Archive: January, 2012
Usually we use this blog to bring you the latest information about document assembly and contract management. But today we would like to share with you a recent experience shared by our team. We feel that it’s important for us as a company to build a corporate culture of innovation and to give back to our community.
As Exari continues to grow and add customers and employees around the world, we make a point of bringing members of our team to the Boston Headquarters at least once a year. Last week we held our Annual Sales Kickoff 2012. The entire sales team from offices in Europe, Australia and the US gathered in Boston.
In addition to all of the corporate events and innovation sessions – aimed at further enhancing Exari’s industry leading document and contract automation solutions – the entire team spent a half – day volunteering at the Boston food pantry. Run by the Red Cross, the pantry provides a 3-day emergency supply of food to approximately 4,500 low-income families every month, making it the largest emergency food pantry in the city of Boston.
A recent survey of more than 100 general counsel at American companies conducted by Corporate Counsel, in partnership with ALM Legal Intelligence, revealed that compliance and cost are the primary issues concerning general counsel in 2012.
According to the survey, 61% of respondents identified the increasing number of regulations and their growing complexity as their biggest issue. At the same time, legal departments have suffered budget cuts. And despite those shrinking budgets, 68% of respondents anticipated an increased workload. In fact, “53 % said the second-biggest issue they face, after regulations, was the pressure to do more with fewer resources.”
Traditionally, legal departments have used manual, labor intensive processes for creating their contracts. Legal staff would copy and paste existing material and then modify the content to meet specific needs or to accommodate customer requirements. To minimize risk, especially when faced with increased regulation, this approach demands the close attention of the general counsel and senior members of the legal team. Plus, the need to manage risk—to ensure the accuracy of the documents and to support regulatory compliance—dictates that organizations rely on subject matter experts at every step of the process.
If you’re a regular reader of this blog, you probably know that we recently conducted our second Corporate Counsel Contracts Survey at the Association of Corporate Counsel Annual Meeting. The results have been tabulated and the report is now available. You can request your complimentary copy here.
This survey was a follow-up to one we conducted in 2009, and explores a variety of issues affecting the contracts process, the level of adoption of document assembly software and the most common methods of contract management.
Contract management has long been important to the overall success, profitability and risk management of organizations. Now, with business increasing, law departments are finding they need to be more efficient in order to keep up with the heavy demand for new contracts, often with no increase in headcount. And once the contracts are created, the information or data they contain must be accessible to help management make informed decisions about the business.