Roller Coaster Speeding

Advance Your Contract Management Process

The Contract Management Challenge

The majority of in-house legal departments at midsized companies spend 50% of their time reviewing contracts – making contract management a large part of the team’s workload and reducing the time legal departments spend on more strategic priorities.

Due to expansion into new markets and the rapid growth of organizations in recent years, contracts continue to grow in volume and complexity. Business clients demand faster turnaround times, but often fail to involve Legal early in the process, creating unnecessary delays in the review process.

The Path to Effective Contract Management

Contract Management

Leading legal departments provide business partners with effective tools for the intake, negotiation, and escalation of contracts. Equipping the business with effective self-service tools and educational resources manages the contract workload, improves the efficiency of legal review, and minimizes contract risk. Involving business partners in the process increases their understanding of contracts management and associated risks.

The most effective legal teams arm their business clients with a “red flag checklist” to:

  • Spot unacceptable terms before final legal approval,
  • Provide valid pushback to counterparties, and
  • Escalate high-risk issues early in the legal review process.