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The average company loses 9% of its annual revenue to common contracting issues like long negotiation cycles. Larger companies that handle a high volume of contracts can lose up to 15% of their revenue. Establishing a solid redlining process is the first step toward developing more cohesive agreements and accelerating contract finalization.
Continue Reading →For the average legal department, slow contract review costs the equivalent of three top-paid full-time employees. Wasted money aside, companies with inefficient contracting processes have more deals fall through and miss out on sales revenue opportunities due to product launch delays. In revenue terms, legal drag costs organizations some $7 million in losses.
Continue Reading →The modern workplace demands collaboration between humans and Artificial Intelligence (AI) to increase productivity, job satisfaction, and profitability.
Continue Reading →This year, 70% of businesses are looking to upgrade their contract management software, according to a 2022 survey of 861 Chief Legal Officers across 20 industries and 38 countries. The main impetus? To drive profits and invest in employees. Increasingly, workers expect to have access to those tools that help them to get their jobs done.
Continue Reading →Redlining legal documents is an artform that takes time and skill to master. But with top legal talent in short supply these days, it can be a challenge to ensure every contract receives the eagle eye review and attention it deserves. Training staff members on what to look for when redlining a legal document is a start, but applying automation technology to the process can be an entirely transformative initiative that yields markedly improved results.
Continue Reading →How can organizations ensure that all legal agreements are consistently reviewed for risks and errors? How can legal teams maintain compliance with preferred positioning and successful fulfillment of contractual obligations? What is needed to conserve resources, mitigate risk, and fuel business growth?
Continue Reading →Corporate legal departments are relatively slow adopters of new technology. However, the sudden onset of the COVID-19 pandemic forced businesses to pivot in order to survive.
Continue Reading →Without proper attention during review, negotiation, and pre-execution, contracts tend to leak significant value. That’s according to research conducted by the International Association for Contract & Commercial Management (IACCM) which found that, on average, contract underperformance leads to a 9% annual profit loss—not including the cost of missed opportunities.
Continue Reading →With a compound annual growth rate of 13% and the worldwide market set to grow by more than triple from 2020 to 2030, the adoption rate for contract lifecycle management (CLM) software is expanding exponentially. But what are the stages of a contract lifecycle, exactly? Understanding each one can help clarify why such software is necessary in this day and age. While the use of generalized CLM software is on the rise, integrating highly specialized tools at various stages also adds tremendous business value—especially for companies looking to become more competitive and accelerate growth.
Continue Reading →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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