The Value of Analyzing Contracts

Contracts are extremely valuable tools in the business world. Primarily, these legal agreements establish the framework and rules of engagement for any business deal into which your company enters. A detailed contract will describe all of the precise deliverables attached to an agreement, along with fees (and related considerations such as currency caps), timelines, and other requirements.

But while much effort goes into preparing and negotiating agreements, contracts are all too commonly filed away after they have been signed. If they are pulled and reviewed, it’s often to monitor the performance of the business arrangement or because something within the agreement has gone wrong.

This is unfortunate and short-sighted. In addition to providing the framework of the business deal to which it pertains, analyzing contracts can yield useful business insights and lead to better contracts in the future.

Read More

Top ContractWorks Blog Posts from 2019

We’ve made it to the end of another year! The ContractWorks team is looking forward to an exciting 2020, but we also think it’s important to look back and reflect on the last 12 months of contract management news, tips, and best practices. 

This article covers some of the top ContractWorks blog posts from 2019, including posts on the stages of contract management, contract breaches, contract monitoring best practices, and more.

Read More

Comparing SharePoint and Contract Management Software

SharePoint is a ubiquitous software solution for businesses of all sizes because it’s convenient and familiar, since teams are often accustomed to Microsoft Office products, which integrate seamlessly with SharePoint. For businesses with straightforward document sharing and collaboration needs, SharePoint is a viable solution that can improve efficiency across teams and business units. 

Contract management software is specifically built to store, manage, and track corporate contracts and the data housed within those contracts. Contract management software gives users the tools to understand the data contained within contracts, and then take meaningful action based on those insights, which can help businesses enhance operations, save time, automate manual processes, reduce contract-related errors, and mitigate potential contract risks before they develop into significant problems for the business.

Here’s a look at some of the areas where SharePoint stands out, and some of the things dedicated contract management software does exceptionally well.

Read More

Meet Anthony Perry, Sales Manager

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 Anthony Perry, Sales Manager at ContractWorks. Anthony plays a pivotal role at ContractWorks, working with the team of account managers to ensure that customer needs are met.

Read More

3 Ways to Structure Legal Operations for Maximum Efficiency

In-house legal departments are being redefined due to a number of internal and external factors. Whether it’s due to mergers and acquisitions, a need to stretch resources across multiple business locations and geographies, or other influences, legal departments are being asked to drive more value than ever before and to do so more efficiently.

Read More

New Ebook - Legal Department Operations: A Guide for General Counsel

Legal department operations have shifted over the last decade to reflect a broader, global drive toward more efficiency. Every market around the world has felt the effects of the last 10 years of soaring technological change, and the legal operations field is no exception. But legal departments are taking a multi-pronged approach to accomplish this goal of becoming more efficient to contribute to overall organizational profitability: they are onboarding specific people as well as technology solutions. 

After reading Legal Department Operations: A Guide for General Counsel, you should have a better understanding of the relationship of technology to the growing legal operations field, how certain solutions help streamline legal ops to solve common problems, and the role of general counsel in the expanding legal department.

Read More

4 Tips for Taking Control of a Growing Contract Portfolio

Contract portfolios are larger than ever before, and many organizations are struggling to keep up. According to IBM, Fortune 1000 companies now manage an average of 20,000 to 40,000 active contracts at any given point in time.

While you may not have quite so many contracts on your plate (or maybe you do), having a growing contract portfolio causes issues such as poor contract management performance and a high rate of human error.

Meanwhile, McKinsey & Company estimates that suboptimal contracts and poor processes cause organizations to lose an average of 9 percent of their annual revenue.

The good news is that you don’t have to sit helplessly and watch as your contract portfolio balloons far beyond your control. By following the 4 tips below, you can regain control of your contracts and make your contract management processes more efficient and effective.

Read More

ContractWorks Case Study: Xeris Pharmaceuticals

As companies experience significant growth and hit major milestones in their evolution, they often need to re-evaluate their existing processes and determine whether the way they’ve been operating is sustainable, or if changes are needed. A company going public without a doubt qualifies as a milestone that would lead to this evaluation, not to mention all of the additional requirements and restrictions that come with being a public company. A pharmaceutical company receiving FDA approval for one of their products is another milestone that would lead to an examination of internal policies and procedures.

Xeris Pharmaceuticals experienced both of these scenarios above in a span of just over a year. During this remarkable phase of growth, the volume and scrutiny of Xeris’ corporate agreements would increase exponentially, leading to the need for a more sophisticated system for managing these contracts and the data held within them. 

Here’s a look at how ContractWorks helps Xeris track contract milestones, tighten internal controls, and provide stakeholders with insights into their most important contracts.

Read More

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.

Read More

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.

Read More