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How Tech is Redefining the Practice of Contract Law
Contracting inefficiencies are costly. Nearly 60% of businesses say poor contract management actually delays revenue, and 50% state that it has resulted in lost business opportunities. By one estimate, poor contract management costs the average company 9% of their bottom line revenue.
Continue Reading →Organizational change is slow, which is why it’s no surprise that working faster and more efficiently has been a priority for legal departments for the better part of a decade. Of 100 corporate legal departments surveyed by Gartner, 40% of managers admit that managing contract risk is a slow process. The average company’s contract review turnaround time adds 10% more time (6.5 days) to the launch of a new product, amounting to $7 million in revenue losses. Companies can’t afford to spend extra time contracting with third parties as it ends up costing the equivalent of three full-time employee salaries.
Continue Reading →Contracts serve as a single point of truth for manufacturers, suppliers, subcontractors, and partners. But one contracting error can open up a manufacturer to liability and poor vendor relations. That’s why having a robust review process to identify and rectify pre-execution contracting issues is paramount to a company’s bottom-line success. Increasingly, contract review in manufacturing is taking a digital turn, and businesses are infusing layers of efficiency into the contracting process with artificial intelligence (AI).
Continue Reading →It has never been more important for legal teams to embrace technology. Ernst & Young found that while 70% of organizations have a formal contracting technology strategy, 99% don’t have the data or the technology needed to improve their contracting processes. Further, only 31% of contracts follow a corporate legal playbook and 71% are not monitored for deviations from standard terms.
Continue Reading →In an era of rapid digitization, choosing specific software for your business needs can be overwhelming. The legal technology software market is especially difficult to navigate as there is no single platform to date that provides true end-to-end contracting efficiency. More confounding still, each company’s services and capabilities are different, making it nearly impossible to compare apples to apples.
Continue Reading →Two impactful market forces converged between 2000 to 2017 that opened the possibility of incorporating artificial intelligence (AI) into corporate legal department workflows. First, data storage prices dipped from $12.40 per GB to $0.004 per GB. And then data volume grew from 2 to 26 zettabytes. With this upswing of data came huge advances in machine learning and natural language processing (NLP) that brought AI to the forefront of technology today.
Continue Reading →Many corporate legal departments use AI for research, litigation strategy, dispute resolution modeling, and offering basic help online. Any legal team can benefit from the use of AI in legal services, especially for contract review and negotiation processes. With large corporations handling, on average, 350 contracts each week, there is an increasingly urgent need to improve resource efficiency through digital transformation.
Continue Reading →Advances in how computers analyze and apply data have trickled down from Silicon Valley laboratories and into corporate legal departments worldwide, denoting a sprint toward the future rather than a slow crawl. One of its most practical and exciting use cases involves legal document machine learning and contract analysis. While there are plenty of reasons to use this technology right now, it is also imperative that companies understand where current limitations exist to avoid blind spots and maximize workflow efficiency.
Continue Reading →The members of corporate legal departments work optimally when they are engaged in valuable and meaningful work. Employees want to feel appreciated, recognized, and presented with opportunities for personal growth. In other words, they want to spend more time assessing risk, shaping strategies, and solving complex legal conundrums and less time buried in mundane, repetitive, and simplistic legal work. If they don’t, they’ll leave. By way of example, law firms lost nearly a quarter of their associates last year, and studies show that salaries are not the main culprits anymore.
Continue Reading →Even the most artful contract drafts require careful attention to ensure the grammar is polished, formatting is consistent, and company standards are met. If you’re a legal proofreader, understanding how proofreading mistakes happen and which errors to look for will develop your competencies, but coupling your skills with artificial intelligence (AI)-powered legal contract review technology can improve the quality and consistency of your work even further.
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