Axiom on Wednesday announced Accelerator, a new product it is describing as contracts-as-a-service because it blends technology that can create simple contracts with a concierge desk in Ireland staffed by attorneys, paralegals and contract negotiators.
Sandy Devine, executive vice president at Axiom who is heading the project, said the idea is to help in-house attorneys more efficiently process low value contracts that come across their desks. This would include non-disclosure agreements, smaller sales contracts, software licenses and other contracts, said Devine.
“The goal is to not have in-house counsel handle that,” she said, “Just get this off my plate, so I can focus on some really high value transactions.”
To accomplish this, its Accelerator platform provides templates for a company’s various contracts. If any problem should arise or if a contract requires negotiation, the in-house attorneys can call in assistance from a concierge desk, which will initially be based in Axiom’s center of excellence in Belfast, Ireland.
The technology platform is built on a Salesforce.com platform and Docusign, an eSignature company, according to a company press release. In addition, she said Axiom built its own custom technology to offer portfolio level analytics, so that in-house attorneys can analyze and think about what types of contracts they are writing, cycle times and other efficiency metrics.
Devine was hesitant about giving exact details on the price point, and described it as a utility model with a monthly fee that has two components: There will be a flat fee that pays for the upkeep of all the templates and any other maintenance. In addition, there will be a volume component based on how much the company uses Accelerator platform.
The flat fee could be $10,000 a month and the bill could be in the $30,000 to $50,000 category, Devine said, but added that those numbers were not necessarily exact and that pricing is heavily dependent on the volume.
“In order for this to make sense, they need to have a critical mass of volume,” she said.
Devine, who is not a lawyer, joined Axiom in January 2014 and described her background as being in management consulting, technology and systems integration.