Contracts are the heart of every business. They determine how much revenue a business’s relationships will bring in, and what obligations the business needs to fulfill. Increasingly, the responsibility for managing these vital documents falls on the legal department. As a result, General Counsel and in-house attorneys find themselves waist-deep not just in legal strategy, but the strategy of the business itself.
Why it matters?
A company that doesn’t know what is in its contracts literally doesn’t know its own business. One that can’t manage its contracts can never reach its full potential. For General Counsel this is an evolving challenge, because contract management is not a static discipline. It is shaped by larger trends.
Key Trends Affecting Legal Contracts
- GLOBALIZATION
With the rise of the Internet and wireless mobile devices, consumers have products and services around the world available at their fingertips at all times. Their preferences create a quickly shifting business landscape in which businesses must act quickly to take advantage of new opportunities. This competition creates pressure to sign contracts faster than ever. Businesses that can accelerate time to signature without sacrificing the quality of their contracts will be well positioned to grow their market share. - COLLABORATION TOOLS AND ACCOUNTABILITY MEASURES
To speed review and approval cycles and add accountability and visibility, especially when multiple parties from different businesses and in different business units are involved, look for tools that streamline collaboration, manage version control and have a clear audit trail.
Download this Ebook and gather more insights into the changing role of in-house legal counsel and how innovative technologies can assist your organization.
Download the White Paper
