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Leveraging Contract Data: The Two Types of Data Every Legal Team Needs to Track Today, and How

On Tuesday morning, we partnered with IACCM to host a webinar on how to get the most out of contract metadata and process data. During the webinar, we defined both types of data and gave specific use case examples for both. ...

How we use Ironclad at Ironclad

As a hyper-growth SaaS company, we face the same fundamental legal challenge that all companies do: we need to process contracts quickly, systematically, and in a way that minimizes our risk exposure. Unlike most companies, we power contracts with our own software. Whether it’s a photo release or an NDA or a sales agreement, every contract we handle goes through Ironclad, our contract management solution....

How Costly Are Manual Contracting Processes...Really?

There’s a light bulb moment that we’ve seen over and over at our customers--it’s when companies realize just how much money they’ve been spending on processing contracts, and why that matters. The average company spends almost $7,000 processing a low-risk contract, according to the International Association for Contract & Commercial Management (IACCM). Think about that. If your company signs a $100,000 contract, 7% of the contract value is out the window before contract fulfillment begins....

Why data is critical to your legal operations strategy

In Mad Men, Don Draper is the creative mastermind behind one of Manhattan’s elite advertising firms. His approach is nothing short of magic: clients go to him with problems, he takes a few swigs of whiskey, and out comes a brand new concept, sure to make his client millions. He’s not informed by numbers or market research or last quarter’s sales data--but this was the ‘60s, a time when it was perfectly acceptable to take a suave man at his word....

How to use metrics to prove Legal's value

In a previous post, we looked at how financial and operational pressures have forced legal teams to do more work with fewer people, and explained how automation and metrics can help your team close the resourcing gap. This time, we’re going to dive a bit deeper and give you a three-step framework for implementing key performance indicators (KPIs) on your legal team. ...

3 Ways To Get More Done For Less

  Modern legal teams are increasingly overstretched. Faced with too much work, legal departments have traditionally hired more lawyers or sought outside counsel. But what happens when spending more money isn’t an option? In a recent survey, over 50% of GCs reported that their legal departments’ budget and staffing had remained unchanged over the previous year, even as their workload and responsibilities had increased....

Why Legal Teams Can No Longer Afford Fragmented Contracts Processes

Here’s an unfortunate reality: when it comes to contracts, most business teams see Legal as a black box. It’s not clear how long they’ll take to respond to requests, whether/when a contract is close to execution, or what the key blockers are for a pending contract. Contracting is thus time-consuming and unpredictable....

2 Risks Introduced By Manual Contracting Processes—And How To Eliminate Them

Minimizing risk exposure is a—if not the fundamental duty of legal departments. No other department in an organization is capable of fully understanding and then building risk-mitigating processes, and so no other department is charged with this business-critical responsibility ....