A faster, simpler, collaborative legal process: check out how crypto exchange and currency platform Luno achieved an automated contract workflow with Juro.
Luno is a leading global crypto exchange and currency platform, supporting bitcoin and ethereum, making it safe and easy to buy, store, and learn about cryptocurrencies. Luno operates across Africa, South East Asia, and Europe and is headquartered in London. The company has more than 2 million customers in 40 countries and has raised more than $13m in venture capital funding.
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The challenge: ending manual process
Before Juro, the team manually created, updated and managed contracts, according to Paul Harker, legal associate at Luno. Document management was difficult and only getting harder as the business grew.
“Often documents wouldn’t be correctly signed, or there’d be information missing, which meant the legal team had to check every document before filing. This led to a back-and-forth engagement with signatories to have the document correctly executed.”
The legal team used Google Sheets to keep track of their documents. “All in all, it was an entirely unscalable, manual process.” Contracts became so time-consuming that their impact began to impede other teams in the company too.
Luno wanted to automate the entire contract lifecycle - from generation through collaboration to signature and management.
“The template process is swift and seamless - where previously it took days, it can now be finalised in minutes”
Paul Harker, Legal Associate, Luno
The solution: an automated workflow
In April 2019, Luno decided to implement Juro as the company’s global contract management platform, allowing the legal team to manage all their contracts in one system of record. Adoption of the tool was fast, and users found efficiencies and time savings quickly.
Almost immediately, a team member needed to get two documents signed as quickly as possible. “Before Juro, he would have had to email me, requesting a template. I would have sent the template back across to him so he could add his input, he sends it back to me … and so on. It would be a much longer process of back and forth.” Instead, with Juro, he was able to progress both agreements from zero to signed inside five minutes.
FASTER: With Juro, contracts and templates are managed much faster and much more efficiently, without manual processes to slow the team down. Luno’s operations team can generate and secure signatures on documents in a fraction of the time it used to take.
SIMPLIFIED: Unifying contract management in one place makes processes markedly simpler. “For template agreements, the process from generation through approval to signature is swift and seamless. A process which had previously taken days to complete is now able to be finalised in minutes.”
COLLABORATIVE: Users across the business found Juro’s interface and feature set made it easy to collaborate and create documents quickly - particularly the smart fields used to tag key contract data. “Smart fields linked to the Q&A flow are a fantastic way to guide a user through populating the variable fields in the contract,” Paul explains. “Customising them at a template level has simplified the contract generation process considerably.”
“Responses to the rollout have been overwhelmingly positive, and the time Juro has saved its Luno users is considerable”
The results: supercharged contracts, powered by Juro
Automating the end-to-end process has reduced friction throughout the contract lifecycle, all while letting legal stay in control of their documents, and making a positive impact for the team. “Responses to the rollout have been overwhelmingly positive, and the time Juro has saved its Luno users is considerable.”
Want to create a mobile-friendly, scalable contract workflow for your business? Request a demo and find out how Juro can help.
Visit Luno to find out more about their cryptocurrency exchange platform.