Posts about Negotiations

Benefits of Accelerating Contract Management in SaaS

Contract Lifecycle Management (CLM) software is often positioned as the cure-all for Software as a service (SaaS) company woes, enabling teams to get better visibility into their contracts, obtain analytics to determine performance, or get end-to-end support for various internal processes. 

Benefits of CLM and How Contract Negotiation Automation Can Help

Contract lifecycle management (CLM) is taking the legal industry by storm—projected to grow at a 13.5% compound annual rate from 2022 to 2032. But only fairly recently did it become possible to streamline contracting at every stage of the process, including creation, review, negotiation, approval, execution, and renewal. 

With so much of a legal department’s time spent on mundane due diligence across thousands of contracts every year, CLM software adds high-level oversight to the process. Beyond the obvious benefits of CLM, automation can take legal teams one step further, reducing strenuous workloads, expediting time to close, and reducing company risks in significant ways. 

CLM Tools for Improving Contract Value and Performance

In this era of accelerating technology, if you have a challenge, there’s probably a solution that can solve it. You only need to know where to look. Whether you’re a project manager in a corporate legal department or part of a procurement team, contract lifecycle management (CLM) software can provide a strong start to improving relevant metrics like time-to-execution, cost-per-contract, and even employee turnover rates. 

CLM software sounds like it includes everything you need on paper, but the reality is that more than a third of companies using CLM solutions also leverage artificial intelligence (AI) tools to further optimize contract workflows and maximize results.

How to Ensure 100% Compliance With Contract Negotiation Guidelines

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. 

Automated Contract Redlining Redefines Contract Negotiations

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. 

Future Lawyers will need to have Linguists in their Contacts

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.

Best Practices for the Contract Playbook Template with AI

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.

Fears of AI shared by Legal Professionals

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.

Why AI Is the Best Contract Negotiation Lawyer

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.

The Most Important Clauses in a Contract

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.