Corporate Counsel Survey Report Released
At Exari we think about contracts all the time. How to make them better, how to make templates smarter, how lawyers and their contracts can benefit from contract automation.
With the fall of Lehman Brothers and the AIG controversy, it seems that now lots of people are also thinking about contracts. So we decided to take the pulse of approximately 100 major corporations in a recent survey.
Here are some of our results:
- Sales contracts are the dominant contract type in most companies, with over 70% of respondents spending time on them.
- With close to 90% of respondents being General Counsel or other in-house attorneys, it’s not surprising that most (about half) singled out contracting errors by sales and other front line business staff as the biggest risk and pain during contract creation. Nonetheless, about a quarter of respondents named the high cost (28%) or the slow pace (23%) of having contracts reviewed by Legal as the biggest pain for their company.
- For 62% of companies, Legal review consumes 4 hours or more per contract, which equates to 12,000 hours annually if Legal reviews 250 contracts per month.
To read the complete 14-page report which includes 21 informative charts and graphs, take our survey for yourself and then download a free copy. Or you can simply register to download the 4-page Highlights Summary.
If you’d like to create your own contract to see for yourself the benefits of document generation software, try our NDA or Services Agreement demo.