Does your legal department suffer from inefficient contract management?

posted in Contract Management, Legal Risk Management, Legal Technology

Inefficient contract management can take its toll on overburdened legal departments. But it’s not only a matter of wasted time. Poor contract management can also cost your business dearly. According to the International Association for Contract and Commercial Management (IACCM), inefficient contract management can cost businesses as much as 9% of annual revenue. In fact, inefficient processes can result in financial losses […]

How do you cope with the lack of contract automation?

posted in Contract Management

Contracts are the roadmap of your business: the vast majority of business transactions are indeed determined by a contract. Any mistakes in this process can increase the company’s liability and have a significant impact on the business.

5 Contract Management myths holding your business back

posted in Contract Management

While contract management is a necessity these days, adoption across the organization remains a challenge. At a time when data breaches and increasingly complex regulations are becoming the norm, organizations can’t afford to keep taking risks and overspending on contract management, especially since contracts play a role in almost every part of the business. The text below examines common myths legal departments have about contract management to set the record straight: it’s time to take the contract out of the filing cabinet and put it in the cloud.

How to gain control of Contract Management processes

posted in Contract Management, E-signature technology

Lawyers are usually control freaks, but one area that seems to slip through their fingers is contract management. Whether it’s due to planning or information overload, an inefficient contract management process can result in delayed decision-making, people failing to understand their responsibilities, and missing opportunities to improve performance. One of the key goals of contract management is to obtain the services that were agreed upon and achieve value for money, which means optimizing efficiency, effectiveness of the service, and weighing costs against risks. A successful process guarantees you are in control of your legal risks, by doing the following:

CASE STUDY: How GNT Group built an efficient legal department with effacts

posted in Contract Management, Entity Management, General Counsel, Legal Risk Management, Legal Technology

Along with company growth comes the growth of obligations, and of course risk. That’s why a company starting out as a small local operation and growing into a large multinational soon finds themselves lacking the legal support they need. And then comes the question of how to set up the first legal department and exactly what is required. A perfect […]

CASE STUDY: How MSD improves contract management with effacts

posted in Cloud technology, Computable Contracts, Contract Management, Entity Management, General Counsel

For companies operating several departmental databases, there is the prevalent issue of decentralized contract management whereby contract information is scattered around the buisiness. And should a potential investor come along or a merger take place, that issue becomes a big problem – especially for the legal department. This very well could have been the case for Elisabeth Hondius, legal head […]

CASE STUDY: How CitizenM improved productivity in Legal and across entire organisation

posted in Contract Management, E-signature technology, General Counsel, Legal Technology

Many General Counsels find themselves inundated with administrative tasks, thereby taking them away from assuming a more proactive role in the business. All too familiar with this predicament, Hein Bijl – General Counsel of CitizenM – was glad to see the back of spreadsheets and manual processes when the company adopted a smart legal repository for managing all their legal […]

Due Diligence Report – Real Estate and IP – proving your net worth

posted in Compliance Management, Contract Management, Entity Management, General Counsel, How-to, Reporting

Think you could turn around a prompt and thorough due diligence report verifying your company’s net worth if a potential investor or buyer came along? It is estimated that every year 7.5% of all company documents are lost and 3% are misfiled at a huge aggregate cost to businesses to locate or recreate these files. Not to mention that failure […]

Due Diligence Reporting – commercial records & contracts, claims & compliance – are you ready?

posted in Compliance Management, Contract Management, Entity Management, General Counsel, Reporting

Whether you’re a start-up or working for a well-established enterprise, one day you could find yourself lumped with the onerous task of due diligence reporting for a potential buyer or investor – and you’ll want to be prepared. If the preparation of due diligence falls on the CEO, CFO or sole Legal Counsel, it always pays to have a checklist of the […]

Legal Department Trends for 2018: Cyber-security, GDPR and more!

posted in Compliance Management, Contract Management, Entity Management, General Counsel, General News, Legal Technology

What trends will impact your small legal department in 2018? When we look back at 2017, it has been a year marked by changes in regulations (i.e. GDPR), legislative uncertainty (i.e. Brexit) and cyber threats (i.e. ransomware attacks). As such, the role of in-house lawyers has evolved – and in 2018 this evolution will be even more apparent. In 2018, […]