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Technology is Redefining the Practice of Contract Law
Software as a Service (SaaS) reached ubiquity in the early 2000s, yet many businesses are still struggling with how to understand common clauses and negotiate terms in SaaS contracts. As a result, SaaS deals all too often result in copious amounts of back-and-forth negotiation. Worse yet, deals stall and fall by the wayside.
Continue Reading →Redlining legal documents is an artform that takes time and skill to master. But with top legal talent in short supply these days, it can be a challenge to ensure every contract receives the eagle eye review and attention it deserves. Training staff members on what to look for when redlining a legal document is a start, but applying automation technology to the process can be an entirely transformative initiative that yields markedly improved results.
Continue Reading →American educator Steven Covey said, “The key is not to prioritize what’s on your schedule, but to schedule your priorities.” Few understand this concept better than in-house legal counsel who seemingly never have enough hours in the day to accomplish time-sensitive tasks. That’s especially true when it comes to thousands of pages of documents that require manual review and extreme attention to detail.
Continue Reading →The demand for non-disclosure agreements (NDAs) has more than doubled over the past two decades. Fifteen years ago, in-house counsel may have handled one or two specific NDAs, but the complexity of modern business demands that nearly every worker, client, or business partner sign on the dotted line before accessing proprietary information. Today, more than one-third of American workers are currently bound by NDAs.
Continue Reading →How can organizations ensure that all legal agreements are consistently reviewed for risks and errors? How can legal teams maintain compliance with preferred positioning and successful fulfillment of contractual obligations? What is needed to conserve resources, mitigate risk, and fuel business growth?
Continue Reading →Corporate legal departments are relatively slow adopters of new technology. However, the sudden onset of the COVID-19 pandemic forced businesses to pivot in order to survive.
Continue Reading →Without proper attention during review, negotiation, and pre-execution, contracts tend to leak significant value. That’s according to research conducted by the International Association for Contract & Commercial Management (IACCM) which found that, on average, contract underperformance leads to a 9% annual profit loss—not including the cost of missed opportunities.
Continue Reading →Artificial intelligence (AI) promises to upend the status quo across industries, freeing workers from the shackles of tedious manual labor and opening the door to creative thinking and relationship building. But business leaders often wonder if their competitors are using AI in the same capacity, and if they’ll outcompete them in terms of efficiency and profitability by doing so. The answer isn’t so simple.
Continue Reading →Contract management technology has been advancing at warp speed. To avoid the same fate that law firms are experiencing with massive associate turnover, legal departments are turning to high-tech tools to achieve greater operational efficiency while reducing costs and organizational risk. Implementation of the latest contract management software not only boosts employee morale by optimizing their workflows, but also improves customer experiences and allows businesses to scale their growth. Things are moving quickly, so let’s take a step back and look at how we got here.
Continue Reading →Legal professionals face increasing pressure as the rapid pace of technological change, the increasing complexity of compliance, and talent shortages ensue. According to the 2022 Wolters Kluwer Future Ready Lawyer Survey, ninety-one percent of corporate legal departments expect to fully leverage technology to tackle these challenges head on. The survey also found that sixty-three percent of technology-leading law firms increased profits over the past year, compared to forty-six percent for lagging firms.
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