One challenge common to all law departments is contracts: drafting them, enforcing them and keeping them organized. However, not all companies are created equal in their ability to handle a contract throughout its life cycle. A new survey of legal technology professionals shows that 57 percent are concerned about their organization’s contract management procedures, a rather unnerving number given the volume of contracts that needs managing.
The survey, conducted by Huron Consulting Group, a provider of advisory and business services to law firms and law departments, suggested that many companies aren’t taking advantage of the technologies available to deal with their contracts, and may not be doing much to promote efficiency and potential cost savings in this area. The survey was conducted in June and asked 100 legal technology professionals to weigh in on the processes their companies use. Nearly 65 percent of these respondents have more than 1,000 contracts in effect, and some have more than 25,000.
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