4 Habits of a Successful Legal Risk Management Team

A failure to address legal risks before they turn into actual problems can be devastating in the business world. From breaches of contract to compliance failures, companies that do not take steps to recognize and address their legal exposure can end up on the hook for damages, fines and penalties, and reputational damage.

But though some element of risk is generally inherent to conducting any type of business, not all exposure should be seen as inevitable. By applying some of the key principles of risk management to contractual and legal dealings, enterprises can proactively take steps to limit their risk of losses, as well as mitigate the level of damage they experience should a breach of contract or other problems occur. This is called legal risk management, and here are four key habits the best teams typically possess to inform their approach.

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Women, Influence & Power in Law Conference: 3 Things You Won't Want to Miss

One of the largest gatherings of influential women in law is right around the corner. ALM’s Women, Influence and Power in Law Conference (WIPL) will be held October 16th-18th at the Washington Marriott Wardman Park in Washington, DC. The three-day conference will host an elite audience of 600+ senior leaders and decision makers and will provide a jam-packed agenda featuring renowned keynote speakers, dynamic discussion-based panels, peer-to-peer learning, and interactive technology workshops.

With so many choices for attendees, we have highlighted three items that should not be missed.

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The Biggest Contract Management Challenges Facing Today's Tech Companies

Technology companies manage thousands, if not tens of thousands of contracts. These include:

  • Contracts with resellers and distributors of your software or hardware

  • Patents, trademarks, and copyrights that protect your intellectual property

  • License agreements for the use of technology belonging to other companies

  • Contracts with employee workers and contractors, including NDAs and non-competes

  • Equipment leases, real estate contracts, etc.

And that’s not counting contracts and licenses with customers, which for B2C tech businesses may amount to hundreds of thousands, if not millions, of contracts.

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Why You Should Start with Technology When Expanding Your Legal Team

Maintaining high revenue and low costs is the basic goal for any business. This model applies to the individual departments within a company as well, including the legal team. However, this can be difficult to accomplish, especially during growth phases when you’re looking to add new members to the team. In this article, we’ll discuss the common challenges involved with keeping legal costs low while continuing to grow revenue, and how implementing contract management software can help.

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ContractWorks Case Study: Catholic Health Services

Healthcare companies are responsible for managing many types of corporate agreements, including contracts with their physicians and caretakers, service providers, equipment vendors, building owners, and others. For organizations that employ hundreds of doctors and nurses and care for thousands of patients across dozens of facilities, it’s easy to see how details of a specific contract could be overlooked or an individual contract could get hung up in the approval process sitting in a stack of papers on an executive’s desk.

Having the appropriate contract management tools in place is critical for any company managing a large volume of corporate documents, but especially so for those companies operating in a heavily regulated industry like healthcare. Missing one deadline or losing track of the status of a single physician agreement simply can’t happen.

Here's a look at how Catholic Health Services uses ContractWorks to effectively manage their contracts:

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Understanding Contract Risks Before Completing an M&A Transaction

Conducting contract due diligence both before and after a merger or acquisition is critical to the success of a business transaction. The state of a business’s contracts holds important information about the value of the business, as well as potential liabilities. 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 down the road.

Here are four things to look for before an M&A transaction is finalized:

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Contract Management Guide: 4 Ways to Fix Outdated Processes

There are few better illustrations of how far technology has advanced over the decades than your smartphone. In 1945, scientists booted up one of the earliest versions of the computer: it was a hulking machine that took up 1,500 square feet, weighed in at 30 tons and had memory and processing capabilities that are barely a fraction of those of today’s pocket-sized devices.

Technological innovation has transformed almost every aspect of life since then, from your cell phone to, yes, contract management. And while even the most die-hard luddite isn’t performing their work on a slow, antique processor, many organizations remain mired in outdated practices and methods of handling important corporate agreements. Some of these outdated processes even predate those apartment-sized computers!

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ContractWorks' Guide to the General Counsel Conference NYC

Later this month, ContractWorks will be heading out to New York City to participate in the General Counsel Conference September 25th-26th. Hundreds of general counsel and senior legal leaders will be in attendance for the premier forum for general counsel to learn, network, and evolve in their roles. Read more to see how you can make the most out of your attendance.

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How Every Department Benefits from Contract Management Software

Contracts are the lifeblood of every modern business, from tiny startups to giant multinational firms. By enforcing the terms of an agreement between two or more entities, contracts are the foundation of a trusted and reliable relationship between separate individuals or companies.

However, you might have dozens, hundreds, or thousands of contracts in force at the same time. Managing and administering them all requires a great deal of time and effort as a result. Fortunately, dedicated contract management software can significantly reduce the resources you need to expend on the task of contract management.

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Meet Lorien Maxwell: Manager of Sales and Customer Success

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 Lorien Maxwell, Manager of Sales and Customer Success at ContractWorks. With almost 15 years of experience in sales and customer service, Lorien plays a critical role helping ContractWorks clients find the solutions they need to reach their contract management goals.

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