Innovating the Legal Industry

Understanding Procurement Coordinator Roles and Responsibilities in Legal Departments Today

Over 500,000 people are working in procurement to coordinate logistics activities today. From creating proposal and bidding processes to researching vendors and preparing contracts, procurement coordinators ensure projects receive all the materials necessary for the timely delivery of cost-efficient and legally compliant goods and services. As the “coordinator” part of the job title infers, this position involves acting as a liaison between a company and its vendors. Increasingly, procurement coordinator roles and responsibilities are now using artificial intelligence (AI) technology to automate tasks and boost workplace efficiency. 

Contract Analysis: What It Is and Why Innovation Matters

By definition, contract analysis refers to tracking information within a legal document. Contracts are assessed for commonalities, including boilerplate provisions or errors, which may require updating. Contract analysis is a vital part of running a successful business as it lays the groundwork for relationships, fits within the regulatory framework of the industry, drives daily activities, and provides protocols for resolving disputes.

Contract Renewal Process Best Practices

Contract renewals are the last, but certainly not least, phase in the contract management cycle. While most contracts include built-in renewal provisions, routine oversight is necessary to ensure all standards, price terms, goals, and representations/warranties are up-to-date and favorable. Seemingly minor changes to any of these provisions during renewal time can impact costs, performance, and efficiency, so it’s worth building review processes into your organization. Following a set of contract renewal best practices ensures prioritization and adequate renewal time so no opportunity for modernization is missed. 

Sales Velocity Formula: How Quickly Are Your Deals Closing and How Can You Accelerate the Process?

Sales velocity measures how fast deals move through the sales pipeline and generate revenue. This key performance metric can reveal expected revenue for a given period. Beyond that, entering numbers into a sales velocity formula applies value to the sales cycle, whether establishing a baseline, identifying a problem, or looking for ways to improve. Increasingly, innovators are turning to artificial intelligence (AI) to increase sales velocity.

Blacklining vs. Redlining: Contemporary Contract Markup

Newcomers to the world of legal contract review may experience confusion stemming from the industry lexicon. Terms “blacklining” and “redlining” both describe the act of making changes to a contract during contract review and negotiation. Teams may also call changes “markup.”

The Commercial Contract Playbook: Your Secret Weapon for Empowering HR, Sales, Finance, and Procurement Teams

Contracts form the relationships that ultimately bring in revenue. Across all industries, contract drafting, reviewing, and negotiating are core processes that must be completed; however, they could often be accomplished more effectively. Most corporate legal departments use clause libraries and templates for drafting but rely on manual review processes to get through the last mile. 

Exclusion Clause: What It Is and When To Use It

Exclusions are among the most important clauses in a contract, along with confidentiality clauses, force majeure, and dispute resolution clauses. The language in these sections must be neither overly flexible or too stringent. Developing ideal positions and standard guidelines for writing these clauses is an important first step. For ensured compliance, however, artificial intelligence (AI) is the answer.

Advantages of Legal AI Contract Review

Humans, by nature, can be resistant to change. Often, though, change offers new opportunities. The struggle between tradition and innovation is felt acutely in corporate legal departments when contract review and negotiation processes become tedious and inefficient. Legal AI contract review has emerged as a game-changing opportunity for legal departments willing to innovate.

Why a Procurement Analyst + AI Is a Winning Combo for Contract Review

Artificial intelligence (AI) technology has made the daily work for professionals across a variety of fields more efficient and even more enjoyable. In the past, job seekers may have avoided procurement analyst positions for fear of tedious and time-consuming contract review tasks. However, recent advances in AI-powered contract review and negotiation solutions have enabled procurement teams to streamline processes and eliminate process bottlenecks while ensuring playbook-compliant agreements. 

Is a Contract Review Attorney the Best Bet for My Business?

Every business will eventually face a contract review decision—whether to outsource a third-party provider, hire one or more contract review attorneys in-house, or hire non-legal personnel to handle agreements.

Generally speaking, contract review attorneys can offer a corporate legal department a tremendous amount of legal expertise, experience, and oversight. However, they are not the least expensive option for fulfilling contractual needs; it’s worth considering alternatives, particularly if your business is scaling.