Success Story

WSP: Automation of the contract portfolio

Case study

The law firm WSP uses LAWLIFT to fully automate its contract portfolio. The templates are updated and adapted centrally, so all legal staff can access up-to-date templates. WSP also makes these templates available to clients for creating their own documents.

The past

In the past, contract templates at WSP were mostly updated by the best practices of each lawyer. In addition, adjustments were made to the individual case by means of considerable effort.

The new approach

Today, we use LAWLIFT for most of our frequently used contracts (from term sheets to all documents for a financing round, shareholder resolutions, articles of association, sub-participation agreements and all mezzanine products to standards such as NDAs and subordination agreements). All lawyers, legal staff and team members, including those from tax consultancy and auditing, can thus access structured and always up-to-date contract templates. The templates are in our CI design and are constantly maintained.

View the template

We introduced LAWLIFT to avoid errors, increase quality and install a modern knowledge management system. Automated document creation from high-quality templates prevents careless mistakes and generates leaner contracts. This makes us to an early adopter in the field of legal tech among medium-sized law firms. Today, we can measure that its use also saves considerable time, which also benefits our clients in particular.

Here you will find direct access to the template "Term Sheet funding round" via the WSP website.

"The professional reality for lawyers will continue to change significantly in the next few years due to digitalisation. We expressly welcome these changes in the interest of our clients.  Therefore, we are working on all fronts to provide our clients with the best possible service, supported by legal tech tools such as LAWLIFT. In addition to document automation, AI forensic tools, BI solutions and structured decentralised process flows are also points where we have had good experience."

Dr. Christoph Bielak, Rechtsanwalt and Partner at WSP

We use all LAWLIFT functions and will soon offer our clients these best contracts and shareholder resolutions for self-creation via our homepage.

Already today, every start-up can create a term sheet for its next financing round at completely free of charge. If we are then allowed to use this term sheet as a basis, our contracts will take up exactly this structure and thus allow us to carry out capital rounds in a very timely manner.

The profile

WSP is an interdisciplinary firm of auditors, tax advisors, lawyers and notaries with offices in Münster and Osnabrück. In addition to a very active M&A business, WSP is particularly known for its comprehensive advice to medium-sized clients in the region and beyond. In the start-up scene in the northwest, WSP has become a strong partner for business angels, investors and founders - also due to the use of a whole range of digital tools.

Dr. Christoph Bielak

Wirth Schmies und Partner
Rechtsanwälte Wirtschaftsprüfer Steuerberater
Amtsgericht Essen PR 4240
Hafenweg 46 - 48 | D-48155 Münster

Telefon +49 251 686616 17
Telefax +49 251 686616 59

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