For GCs and in-house lawyers, the growing challenge of integrating useful technologies to improve team processes is high on priority lists. Our clients regularly speak with us about what they should be doing first, when and how. The great news is there is so much available to support the processes and manual work lawyers have got used to doing. The challenge is having an understanding of what tools there are, what they do and which is right for your department.
Richard's first article in his two part series helps set the scene for what technology you can bring to your in-house legal department and outlines some of the most common tools.
Anything that can save me time and provide crucial data analytics is a must in my world.
It has been estimated by the IACCM (the International Association for Contract and Commercial Management) that a CMS can accelerate the negotiation process by some 50 per cent, and reduce operating and processing costs by 10-30 per cent. Even taken with a pinch of salt these figures are noteworthy and a system properly implemented will pay back its cost many times over. As well as cutting costs a good CMS will help to optimise contracts and yield maximum financial and other benefits from them as well as helping to minimise risk and the exposure of the business.