Recent Posts by Andy Silverman

7 Online Resources for Lawyers, Legal Teams, and In-house Counsel

The legal landscape is constantly evolving, and those responsible for keeping up need the latest resources and information to be successful in their roles, whether that’s an in-house counsel position, a lawyer at a firm, or another legal function.

There are countless blogs, websites, publications, and organizations dedicated to serving the unique needs of legal professionals. We’ve put together a list of some of the most helpful online resources available for lawyers, legal teams, and in-house counsel.

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What is a Legal Operations Analyst's Impact on General Counsel?

Across business units, companies are strategically looking at ways to become more effective and efficient, leveraging technology and data to improve operations, glean more actionable insights, and derive other important benefits. In-house legal departments are no exception.

Legal operations analysts and legal operations teams are focused on improving in-house counsel’s ability to do their jobs, transforming key operations so that legal teams can deliver their best results. But because this is a relatively new function, it’s helpful to understand what legal operations analysts do and how their work impacts general counsel and legal operations as a whole.

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5 Skills Needed for Effective Contract Management

Contract management is one of the biggest responsibilities for businesses of all sizes. Efficiently managing your contracts has a direct positive impact on your financial performance, your relationships with third parties, and your organizational reputation.

According to IBM, the average Fortune 1000 company may have as many as 20,000 to 40,000 active contracts at any given point in time. With so many contracts and related documents to keep track of, effective contract management is a must.

In this article, we’ll discuss five of the most important traits and skills for contract managers to have, so that you can achieve effective contract management within your own organization.

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How Legal Operations Departments Are Evolving

As the old saying goes, change is constant. This is especially true within the corporate world, where businesses must keep pace with market forces, technological advances, and other factors in order to maximize efficiencies and stay competitive. No department is spared from this ongoing need for evolution, and that includes legal operations.

So how are legal operations evolving? An annual survey with legal operations leaders shows a number of key shifts. Here are three ways legal operations departments are evolving – and the impact these trends may have on resources, processes, and other considerations that impact in-house legal teams.

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New Ebook - Choosing SharePoint or Contract Management Software

Contract management can be time-consuming and tedious when left to manual processes, so businesses often implement software to help them take control of their legal documents.

Since so many companies already use SharePoint for collaboration and content management needs, it’s common for these companies to explore whether it can also serve as a contract management system. SharePoint is a great solution for those with basic file sharing and collaboration needs, while dedicated contract management software offers its own set of benefits geared towards helping legal teams store, manage, track, and report on corporate agreements.

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Meet Kristen Johansen, VP Product Development

At ContractWorks, our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we’re catching up with Kristen Johansen, VP Product Development at ContractWorks. Kristen plays a critical role at ContractWorks, working to ensure that the products and services offered align with what customers need to be successful.

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3 Steps to Reduce Contract Risk Following an M&A Transaction

Before finalizing a merger or acquisition, contract reviews are a form of investigation. The acquiring business needs to understand any and all contract features that could cause challenges to the business once the deal has been completed. But that’s only step one of the process.

Once the merger or acquisition moves forward, the next thing to do is to address any issues uncovered during the pre-transaction review, and make sure all of your incoming contracts are treated just like any other existing contract in your portfolio. After all, every contract belonging to the target company is now the acquiring company’s responsibility. 

Here are three things you can do to reduce contract risk once the M&A transaction has been completed:

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The Complete List of Construction Management Contract Types

Contracts provide a legally-enforceable framework for guiding any and every type of business relationship, from employment agreements to orders for parts and supplies. While these agreements are key to guiding business relationships and ventures across all sectors, getting contracts right is especially important within construction, where the ability to complete a build on time, on budget and to code hinges upon all vendor arrangements going as expected. From the builder’s perspective, contracts are also important for preventing scope creep and to reducing the risk of cost overruns they may unexpectedly have to absorb.

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3 Contract Negotiation Strategies to Reduce Contract Risk

One thing most people can agree on is that contract negotiation is stressful, especially within business. That’s because there’s a lot riding on coming to a favorable agreement: successful negotiations can help boost company profitability and improve goodwill and collaboration between business partners. Successful contract negotiation is also key to reducing or mitigating many of the business risks that can arise when you work with other parties.

But reducing contractual risk requires planning and preparation. In contracts as in life, it won’t be possible to eliminate all risks altogether – but the more informed and prepared you are as you negotiate the terms that will make up your contract, the better you will be able to prioritize your needs and come to an agreement that will best protect your interests.

Here are three negotiation strategies that can help to reduce your contract risk.

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Improving Healthcare Contract Management Effectiveness and Efficiency

Are your contracts scattered across various hard drives, desktops, and cloud locations? Have you ever missed a contract milestone or deadline that forced you into a costly and unnecessary renewal? Are manual contract management processes exposing your company to unnecessary risk or making it difficult to keep up with compliance requirements? If any of these sound familiar, it may be time to consider implementing contract management software.

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