Corporate Counsel Weekly™ helps corporate lawyers get the big picture on the legal challenges facing corporations today. Practitioners can discover trends on the horizon and stay alert to the full...
Sept. 21 — The heavy reliance on manual drafting could be an obstacle for general counsel in identifying and tracking their riskiest contracts, a Sept. 21 report by Exari suggests.
In a poll of 92 corporate counsel and compliance professionals, the contract management consultant found that almost 40 percent said they had limited or no visibility into risks during the contracting process.
Almost sixty percent of the respondents also said they struggled with the slow contract approval process.
The report, “Low Tech/High Risk,” found that more than 75 percent of the respondents usually created their contracts in Microsoft Word using some form of “cut and paste” template.
The report suggested that the heavy dependence on manual processes to create, track and modify contracts may be putting firms at risk and increasing costs.
“Organizations can’t afford to continue taking risks and overspending on contract management; business leaders and inside counsel must have complete visibility and control of their business’ contracts to make informed decisions,” the report stated. “Without a firm grasp on their obligations and liabilities, legal teams will continue to struggle in a variety of areas—from enforcing non-compete clauses to assessing client and contract-level risk.”
• missing milestones (27.1 percent);
• ensuring compliance with client obligations (27.1 percent); and
• stunted collaboration (25 percent).
The report also noted that storage practices could be hindering the contracting process. Almost half of the respondents—47 percent—said their companies are still using paper filing to store contracts.
To contact the reporter on this story: Michael Greene in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Yin Wilczek at email@example.com
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)