.svg)
How Tech is Redefining the Practice of Contract Law
The link between science and human imagination is as old as recorded history. Ancient Greek writers like Homer and Hephaestus imagined the gods would one day create humanoid robots to serve mankind. Ancient Egyptian and Indian texts imagined the benevolent use of automatons to perform simple tasks, such as rowing a boat or pouring water.
Continue Reading →Advancements in legal technology over the past few decades have led to its widespread adoption—and the timing couldn’t have been better. Chief legal officers now face increased pressure to properly manage business risks, improve compliance, streamline workflows, and free up teams for high-value work. The types of technology that can help them achieve these goals are many, but those suited for contract work in particular are robust enough to make a real difference in any company’s workflows and revenue. So, why is legal technology important? Read on to find out.
Continue Reading →Legal operations positions have grown more than 75% since 2018, according to Gartner’s 2021 State of the Legal Function report, and for good reason. These crucial roles form the backbone of successful law firms and corporate legal departments, offering support for budgeting, analytics, process improvements, and the acquisition of competitive legal operations technology.
Continue Reading →Construction contracts pave the way for shovels to break ground and projects to begin. Beyond a practical formality, contracting in construction protects a company’s best interests, preserves customer relationships, identifies potential risks, and provides a mutually agreeable path for conflict resolution if necessary.
Continue Reading →Legal operations (or legal ops) is a somewhat new field, but its importance is already widely recognized. In the 2022 ACC Chief Legal Officers Survey, 70% of respondents listed legal ops as their top strategic priority. This is going to be even more important as companies struggle to cut costs and workloads increase amid record-breaking inflation. Companies shouldn’t just focus on what legal operations is, but also on how it can give them a competitive advantage.
Continue Reading →Analysts expect the global market for contract lifecycle management software to more than double over the next few years, growing from $1.5 billion in 2020 to $3.84 billion by 2026.
Continue Reading →Artificial intelligence (AI) includes high-level, automated programming systems that, when combined with logic-based programming, can easily encode human knowledge and abilities in a compact and usable way. To date, AI-based contracting software represents the most sophisticated technology on the market, yet some businesses are still on the fence about its true potential. Can it ever truly replace legal department staff, for example? The short answer is no: AI based on logic programming will not replace the human element any time soon, but it can solve a number of unique challenges more efficiently.
Continue Reading →Pre-execution is the lengthiest phase of the contract lifecycle—and for good reason. During this critical stage, companies can secure favorable terms before a deal has been finalized and mitigate risk by exercising due diligence.
Continue Reading →Growing businesses often struggle to keep up with manual contract review and negotiation demands as they increase capacity. Inevitably, sales cycles slow down, frustrations escalate, risks get overlooked, and overall business growth is hampered by inefficiency.
Continue Reading →The workplace has changed and things aren’t going back to the way they were. More people are working remotely than ever before, encouraging manual processes to shift to agile, tech-enabled workflows that can be completed from virtually anywhere.
Continue Reading →