Legal Operations Success Strategy: The Role of Modern Contract Management

Yesterday’s Paper is Today’s Data Goldmine

The legal industry has become increasingly aware of the value it holds in the data it manages. This is perhaps most clearly seen in the area of Contract Management and it explains the decision of forward-thinking companies to re-organize their legal teams for the future.

The hallowed paper-based contract of yesterday is becoming the data goldmine of today as lawyers and technologists start to collaborate with other peers in extracting its greater value. Recognition is growing among legal professionals that there is a great deal of business value to be gained both in better organization and better data mining of existing contract portfolios. Indeed the commercial data that is emerging from within contract portfolios could itself become a revenue stream in its own right. Whether stand-alone, or bundled, and anonymized with other sources contract data holds powerful indicators about corporate buying behavior. Along with this realization has dawned a sense of new opportunity for both greater efficiencies and savings. Not only cutting costs but, literally, doing more with less. The latter is a common goal for countless General Counsel in the modern legal industry.

This white paper offers some timely observations on the issues arising and the opportunity for improvement that exists in corporations with regard to Contract Management. Along with some practical pointers, it offers expert insights from experienced marketplace practitioner Mary Iazzetta. Mary started as a legal contractor who became a full-time Contract Attorney for a Fortune 500 corporation. Hired as a practitioner and leader, she was put in charge of realigning, operationalizing, maximizing efficiency and streamlining processes for the Contract Management Team.

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