Archive: April, 2010

Ye Olde Insurance Policy

All buyers of insurance require evidence of their purchase whether they are a Fortune 500 company or an individual looking for personal lines cover.

Large clients have the resources to develop bespoke wordings tailored to their requirements. These have often been developed with their broker over many years and will include coverages designed to protect the company’s unique global operations.

Personal Lines business is far more of a commodity, with price being the determining factor for most buyers. The policy arrives pre-printed and is the same for all customers.

What is a contract?

file cabinetsWhat defines a contract? Does it need to be a piece of paper?

A contract used to be a piece of paper or parchment or some writing on some thing that outlined the commitments between two parties. The launch of the iPad the other day, however, led me to think about another kind of contract that may be in our future. [Full disclosure: The Exari Boston office is one block from the Apple Store and you couldn’t miss the line outside.]

Couldn’t a contract simply be information about a commitment that has been distributed to the appropriate people at the right time and the right place? A contract as a piece of paper in a drawer or a file in a document management system just doesn’t empower your organization to truly optimize the commitments in your contracts.

2 Articles on Using Document Assembly to Increase Value for Clients

It’s almost that time of the year again (in Australia, anyway). 1 July is traditionally when law firms increase their rates. Of course, with legal budgets having been cut, clients no longer tolerate this particular ‘tradition.’ So, what can you do?

Gilbert + Tobin came up with a novel solution for Telstra by offering the telco a compelling all-you-can-eat deal. Now, not everyone can do a G+T, but the question remains… what steps can you take to increase value for your clients?

The End Of Legal Practice As We Know It

Since the start of the GFC, we’ve been hearing that the legal industry is changing irreversibly, with endless examples ‘proving’ that, from now on, law firms need to increase productivity to survive.

Is it true? I’ve got no idea. But that doesn’t stop me marvelling at the stories I’ve been reading. Below is a summary of recent stuff.

The Not-Quite-Right Tool For the Job

drill photoLatham & Watkins is a large law firm with a significant outsourcing practice. They realized that, like most firms, they hadn’t been preparing deal documents as efficiently as they could. In last month’s issue of Metropolitan Corporate Counsel, partner, Alexander Hamilton, described the situation:

“The problem at the beginning of a deal is that the client is still trying to work out what direction it wants the deal to take, and often struggles to articulate what its requirements are. Up to now, lawyers and consultants usually ended up by pulling out a previous similar deal and through much anguish and pain for both client and counsel marking-up the prototype to suit the deal.