For a while now we've been writing a blog called Pactum, in which we wax lyrical about contracts, agreements and all the fine print in between. Pactum deals mostly with news items (good and bad) which are relevant to people who spend their days writing, negotiating and managing contracts.
An attention-grabbing article in The Australian IT starts with a couple of IT contracting horror stories, but quickly drifts off on a rather dull voyage through the alphabet soup of IT governance standards. Never mind that your contract might be full of holes. What you really need is AS-8000. And AS-8015. And AS-8016. Or AS-8018. Or BS-15000. Or maybe ISO-20000. And ISO-27001, of course.
According to the Coalition for Government Procurement (a vendor lobby group in the US), the Clean Contracting Act proposed by Democrat Rep. Henry Waxman is “scary as hell”.
Precedent automation. Document assembly. Online legal services. Disruptive innovation. Precedent economics. It was all under the microscope in Sydney last week at the Precedent Automation Conference. A rare gathering (physical and virtual) of document automation experts came together to reflect on the past, present and future, and made some interesting predictions about the coming revolution in the way documents (especially legal documents) are produced, delivered and consumed.
With Lloyd's having tried and failed with the big bang approach to taking its insurance market online (Kinnect was shut down earlier this year), things are now happening by stealth. Or STEALTH, as Guy Carpenter calls its new online system... "Sabotage and Terrorism Electronic Application Linked to Hiscox".
When a lawyer explains how dangerous it is to draft your own contract, I’m reminded of the famous words of Mandy Rice-Davies: “Well, he would say that, wouldn’t he?”
We had three arbitrators billing us at $500 per hour, and the case was going nowhere with no end in sight… at least in court the judge is paid for by the taxpayers
General Counsel, Fortune 500 company
Lawyers like doing "high end" legal work. They hate losing clients. And they like to argue about the value of IT. But as Bruce MacEwan writes on his blog Adam Smith, Esquire, this month has witnessed some kind of consensus about how law firms can best use technology for a sustainable competitive advantage.
What better time than end of quarter to reflect on the fun of writing sales contracts in a mad rush. The sales team wants to close the deal. They don't want to wait two weeks for legal and miss their quarter-end target. They want their bonuses. Can't we just delete that pesky clause and sign?