Once again, in-house legal professionals are being tasked with an all-too-familiar challenge: to find even more ways to trim down their budgets. The 2024 ACC Chief Legal Officers Survey found 42% of CLOs were asked to slash expenses last year. In fact, these financial headwinds pose a problem here and now, giving each decision or […]
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Our client (a multi-national manufacturing company providing services to customers in the energy services sector) required assistance with the migration of 1,200 customer contracts to a new contract management system (CMS). Their CMS vendor lacked the appropriate expertise to successfully manage the legacy contract extraction to enable the system implementation.
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Each new technology has offered opportunities and obstacles for the legal profession, whether it’s the introduction of online legal databases and filings or automated case management. Rather than shy away from new frontiers, adaptable legal professionals have embraced innovation to give them an edge in regulatory compliance, M&A activity, contract management, and more. Machine learning […]
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Will artificial intelligence (AI) eventually replace attorneys? People in the legal profession have mixed feelings on the matter. When lawyers and legal industry experts were asked about the potential of AI in a Thomson Reuters survey, their responses were ambivalent: 82% said generative AI can be used on legal work 51% said generative AI should [...]
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For every successful mega merger that generates billions in revenue, amplifies production, or reshapes the industry with its innovation, there are numerous M&A deals that fizzle or fall short of aspirations. Most seasoned M&A experts would tell you that one contributing factor in realizing the full value of an acquisition is the degree to which […]
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Corporations are always looking to improve their P&L by reducing expenses, but not all cost-cutting measures are created equally. In fact, an Orgvue survey found 93% of 500 corporate leaders made snap cost-cutting decisions within the last year—and 38% regretted the outcome. So, what are costs that the legal department can safely cut? Unrestrained outside […]
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If you were at CLOC Global Institute 2023, you likely heard the opening address given by Mike Haven, Head of Legal Operations at Intel and CLOC President, about the precedence-shattering changes to legal operations (if you need a refresher, you can view it here). From generative AI to the heightened expectations on corporate counsel to […]
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Our client (a multi-national manufacturing company providing services to customers in the energy services sector) required assistance with the migration of 1,200 customer contracts to a new contract management system (CMS). Their CMS vendor lacked the appropriate expertise to successfully manage the legacy contract extraction to enable the system implementation.
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When you set out to adopt a new contract lifecycle management (CLM) platform, the goal is to streamline workflows, automate processes, and house your contract data under one umbrella. However, oversights during the implementation, data migration, or integration phases can diminish the efficiency and insights originally promised by the CLM. These failures are well-documented – […]
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