Contract Management for Corporate Counsel

Sura Nualpradid / FreeDigitalPhotos.net

All too often, attorneys working in a law department of a corporation need to serve in job roles and functions other than just that of a lawyer. Human resources, financial resources and technological resources of a corporation are now always under constant scrutiny – forcing practitioners to search, validate and implement solutions that boost productivity and increase compliance while reducing liabilities and business risk.

Technology is a sought-after category to accomplish more with less, and this is where attorneys act as tech experts. First they must investigate software and other tools applicable to the specialized functions of their department, then partner with Finance to determine potential return on investment and gain purchase approval, and finally work with Information Technology to deploy the solutions. At this point, the external technological resources must become integral in the internal corporate counsel processes in order to maximize the potential benefits of the technological investment.

The Leading Technological Solution for Corporate Counsel

One of the leading tools lawyers search for is contract management software. Consolidating the multitude of contracts and documents into one central repository, paired with the ability to quickly and easily search and set up event alerts and reminders, creates a wealth of saved time. That translates into leaner and more nimble legal departments who can more easily meet regulatory guidelines and requirements and better mitigate associated risk and liability.

With a single contract database managed with security levels that denote different read/write access, corporate counsel departments can ensure:

• a holistic view and approach to managing a corporation’s legal obligations through the contract lifecycle
• consistency of contract execution
• reduction of duplicated products, services, and efforts
• limited errors and unapproved changes to contracts

Mitigating organizational risk and maintaining compliance with federal, state and local law can also be more effectively managed with contract management software. Read some of our previous posts on how proper contract administration and use of document retention policies can reduce the business risk of your organization while helping you meet the demands of laws such as the Sarbanes-Oxley Act of 2002.

Reputable legal associations suggest contract management software as a reliable resource for in-house legal departments. Check out what the American Bar Association (ABA) and Association of Corporate Counsel (ACC) say about contract management software.

Contract Management Software Isn’t Just For Lawyers

While this post looks specifically at the corporate counsel department, the cause and effects associated with searching for and implementing contract management software are also applicable to other internal departments. Benefits from implementing such a solution typically extend beyond the borders of the legal department. This previous blog post gives a snapshot of examples of cross-departmental benefits.

Has contract management software made an impact in your corporate counsel office? Share your before-and-after stories with us!

If you’re currently in the market for a contract management software solution, consider Contract Assistant™. With Contract Assistant, users in organizations of all sizes can manage their contracts and negotiated agreements with confidence by quickly accessing information, generating reports, receiving automatic reminders of critical dates, and more. Contract Assistant is available in single-user Standard Edition, multi-user PRO Edition, and powerful, SQL-based Enterprise Edition.