Knowing what to do with high volumes of paperwork and digital files is a key challenge in the enterprise. Within contract management, records management is an even bigger challenge: between employment agreements, customer and vendor contracts, NDAs and a host of other agreement types, enterprise contract portfolios can consist of tens of thousands of contracts, both current and archival.Read More
As 2018 draws to a close and we look to the future of contract management, it's important to review some of the significant changes and innovations we've seen over the last year. We expect many of these trends to continue and grow into 2019, with contract management becoming more automated and convenient for all different types of businesses.Read More
The average Fortune 2000 company may be a party to as many as 40,000 active contracts, each one with its own set of authorities, enforcement, and risks. Allowing an ad hoc system of organization and management to develop - instead of a well-planned and methodically initiated strategy - creates unnecessary risk and adversely affect long-term growth.Read More
When it comes to contract management, non-specialized tools such as Excel spreadsheets, email, and Sharepoint are still the norm. But while these platforms can be familiar and easy to use, they don’t offer the dedicated features that are necessary to manage the complexities of handling your company’s most important documents.Read More
While contracts are relatively straightforward in their construction - offer, acceptance, and consideration - beneath the surface lie a multitude of opportunity and obligation. Adding another layer of complexity, many contracts can be subject to competing authorities depending on the location of the parties, the ever-evolving regulatory landscape, and internal policies or responsibilities.Read More
Effective contract management might be companies’ greatest performance tool: according to a review by McKinsey, most businesses have a vast majority of their annual revenues tied to contracts with suppliers and vendors (in some industries – specifically, the utilities, aerospace and defense, and food manufacturing sectors – that number is as high as 90 percent).
Delegating contract management activities to your non-lawyer professionals has a variety of advantages, but it needs to be planned deliberately and strategically. The right delegation strategy can help your reimagine workflows, empower staff, and alleviate drudgery by delegating legal contract responsibility to non-lawyer team members while still maintaining control and mitigating risk.Read More
Sometimes, managing a legal department can feel a bit like a high-stakes round of whack-a-mole. Clients must be handled. Contracts need to be signed. Payments and finances must be monitored. Above it all, diligent oversight and a proactive strategy must be maintained.Read More