Intellectually, we all know that email security is a problem. After all, earlier this year, it was reported that information from 550 million Yahoo accounts was stolen in 2014. Yet the vast majority of companies continue to trust email and use it as a primary tool in contract negotiation. What gets emailed? Strategies, business plans, … Continue reading 5 Reasons It’s Risky to Negotiate Contracts by Email
CEOs see their in-house counsel as advisors who should support business objectives. Yet legal departments are under increasing pressure to justify their value, increase efficiency and control costs. Those were some of the findings of the 2016 Chief Legal Officer survey, released earlier this month by the consulting firm Altman Weil. The survey, based on … Continue reading How to Add Value and Efficiency to Your Legal Department
Brad Blickstein of the Blickstein Group recently penned an article for Corporate Counsel that explores how data and analytics can potentially be used to reduce and perhaps even eliminate legal spend. Rather than simply focusing on metrics around spending, says Blickstein, companies should identify specific data points to help avoid disputes and other legal issues. … Continue reading Refining Contractual Language in Real Time
Contracts and bills of sale have evolved considerably since the days when terms between two parties were laboriously etched in ancient stone and pressed into clay tablets, or written by dedicated scribes on brittle papyrus scrolls. Nevertheless, the medium and method of contract negotiation has remained uncomfortably static for decades. The advent of office applications … Continue reading Negotiating Contracts in a Digital Age
This week, my major focus has been on technology and its likely impact on the world of contracts and contract management. It included a day at the MIT Labs, meeting with academics, legal and technology experts and then proceeded with a West Coast tour that embraced Los Angeles, Silicon Valley and San Francisco, having discussions with technology start-ups and several of the more established providers. In each location, we also convened meetings with local IACCM members.
So what did all those conversations lead me to conclude?
Far from eliminating contracts and contract management, it is technology that is making them more important. It is also making them far more visible and transparent. So those responsible for contracts face both a challenge and an opportunity – to modernize, make fit for purpose and then deliver increased value.
Trading relationships are key to business – indeed, key to global development. Digitization and networked technology…
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Over the past two decades, cloud technologies have completely transformed how we work. Expensive client-server applications such as CRM, ERP, Project Management, Collaboration, and many others gave way to nimble web-based apps with per-user pricing models and low or no up-front costs. So why is it that in the age of social and mobile … Continue reading Three Reasons Why to Modernize Your Contract Negotiation Process