data management which includes transaction based digital shareholders and securities registers, management of governance structures and dynamic legal document & risk management. Next is the automation pillar to automatically generate legal documents (letters, proxies, meeting minutes, and contracts), combined with e-signing, reminders and alerts to help customers manage legal risks actively. The final pillar is the blockchain-inspired technology that makes data governance secure, traceable and tamper-proof.
To make sure the solution is compliant from a governmental perspective, Corporify’s professional team works with partners and lawyers in different jurisdictions to comprehensively define the rules. Corporify’s tagline of ‘Lean legal’ is based on the methodology of continuous process improvement via the elimination of ‘waste’ (i.e., non-value adding process steps). Unlike other businesses that use generic technology with a legal use case, Corporify starts from capturing the legal intelligence and logic of a specific use case to build the solution for an efficient workflow.
Corporify has a diverse clientele, and it takes a specialized approach to meet each of their unique requirements. On the one hand, the commercial companies and fund management businesses can manage the corporate and legal housekeeping of their in-house entities. On the other hand, legal service providers such as accounting & advisory firms and law firms can deliver effective services to their customers in corporate legal housekeeping, entity management, and M&A. The SaaS platform allows such legal service providers to productize their services and gain an edge in the market.
A case in point, Corporify helped a law firm that was facing difficulties while preparing legal documents for investing capital in a leading company. Usually, the documentation process required a minimum of two days for the manual ‘copy-paste,’ data verification, and compliance checks. With Corporify, “the firm accomplished the documentation process in just two minutes,” extols Poulussen. In other instance, Corporify helped a private equity fund management company to draft the administration documents for capital calls rapidly.
Recently, Corporify was nominated twice for the category of ‘Best Practices of Legal Tech in Belgium’ in Trends Legal Awards 2018. Moving forward, the company aims to lead the international legal space and is currently working with partners from Germany and the Netherlands to that end.