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Legal professionals who harness the benefits of legal project management by exploring the latest technology and tools are better equipped to manage task execution from start to finish, conduct comprehensive research, and automate routine contract risk analysis and negotiation. Learn about three innovations that leaders in the field are implementing for “best-in-practice” legal project management.
Continue Reading →The contract approval process can present a significant time sink for corporate legal departments. As attorneys and legal staff progress through the stages of assignment, negotiations, drafting, agreements, and renewals, they must cooperate with multiple disparate parties and engage with complex and extensive information. Efforts to streamline these tasks often rely on technology.
Continue Reading →Risk is inherent in any business deal. However, successful companies habitually identify and mitigate potential risks. Strategies for mitigating risk have come and gone over the years, but until now the challenges and pitfalls were difficult to mitigate. Recently, artificial intelligence (AI) emerged as an innovative approach enabling legal teams to overcome common contract negotiation obstacles. Corporate legal departments have begun to streamline standard procedures by leveraging an AI-powered contract risk assessment tool.
Continue Reading →Today’s global supply chain challenges highlight the need for procurement efficiencies and better risk management. Many corporate legal departments are facing new vendor challenges and situations not covered by legacy contracting policies and procedures.
Continue Reading →Any business that offers a product or service must execute sales contracts delineating the rights and duties of the buyer and seller. These days, few companies can get by with a standard template. While there may be boilerplate warranties and return policies, each relationship is governed by its unique terms and conditions.
Continue Reading →A contract management playbook provides a single source of guidance for corporate legal departments as they handle negotiations to reach equitable agreements. Unfortunately, these important, and, sometimes, hefty manuals are often too cumbersome to use in the best of circumstances. An attorney knee-deep in contract negotiations may not have time to thumb through scores of pages of content to find the relevant company positions. Obviously, non-use limits the overall effectiveness of the playbook.
Continue Reading →Research by KPMG found that up to 40 percent of value in deals is lost due to inefficient contracting processes. A modest efficiency increase can result in tens of millions of dollars for a Fortune 500 enterprise. Enterprise contract lifecycle management—particularly artificial intelligence (AI) contract negotiation—provides a key for unlocking this potential value.
Continue Reading →Contract management can be a complex undertaking. While some legal departments have succeeded in updating from manual to digital contract processes, for most there remains room for improvement. Forrester’s State of Contract Management 2020 report found that a third of contracts require over 30 hours to negotiate, and 52 percent of companies examine three or four versions of a contract before finalizing a deal.
Continue Reading →Natural Language Processing (NLP) is a subfield of Artificial Intelligence (AI) that uses computational tools to tag, translate, summarize, analyze, and extract data for review. The result is a technology platform capable of "understanding" the contents of documents, including the contextual nuances of the language within them. For example, AI-based legal software can flag an exclusivity provision as an urgent issue requiring review by a senior attorney.
Continue Reading →McKinsey & Company reports that 90 percent of annual revenue across industries is documented in contracts. Yet, most businesses invest less than 1 percent of their resources into contract development standards and best practices. Managing the contract lifecycle, however, has become an increasingly complex task where mistakes can cost companies an estimated 9 percent of annual revenue.
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