Innovating Legal

Technology is Redefining the Practice of Contract Law

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NDA vs CDA: Which One is Right For You?

September 27, 2022

The terms Confidential Disclosure Agreement (CDA) and Non-Disclosure Agreement (NDA) are often used interchangeably, though contract lawyers may prefer one over the other depending on the context. Whether CDA vs NDA, both agreements spell out the terms for information security when one or more parties are working together. Here’s what you need to know about both, and why properly reviewing each is necessary when it comes to protecting sensitive information.

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Legal Operations Team Structure: Optimize Your Legal Ops for Success

September 22, 2022

Legal operations teams have grown increasingly important to a company’s competitiveness and strategic business initiatives. Sixty-one percent of legal departments employ at least one legal operations professional today—a figure that has nearly tripled since 2015. Nearly a quarter of legal departments have at least four legal operations staff members, and 13% plan on hiring additional personnel to their legal operations team structure in the coming year.

Ultimately, the role of legal operations is to empower legal teams with optimized workflows, tools, and strategic initiatives. But the legal operations’ team structure, role hierarchy, and objectives can vary greatly based on company size. Understanding these differences—and the best practices for your budget—is a worthwhile starting point for change.

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What Is Included in a Non-Disclosure Agreement (NDA)?

September 20, 2022

In today’s hyper-competitive markets, businesses must keep proprietary information confidential at all times. Accordingly, non-disclosure agreements (NDAs) are one of the most commonly used legal documents in the business world that help to protect businesses’ proprietary information. Over the years, they have grown substantially in both number and scope. Data suggests that over one-third of the U.S. workforce is bound by an NDA. 

But as with any contract, there’s always room for improvement—and companies are beginning to lean on technology to perform the heavy lifting for them while they focus on overarching strategies. If you’re wondering what is included in a non-disclosure agreement, this article covers their uses and common clauses in addition to the modern approach to reviewing them with artificial intelligence (AI) technology.

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Legal Technology, AI, and the Impact of Both on the Practice of Contract Law

September 13, 2022

Legal technology promises faster, cheaper, and more accurate business results. Artificial intelligence (AI), also sometimes referred to as cognitive computing, is a computer’s ability to reason, learn, communicate, and make decisions—and it’s a key part of making those results achievable. 

Legal technology AI developed within the past decade leverages complex algorithms to identify patterns in data, run tests, and deliver results on par with human lawyers. While it may sound like the industry is poised for an AI takeover, the reality is that man and machine are working in tandem to improve contract law like never before.

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Exploring the Relationship Between Legal Technology and Innovation

September 8, 2022

Are you a corporate lawyer with an eye toward the future? Technology can help you get there. Legal technology and innovation go hand in hand—particularly since the COVID-19 pandemic strained corporate budgets and manpower alike. Legal tech empowers businesses to streamline entire processes, including how they store and sign documents, adhere to preferred negotiating positions, and oversee timely contract execution.

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What Is Contract Lifecycle Management Software?

September 1, 2022

Surging demand for contract lifecycle management (CLM) is evident as 2020 saw a 40% increase in inquiry volume, according to Gartner’s Critical Capabilities for Contract Lifecycle Management report. Given the present growth rate, market analysts speculate the global market for CLM software is on track to reach $845 million USD in 2022 and $3 billion in 2032.

It’s an important trend, and one that corporate leaders should consider before they are outpaced by their competitors. This article explores the underlying causes for the rising need for CLM, what is contract lifecycle management software, and how this type of technology can streamline business operations like never before.  

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Legal Operations Skills and Technology for Improving In-House Efficiency

August 30, 2022

Increasingly, corporations are embracing the benefits of employing legal operations managers. Acting as crucial change agents, these specialized personnel streamline in-sourcing, drive contracting efficiency, and empower in-house lawyers to spend less time on paperwork and more time practicing law. This article explores the future prospects for legal operations professionals, the necessary legal operations skills they need to succeed in their roles, and how technology complements those roles.

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Implementing Legal Technology Solutions for Maximum ROI

August 25, 2022

Legal departments will automate over 50% of their work by the end of the year, according to Gartner’s predictions. While there’s no doubt that legal technology solutions can offer many competitive advantages for teams that are pressured to do more with less, there is some confusion over where in the contracting process they can fit in to help businesses drive the most value. Let’s clear that up by taking a look at the different types of legal technology solutions, where in the contracting process they can maximize ROI, and why contract review and negotiation solutions offer the greatest value.

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What Is Contract Lifecycle Management and Why Does It Matter?

August 18, 2022

Contract lifecycle management (CLM) is the process businesses follow to manage contracts from their creation up to their expiration. It’s a simple definition; unfortunately, many CLMs do not account for everything that’s involved in the life cycle of a contract. Any reasonably sized corporate legal department or firm will have thousands of contracts to manage—all with different dates, provisions, retention schedules, and involved parties.

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