How an Investment Bank Grows a Client Base with On-demand Automated Contracts

5 juristications
4 time lower external legal costs
39 hours per transaction saved
0 mistakes in documents

Executive Summary

Find out how Bedford uses Avokaado to grow their client base without any internal overheads by automating legal documentation and contract workflows.

Bedford Row Capital is an award-winning provider of global securities solutions that helps companies access global capital by providing a one-stop-shop for old-fashioned merchant banking services in terms of structuring, capital raising, legal documentation, and financial modeling.

“If you go to the fintech business and you want to efficiently acquire customers with contractual arrangements then the paperwork is a key thing. Fintech providers live off the margins - they have to be innovative, quick, efficient, and cost-effective”, Scott Levy, CEO of Bedford Row Capital.

The challenge

As a customer-oriented financial provider, Bedford is aiming at making financials easier. Most finances are based on the transactional documents which have been done manually and in an old-fashioned way for a long time. Generating high complexity documentation in a cost-effective way and getting it out the door on time for clients has become a challenge for Bedford, especially when there is a consistent set for every client following the same model and almost no precedents.

With that inefficient paperwork, customer acquisition cost (CAC) was going up and the number of closed deals was going down. Such a financial solution without automated legal documentation behind it stopped making any sense at that point.

The solution

Bedford started to use Avokaado document automation and workflow management to be innovative, quick, efficient, and provide a tailored experience to the customers with on-demand automated contracts in the most cost-effective way.

Before Avokaado, the Bedford team tried to build its own in-house solution for document generation and management that worked for certain types of documents and workflows but not entirely. In-house solutions were not flexible enough with how they interacted with other systems nor were they sophisticated enough to deal with the structure of the legal documents.

“What Avokaado gave us is a very strong precedent management toolkit that we could work with and apply our own workflows to. It gave us core components of the documents - blocks - that we can use to build workflows for our own business in a really flexible way”, comments Scott.

Scott shares:

“The coolest thing about Avokaado is its document bundles automation - the way in which documents are assembled and reassembled. Using Avokaado’s engine helps take documents apart into bundles so that next time we don’t need to build them up again from scratch for different cases. It takes some time to get used to those bundles, get documents onboard, test, and structure them. But once they are there  - it fits the business’ needs and gives us flexibility”

The results

Bedford uses Avokaado’s API to provide a tailored experience to the customers with automated contracts and workflow management by:

  • eliminating manual document chase and exchange, intermediate reviews;
  • cutting down potential mistakes from Bedford’s legal documents;
  • avoiding legal services outsourcing and getting documents on demand instead.

Scott comments on the results Bedford managed to achieve with Avokaado:

“The biggest difference is instant documents - they are integrated via API to pull what we need, when we need and it comes outright. Previously, we had a precedent, we had to send information, they had to create a document, then we had it back, then we had to check it. So we ended up cutting out 4-5 iterations. Having seen the number of times from the clients and myself being a client of a law firm I get some documents with mistakes. It happens all the time and it is embarrassing for the lawyers. What Avokaado did is just cut this problem out. Documents come much simpler because we can save time and not have to check to make sure no one has left something that should be in spare brackets and it is not spare brackets. It is not even an unexpected benefit it is rather a nice confirmation of what we were hoping we would get", continues Scott.

Scott Levy finalises:

“The business grows and there is definitely an efficiency achieved with managing the documentation so we can grow our client base without any additional internal overheads”

The Bedford team ended up on a shorter time scale by making document information more consistent, templates error-free, and document generation and execution more time and cost-efficient. Today the process of getting a document from a precedent to a client is much quicker and better, fewer things go wrong, and the team spends less time on legal hassle.

👉 Set up your first document workflow in Avokaado: Get started for free now. Avokaado is a pioneer in digitizing legal services. Our team is an expert in building DIY, knowledge management and collaboration platforms. 👉 Request a demo and we’ll show how you can start delivering cutting-edge solutions today.

Private Workspace

Manage all your contracts in a secure, private workspace in the Google Cloud Platform. Available out-of-the-box for every customer. Add your brand, colors, and even custom domain name to make your contracting portal natively yours. On-prem solution is available on demand as well.

Secure and private workspace in the cloud
Add your brand to make it yours
Available as cloud and on-prem setup
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Contract Automation

Enjoy a no-code, clause-based environment to automate contracts of any complexity. Create contract templates in hours using a wide range of built-in tools including variables, choices, and conditions. Design and manage your company-wide clause and templates library. No more mess with contract versions.

Clause-based contract automation in any browser
Dynamic variables, conditional clauses and much more
Native multilingual support
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Advanced Collaboration

Collaborate with your team members and 3rd parties throughout the contract lifecycle. Invite viewers and editors to negotiate the terms, and add approvers and signers along the way. Take over control of the full contracting workflow without hassle. All in your private cloud.

Built-in negotiation and collaboration tools
Approving and signing workflows
Full activity report
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Electronic Signatures

Sign contracts right inside your workspace using qualified electronic signatures providers like Dokobit and SignNow. Unlimited signatures are included with every Avokaado workspace. We make sure you can sign legally binding documents with any party across the globe.

Built-in Dokobit support
Globally compliant SignNow support
Unlimited signature with every workspace
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Storage and Management

Keep and manage all your contracts in Avokaado's secure workspace. Easily organize your storage with folders and tags. Share documents and folders across business units, users, and groups. Get a grasp on what is important with dashboard, search, and filters.

Organize storage across business units
Manage documents and folders access
Re-use data and bulk edit documents.
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Connected Contracts

Link your contracts to external systems such as Salesforce, Google Drive, Personio, BambooHR, Pipedrive, and others with the built-in integrations provided or request access to the Avokaado CLM Rest-API and connect your workspace to any system within your organization.

HRIS integrations (Persona, BambooHR, etc.)
CRM integrations (Salesforce, Pipedrive, etc.)
Rest-API availability
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