The role of corporate counsel has evolved to include responsibilities for risk management and business leadership. The demands on corporate counsel are diverse and unrelenting. Organizations are reluctant to increase corporate counsel staff. To meet the demands, corporate counsel must identify risks earlier while providing more value to sales, operations, finance, and the executive team.
Busy corporate counsel manage hundreds or thousands of contracts of every variety: confidentiality agreements, licensing, employment letters, joint ventures, sales contracts, purchase agreements, leases, and M&A agreements. Every agreement has its own lifecycle, including amendments and renewals. Contracts that establish a framework for continuing business activity require continuous monitoring for compliance.
Contract management software brings corporate counsel closer to the business, enabling better risk management and rapid response to new contract requests. Contract management software offers corporate counsel three benefits:
- Establish compliance tracking
- Accelerate contract turnaround
- Advise executives about portfolio level risk
In house legal counsel use Contract Analyst to improve compliance and manage risk.