Draftstack

DraftStack is a shared digital workspace for negotiating and closing a legal transaction, built to replace the practice of circulating drafts, requests, and files among a deal team and the other side by email.

Key features and functions include:

Draft tracking
Every circulated draft of a transaction document is recorded in the workspace, and the current operative draft is identified for everyone on the deal. A free Microsoft Word add-in allows a user to check the document open in Word against the operative draft before sending it.

Open points
Parties can track which contract terms remain under negotiation and which have been agreed, including whose turn it is to respond on a given point.

Diligence, files, and messaging
Diligence requests, documents, and team or counterparty conversation are kept alongside the drafts they relate to, with due dates and reminders attached to outstanding items.

Closing signatures
Signing uses an emailed one-time code together with a passkey. Signed closing documents can be held within the workspace until release at closing.

Counterparty access
Counterparties and their counsel are invited into a deal by link and do not need to create an account or pay to participate.

Playbook checks
Incoming drafts can be checked against a firm’s own negotiating positions.

Team access controls
Firms can set which team members see which parts of a deal and review a log of who opened items and when.

Reporting
Users can view the status of a deal without following up individually with team members.

Security
The substance of a deal, including documents, party names, messages, and prices, is encrypted in the user’s browser before it reaches DraftStack’s servers. A limited set of details, such as email addresses and due dates, remain readable so that invitations and reminders function. DraftStack does not sell data and does not use advertising or tracking technologies.