If contract management is not prioritized, it can be a serious drain on the bottom line. However, when it’s done right, organizations can save 2% of annual costs.
With better practices in place, businesses can speed up negotiations by 50% and reduce mistakes by as much as 90%.
Contract review tools simplify the process,
Managing contracts can be a real challenge, especially when you’re dealing with multiple agreements at once. A recent study found that businesses lose an average of 9.2% of their annual revenue due to contract mismanagement. That’s a significant loss.
Luckily, AI contract review software is already here to help by automating key tasks, reducing errors,
Keeping track of contracts can feel like trying to tame chaos—details get missed, deadlines sneak up, and the whole process eats up more time than it should.
Here’s a surprising fact: poor contract management costs businesses up to 9.2% of their revenue each year. That’s not just paperwork gone wrong; it’s a major hit
Keeping track of contracts can quickly become overwhelming—every deadline, clause, and renewal demands attention.
Yet, research shows that 81% of businesses plan to implement automation to their contract management processes. Why? Because it’s not just about saving time—it’s about avoiding costly mistakes and improving outcomes.
AI-powered tools are reshaping the way organizations handle contracts, from
You know how reviewing contracts can be a total time sink? Between hunting for the latest version, figuring out who changed what, and juggling everyone’s feedback, it’s a mess. Contract redlining software solves these problems by taking over the most tedious parts of the process.
It’s like having all the tools you need in one
AI is shaking things up in the legal world and fast. In just a year, the number of legal professionals using AI tools jumped from 19% to a whopping 79%.People are catching on to how much time and effort these tools save, especially for repetitive tasks like contract review and research. Even clients are
Manual contract review takes up a lot of time—too much, really. The 2023 Enterprise Legal Management Report found that in-house counsel spends an average of 4.5 hours every day manually reviewing contracts.That’s nearly half the workday spent combing through clauses and double-checking for risks.AI contract review software is changing how legal teams handle this. It
In the modern legal profession, technology and innovation are not just buzzwords but essential concepts and tools reshaping the way legal services are delivered. As these changes accelerate, the distinction between legal tech and legal innovation becomes more pertinent, offering a deeper understanding of how technology can enhance legal practice. A recent episode of
If artificial intelligence eventually performs a task better than humans, is it negligence not to use AI for the task?
For instance, if driverless cars become safer than human drivers, is it negligence for humans not to use them?
An interesting question and one of many asked by author and professor Ryan Abbott
If your company handles consumer data and are wondering where to start with a data privacy compliance plan, the latest episode of the Technically Legal Podcast has some great, practical advice for just that.
Brandon Wiebe, GC and Head of Privacy at Transcend offers a good overview of various privacy regulations, tips on