Legal departments must evaluate outside counsel performance periodically, or eventually poor performance impacts the overall health of the department, its ability to be a valuable partner to the enterprise, and the maintenance of a balanced budget. The first...
As companies grow, so too do the transactions that turn into volumes of contracts. Contracts range in complexity, correlating to the type of the deal and whether the contract is written for an individual, a small company offering services, or a merger or acquisition...
Organizations deal with thousands of contracts at any given time. However, a failure to streamline and manage the organization’s contracts will cause delays and a slowdown in the company’s operations – which creates an undesirable bottleneck situation...
Legal spend management in the corporate law department occurs daily, mostly by legal operations professionals who manage the department’s budget. Most of the focus with legal spend management centers on outside counsel billings, partner rates or the hiring...
Legal department financial management improves when legal operations professionals consider using enterprise legal cloud solutions. In this blog, we will explore some of the tools legal operations professionals can use when managing the law department’s budget...
by Kris Satkunas and Stephanie Beck Virtually every legal department is under pressure to reduce and tightly manage costs. And for most legal departments, legal spend cost saving with outside counsel represents a very large portion of that cost. In addition to...
In a rapidly evolving business landscape, staying in touch with the latest contract lifecycle trends is critical in maintaining competitiveness and compliance. Failing to adapt to changing dynamics could mean missing out on substantial growth opportunities, increased...
It is practically impossible to ensure successful contract management without effectively monitoring contract execution and performance. It certainly serves as the backbone of your contract management, ensuring all parties fulfill their roles and meet their needs...
Improving contractual relationships is sensitive and fragile, especially if you’re contracting with a new party for the first time. You need to be aware of the clauses, risks, and consequences of not meeting obligations. It can ultimately be the make-or-break...
by Kris Satkunas After two years of virtual conferences, the 2022 CLOC Global Institute Annual Conference showcased the liveliness and energy of its members and the legal ops profession. With over 2,000 attendees, the three-day event sparked conversation, education...
by Kris Satkunas As more and more companies invest in diversity, equity, and inclusion (DEI) efforts, it’s important for legal departments to carefully manage their initiatives that support DEI, and to monitor the DEI initiatives of the vendors they...
This post originally appeared on Above the Law . No transformation happens without a careful appraisal of what you have and where you want to go. Corporate legal departments have traditionally kept their focus on supplying legal expertise to the businesses...
This post originally appeared on Above the Law . Human lawyers will always be crucial for ensuring contracts and licensing agreements related to AI systems and services are comprehensive, clear, and adhere to relevant laws and regulations. “ChatGPT did a...
This post originally appeared on Above the Law . As every lawyer knows, the response to nearly every legal question is, “It depends.” The law is a perpetual “what if” field surrounding unfortunate events and large sums of money. And the...
This post originally appeared on Above the Law . Anybody can interact with a generative AI tool. Getting the results you want, however, is an art unto itself. In a recent conversation among a group of in-house lawyers, one GC shared how she’d used ChatGPT...