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Create legal agreements that work with Ethereum

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Founder(s):  
Aaron Wright
David Roon
This post was written by 
bernacreates.eth
and edited by 
Justine Humenansky
 & 
Nelson Jordan

Overview

What is it?

OpenLaw is an online legal contracts portal which provides users with a blockchain-based protocol to create ‘smart’ legal documents. 

The OpenLaw platform can be used to create smart contracts and record them on the Ethereum blockchain.

What problem does it solve?

OpenLaw allows users to model entire or partial legal agreements using smart contracts, decreasing the cost and friction of generating and securing legal agreements.

Previously, many lawyers lacked the tools and blockchain experience to build smart contracts. OpenLaw makes this area of Law more accessible to legal professionals.

How does it work?

Automating Digital Contracts wherein one can wrap smart contracts into legal agreements in minutes. You can sign and seamlessly interact with smart contracts by filling in forms and templates. The smart contracts are generated without having to code.

How do I use it?

DAO Masters Insights

Why it's cool:

OpenLaw is an open-source and low code framework that enables peer-to-peer legal agreements. This reduces the friction of the overwhelming journey that people experience in creating their first DAO, especially for non-technical users and non-legal experts

OpenLaw has a comprehensive legal template library -- from Web 2.0 legal documents like YCombinator Series A Termsheet to Web 3.0 legal  documents like Aave Stake & Repay. Anyone can submit a template to add on to the library as well.

They have an API for developers to execute smart contracts and create products using their tools.

Challenges:

There is some confusion between The LAO and the OpenLaw framework and how they relate to each other.

They have a comprehensive legal template library but it doesn’t yet have categories, only a search bar. This makes it hard to understand which templates are available.

The documentation still requires a good level of technical knowledge and isn't suitable for those with a low level of smart contract experience.

Words of advice:

Expected future updates:

Getting Started

Sign up and view their smart contract templates here.

Read the Beginner's Guide to draft a Smart Legal Agreement.

Read the docs to explore the technical aspects of OpenLaw and how it’s built.

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