Posts about Negotiations

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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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Future Lawyers will need to have Linguists in their Contacts

September 9, 2021

Guest post, courtesy of Anna Lozynski

Gartner predicts that by 2024, legal departments will replace 20% of their legal team with professional staff (actually they used the non-PC term, non-lawyers).

It may be natural to assume these professionals are legal operations specialists.

But could it in time mean linguists and data scientists too?

Curious to test my own hypothesis, I connected with Dr Alexander “Alec” Sugar, who has been part of the product team at LexCheck for over two years, starting as Junior Product Manager and now serving as the Director of Data Science.

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Best Practices for the Contract Playbook Template with AI

September 2, 2021

Creating a contract playbook template can help legal departments enforce legal guidelines and increase operational efficiency. A comprehensive and well-structured template can harmonize multiple departments—legal, sales, procurement, and others—around common purposes and goals and help reduce risk. Contract playbooks are especially necessary when managing complex agreements requiring legislative updates or strategic renewals.

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Fears of AI shared by Legal Professionals

August 26, 2021

Anna Lozynski has now shared the results of her industry polling on the heels of a successful and engaging Clubhouse open forum where legal professionals were, for the first time, able to openly discuss their internal fears and misconceptions with AI's rise in the workplace.

 

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Why AI Is the Best Contract Negotiation Lawyer

August 24, 2021

The future work of a contract negotiation lawyer is rapidly changing. Forward-thinking legal departments have begun utilizing artificial intelligence (AI) to successfully negotiate cost-effective contracts aligned with company playbook standards. The transition marks a dramatic leap forward for automated contract review and negotiation.

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The Most Important Clauses in a Contract

August 19, 2021

Commercial contracts define business relationships across a wide variety of industries. These legally binding documents include a detailed description of expectations, obligations, guarantees, and terms that structure business relationships. With a well-crafted contract, businesses can create conditions for a smooth and hassle-free execution of duties.

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Negotiating Industry Standard Agreements With AI

August 17, 2021

Industry standard agreements provide common starting points for negotiations in equipment and services procurement. In construction, the American Institute of Architects provides standard agreement templates, as does the Association of General Contractors. However, industry standard agreements often are created by supplier associations with financial incentives that favor suppliers.

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Top-Rated Contract Negotiation Tool by CIO Review

August 3, 2021

CIOReview is a leading print and digital magazine published to help C-suite executives and leaders learn about new technology trends and make informed purchasing decisions. Their critical reviews serve as a trustworthy source of information for companies seeking the opportunity to work faster and smarter.  

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Standard Business Agreement Contract Negotiation and Modification Using AI

July 29, 2021

A company’s value is retained in its contracts. Corporate lawyers invest significant time, thought, and energy into detailing business relationships and clarifying the terms of service. As a result, good standard business agreement contracts protect both parties in the event of a breach of etiquette. With the help of artificial intelligence (AI), corporate legal departments and procurement teams are discovering how to ensure their agreements adhere to company guidelines while accelerating the review and negotiation process from days or even weeks to mere minutes.  

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