A better model for contract negotiation
The way many lawyers approach negotiation is destroying value. There is a better way.Read the article
Legal functions are largely missing the mark in client satisfaction.
A study of 2454 internal clients by the General Counsel Round table suggests that 74% of stakeholders are dissatisfied with the ROI they get from their legal function.
The services provided by my legal department were of sufficient value to my department to justify the time and resources we spent.
An ‘old school’ response to this would be that of the doomed political leader: deny the poll is representative of your constituents, and convince yourself that some people just won’t ever ‘get’ the good you do.
Fortunately (for legal functions and clients alike), leading General Counsels recognise that amidst the confluence of internal pressures, market forces and emerging technologies there is enormous opportunity.
We all know the depressing narrative: 92% of Australian GC are forecasting workload to increase, 74% believe leaders will expect more from legal, yet only 26% anticipate any budget relief in the next two years.
% of GCs agreeing within the next 2 years*
Finally, the business requires legal to be more responsive, and reduce ‘Legal Drag’.
The problem seems insurmountable: The business wants legal to be faster and better, but still be cheaper.
The traditional approach would be work harder, tell your external firms they have to cut costs and deliver more commercial solutions while pleading for a bigger budget.
However, as Einstein said ‘you can’t solve a problem using the same thinking that created it’.
Research has demonstrated that creating effective self-service tools increases functional productivity by as much as 64% - while improving client satisfaction.
Impact of providing the business with self service tools on legal productivity*
Ahhh, you think, we just need to give them more precedent templates. Sadly, most templates are a ‘fools gold’ - the business thinks they are like a straight jacket with a lock only a lawyer can pick. They confine the business’ range of movement and they don’t know how to use them.
When 28 of the top 50 Australian GCs attended our Thought Leaders meeting last month technology innovation within the function was the hottest topic.
Take our Promotion Wizard for example. In under half an hour a marketer, with no legal training, can generate perfectly customized terms and conditions for marketing promotions with no legal support. It is a game changer for both functions.
If you are not sold on the transformational benefit of Legal Automation consider this:
If you would like to know more about the application of legal automation tools like Promotion Wizard in your business please feel free to reach out to our team.
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