Posts about Contract Management

Top Legal Technology Software for Drafting Contracts

May 24, 2022

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. 

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How the Use of AI in Legal Services Can Benefit Your Corporate Legal Department

May 17, 2022

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.

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How Legal Document Machine Learning Helps With Contract Analysis

May 12, 2022

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.

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How Artificial Intelligence Contract Analysis Is Changing Corporate Legal Departments

May 10, 2022

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.

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Most Common Errors in Law Proofreading

May 5, 2022

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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How to Proofread Legal Documents

May 3, 2022

Proofreading other attorneys’ work is easier than proofreading our own; we unwittingly infer intended meanings to our own compositions even if they are not clearly stated. Even so, without the right strategies and tools in place, proofreading legal agreements and drafts can be an uphill battle, especially when high-volume workloads, fatigue, and office distractions are factored into the equation.

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Employment Contract Analysis: What To Look For in Your Contracts

April 26, 2022

Well-written employment contracts include mutually agreeable terms for both the employer and the employee. Whether you have five employees or five thousand, employment contracts outline rights and responsibilities — keeping employees happy by avoiding disputes and ensuring the business is running smoothly in the process. 

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Online Contract Review: When You Should and Shouldn't Use These Services

April 19, 2022

At scale, pre-execution contract negotiation becomes a drain on company resources. With 80% of sales teams authorizing over 500 contracts each month, process management becomes necessary just to keep up, let alone free up space to handle new business. To help alleviate the burden, online contract review can be outsourced to an Alternative Legal Service Provider (ALSP), but it’s also possible to boost in-house efficiency without much hassle by implementing an artificial intelligence (AI)-powered contract review solution. This article will explore the pros and cons of each approach.

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How Automated Contract Review is a Game Changer for Data Processing Agreements and Standard Contractual Clauses

April 12, 2022

Automated contract review software entered the market just when we needed it the most. While legislation to protect consumer information privacy is crucial, given the rise in identity theft and subsequent lawsuits, rolling out this legislation has been anything but smooth. In the meantime, companies need to proactively define data use and protection to stay ahead of compliance issues. Data processing agreements and standard contract clauses are helping companies do just that.

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Assessing Risks in Finance Contracts: A Guide for the Banking Industry

April 7, 2022

Financial institutions write tens of thousands of contracts each year. Some are privately negotiated while others are negotiated through public exchange markets. Different types of finance contracts are drawn up to balance risks and rewards, but their review and negotiation processes should never be overlooked. Increasingly, artificial intelligence (AI) platforms are being implemented to standardize and fully redline financial contracts by type, saving time by performing more thorough risk analyses.

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