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.
General Counsel are not only tasked with reducing the organization's risk, they also need to be mindful of legal spend. This is leading some law departments to adopt more automation. In a recent post on Prism Legal, Ron Friedman suggests to general counsel that they," Get More For Less."
He goes on to say that, "The best way to lower cost is to work smarter. For all work - inside or outside - make sure you apply process improvement techniques, legal project management, the appropriate technology, and knowledge management."