Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

One Way and Mutual NDA Contract Review Strategies

December 21, 2021

Non-Disclosure Agreements (NDAs) protect confidential information like trade secrets, intellectual property rights, customer/client lists, and company business plans and processes from exposure, misuse, and theft.

Reviewing and signing these documents are standard practices for many businesses; however, when things go wrong, companies can become exposed to unnecessary liability. Does an NDA really protect you? That all depends on how it is written.

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Establishing Objective Contract Management KPIs

December 17, 2021

Successful businesses implement Specific, Measurable, Achievable, Results-oriented, Time-constrained (SMART) goals to assess performance. Recognizing the vast differences in contract types and objectives, managers may find it difficult to determine which contract management KPIs make the most sense to monitor. The following measurement categories can help a team objectively review their contract efficiency, effectiveness, and risk.

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Contract Review Checklist for Commercial Agreements

December 14, 2021

An effective and efficient contract review process is essential for successful business relationships. Once an agreement is signed, both parties are legally bound to its terms, which is why it’s critically important to ensure that clauses and provisions are clearly and accurately stated. During a typical review process, errors and omissions can occur. Many legal teams rely on a contract review checklist as a safeguard to standardize the process. This guide outlines a helpful checklist and discusses recent developments in contract review technology that have enabled legal teams to ensure 100% compliance while accelerating and automating the review process.

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How the Legal AI Landscape Is Changing Legal Associate Training

December 9, 2021

Artificial intelligence (AI) is one of the fastest-growing technology sectors across industries today. The first AI applications focused on workflow management and big data; however, within the last five years, the legal AI landscape has expanded exponentially. There is a pervasive excitement about the new possibilities for contract management afforded by AI-powered innovations.

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Legal Tech and AI: Understanding the Fears Shared by Legal Professionals

December 7, 2021

Looking toward the legal landscape of the future, Thomson Reuters concluded that “much like email changed the way we do business every day, artificial intelligence (AI) will become ubiquitous—an indispensable assistant to practically every lawyer. Those that do not adopt and embrace the change will get left behind.”  The future is arriving rapidly with company spending on AI forecasted to reach $342 billion this year, increasing more than 600% over the last five years alone. 

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Manual Contract Management: The Biggest Roadblock to Time and Cost-Savings in Your Legal Department

December 2, 2021

Within the last decade, the need for significant revision or renegotiation during the execution phase of a contract has increased by nearly 40 percent. Inefficient manual contract management causes unnecessary delays and expenses that are magnified when legal teams are negotiating a high volume of contracts. In response, corporate legal departments are increasingly adopting automated artificial intelligence solutions to overcome these pain points and accelerate their contract approval process.  

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How to Ensure 100% Compliance With Contract Negotiation Guidelines

November 30, 2021

The legal industry currently experiences a 17% annual turnover rate—with more than half of all departures initiated by the legal staff, much to the chagrin of the companies that hired, trained, and oversaw their development. High attrition rates remain a critical challenge for corporate legal departments, particularly. Large law firms as well, report an annual expense of $250,000 for recruiting and hiring one first-year associate. When an employee leaves, that figure increases to $400,000 to account for lost training costs and institutional knowledge. As a result, legal departments with more than 400 staff members lose approximately $25 million in turnover-based expenses. 

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Automated Contract Redlining Redefines Contract Negotiations

November 18, 2021

Corporate legal teams seek innovations that will accelerate the contract approval process without exposing their company to risk. Speed and efficiency are prerequisites as legal departments experience an increasing volume of new Master Service Agreements, Non-Disclosure Agreements, Software Licensing Agreements, and Partnership Agreements each year. When industry “best practices” fail to expedite traditional redlining processes, consider how an artificial intelligence (AI) platform can automate your department’s workflow. 

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How Self-Service Contracts Are Automated With AI

November 11, 2021

Self-service contracts are used primarily by companies managing 20,000 to 50,000 documents concurrently, including sales, product, service, consulting, benefits, lease, licensing, and non-disclosure agreements. Companies use self-service contracts to manage procurement, hiring, provider relations, and more. Across applications, self-service contracts enable faster contracting with a “one-click” approval process; however, expediency too often increases the risk and frequency of errors.

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