“Each second or minute aggregated over the thousands of contracts will add up at the end of the year,” said Stephen Kim, chief legal officer of Avicanna.
February 13, 2023 at 07:02 AM
7 minute read
What You Need to Know
- Companies need to set clear ground rules for which contracts require attorney review and which do not.
- They should pare down the number of contract templates.
- If they buy contract-review software, they need to carefully pick the vendor and provide adequate employee training.
Contract management is a huge time-suck for many legal departments, which is becoming a bigger and bigger problem as legal department workloads swell. But it doesn’t have to be this way.
Legal chiefs and legal ops experts say it’s crucial to set expectations for salespeople and ground rules for which contracts require legal review or approval and which do not. A key piece of that process is creating an authority matrix that identifies who must sign off on which terms.
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