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This week’s episode of the Contract Heroes podcast, recorded at the World Commerce and Contracting America Summit in Atlanta, features Jerry Silber, Hal Bretan, and Lita Bollimpalli discussing the benefits of relational contracting over traditional methods.
Jerry highlights why traditional contracting often fails and emphasizes the importance of building strong relationships through principles like a no-blame culture, mutual objectives, and continuous improvement. Lita discusses the contracting paradox and shares examples of successful transitions by companies like Dell and FedEx. Hal introduces the World CC’s relational contracting guide, which offers practical steps and checklists for implementation, especially valuable in fast-changing technology landscapes. -
This weekâs episode of the âContract Herosâ podcast features Brendan Raybuck, Chief Revenue Officer at ClearLaw.
He is an expert in enterprise software, assisting organizations in developing strong sales and partner networks that drive business growth by providing top solutions. He specializes in digital channel sales ecosystems and partner engagement. He has experience creating go-to-market strategies, leading marketing initiatives, and fostering growth for digital agencies as an executive.
Starting todayâs conversation, Brendan shares his career background along with the services they provide at ClearLaw. We talk about the complexity of contracts and the importance of structuring contracts in a way that software can analyze them effectively, ensuring that all obligations are clearly outlined to avoid potential liabilities during contract management. Brendan shares his views on the transformation of legal departments, particularly through the use of data in legal tech. He highlights how, similar to the transformation of marketing roles with analytics, chief legal officers can leverage data to improve collaboration across departments, enhance customer support, and ultimately drive revenue.
In this phase of the conversation, we move on to discuss the importance of CLM. Beyond accelerating contract execution and lowering legal expenses, its true value is in leveraging contractual data to address larger business challenges such as compliance and marketing needs. Wrapping up the conversation, Brendan kindly shares the critical questions you need to ask when evaluating CLM vendors to ensure their solutions can effectively meet your needs.
EPISODE HIGHLIGHTS[00.36] Brendanâs background and what ClearLaw offers the market.
[03.33] How ClearLawâs contracting intelligence AI works.
[06.30] Complexity of contracts.
[11.10] Advantages of structuring a contract data.
[14.36] The transformation of legal departments.
[18.49] The importance of Contract Lifecycle Management (CLM).
[24.48] Data-driven transformation, elevating legal functions in the corporate landscape.
[26.24] Complex compliance and regulatory environment.
[30.40] Critical questions for evaluating CLM vendors.
RESOURCES
Connect with Brendan
LinkedIn - linkedin.com/in/brendanraybuck/
Website - clearlaw.ai/
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Fehlende Folgen?
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Key Points:
Introduction to Richard Robinson:Background in legal tech and litigation support.Career journey from law firms to corporate in-house roles, including JC Penney and Toyota.Transition to Toyota:Inherited a mature legal operations team at Toyota.Initial challenges and the impact of COVID-19 on operations.Core Competencies of CLOC:Discussion on the 12 core principles of CLOC.Emphasis on technology and business intelligence.Strategic Approach to Technology:Importance of aligning technology with business strategy.People, process, and technology as the three pillars of legal operations.Stakeholder Engagement:Identifying and involving the right stakeholders.Importance of communication and emotional intelligence in managing change.Power Skills in Legal Operations:Collaboration, emotional intelligence, problem-solving, communication, and leadership.Listening and understanding root causes before implementing solutions.Mentorship and Industry Engagement:Richard's commitment to mentorship and building up others in the industry.Encouragement to connect on LinkedIn for further conversations. -
Key Points:
Introduction to Tiffany Hamilton:
Director of Legal Innovation, Analytics, and Technology at DHL Supply Chain.Eight and a half years at DHL, starting as the sole legal ops resource.Building the Legal Ops Team:
Initial challenges and strategic growth of the legal ops team.Aligning team resources with the CLOCK Core 12 pillars.Legacy CLM System Migration:
Issues with the in-house legacy CLM system and the need for a new solution.Gathering stakeholder feedback to identify pain points and requirements.Data Cleanup and Governance:
The messy process of data cleanup and the importance of data governance.Collaboration with the vendor to ensure clean data migration.Integrating AI in Contract Management:
Combining a repository with AI capabilities for contract drafting and data extraction.Ensuring human oversight at every step to confirm accuracy.Lessons Learned and Key Takeaways:
Importance of understanding data and stakeholder needs.The role of information governance in system implementation.The significance of user adoption for the success of new systems.Final Thoughts and Contact Information:
Tiffanyâs enthusiasm for data and information governance.Invitation to connect with Tiffany on LinkedIn or at industry conferences like CLOCK. -
Join us as we welcome Roma Khan, CEO, and Sarah McCormick, COO, of Crush Contracts, to discuss the exciting launch of the Crush Contracts Academy next week, June 21st in Chicago. Listen in as Roma and Sarah share the behind-the-scenes journey of organizing their inaugural event and the overwhelming support they've received from the legal community. From expert-led discussions on negotiation to contract data in mergers and acquisitions, the academy is set to provide practical and high-quality education in contract management. Discover the broader vision of creating a globally accessible Contracts Academy event and the meaningful connections this event promises.
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Join us as we sit down with Josh Kramer, the Chief Strategy Officer at Fileread, and embark on a journey through the evolving landscape of legal operations. Josh recounts his time managing the legal services for one of the largest pharma companies during a period of exponential growth amid the pandemic. The conversation uncovers the intricacies of assembling a robust legal team in the midst of global chaos. With a focus on the symbiotic relationship between technology, process controls, and departmental communication, Josh shares the invaluable lessons he took from that experience, now applied in his role at the startup Fileread.
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If you're heading to CLOC this week, then this episode is tailored just for you! Navin Mahavijiyan joins the podcast to impart invaluable insights based on his experiences at previous CLOC events. During our conversation we discuss strategic approaches to planning your conference attendance, including selecting the most beneficial sessions and arranging pivotal meetings. We explore the art of networking, underscoring the significance of connecting with peers before the event to maximize your opportunities for growth and learning.
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(0:00:05) - AI in Legal Practice With Damien
Exploring AI's role in law with Damien Riel, discussing reducing drudgery and standardizing legal data through SALI Alliance.
(0:06:34) - Streamlining Legal Research With Sally
SALI's legal data standards and AI's use of tags enhance legal research and promote universal understanding in the international legal industry.
(0:17:31) - Utilizing AI for Contract Management
Nature's structured tagging systems, Sally tags, are integrated in legal questions for business. AI tools aid in contract management and data-driven approaches enhance accuracy in negotiations.
(0:24:26) - AI in Legal Systems
Nature's contract analysis with vector space, AI bridging legal systems, and VLex's taxonomies for accurate translation.
(0:28:10) - Leveraging AI for Legal Efficiency
AI's impact on the legal industry, including 2023 tech layoffs, reshaping workflows, replacing tasks, and streamlining operations.
(0:40:29) - Legal Data and Language Models
LLMs have a transformative impact on legal research, offering out-of-the-box solutions and reducing the need for extensive human labor.
(0:48:06) - Leveraging Technology in Legal Industry
Organizational buy-in for integrating GPT-3.5 and GPT-4 into legal tech stack, data privacy, evolving skills in legal profession.
(0:54:04) - Exploring Future Growth in CLM
Damian shares insights on technological advancement and its applications, while Coho guides individuals through the complexities of CLM.
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(0:00:01) - Legal Ops and Tech at Netflix
Legal ops at tech companies like Netflix and Spotify, challenges of tech adoption, fostering engagement and learning, and evolution of legal ops.
(0:04:49) - Evolution of Legal Technology Careers
From touring musician to legal ops professional, embracing change and innovation leads to rewarding career growth.
(0:17:51) - Boosting User Adoption Through Training
Pivot tables simplify data analysis for legal professionals and humor adds value to educational content for Cisco employees.
(0:32:57) - Creative Video Production in Corporate Settings
TV inundation, addressing information gaps, creativity in law, evergreen content, impactful video presentation for Netflix's legal department during COVID.
(0:44:23) - Utilizing Visual Aids for Learning
Nature's power of visual learning through videos for corporate training, using professional voice actors and avoiding content overload.
(0:54:22) - Inspiring Conversation on Video Sharing
Nature's innovative experiences can be shared for education and customer engagement, with advice for those inspired.
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(0:00:15) - Alternative Legal Service Providers
Monica Zent shares her journey of pioneering ALSPs, addressing pain points of traditional legal models and fostering understanding through thought leadership.
(0:10:05) - Contracting Process Challenges and Solutions
Contract management challenges, need for structured process, legal ops role, phased approach, and potential benefits of external support.
(0:16:10) - Legal Operations and Change Management
Legal operations assess and improve contracting processes by interviewing business teams, addressing change management and corporate culture, and considering existing technology.
(0:21:04) - Contract Heroes Sponsored by Koho Consulting
Contract management, CLM tools, expert guidance, and consulting services are crucial for seamless operations and long-term success.
--------- EPISODE CHAPTERS WITH FULL SUMMARIES ---------
(0:00:15) - Alternative Legal Service Providers (10 Minutes)
This chapter features monica Zent, founder and CEO at ZENT Law, who shares her journey of pioneering one of the first Alternative Legal Service Providers (ALSPs) over 20 years ago. We explore the initial challenges she faced in educating the marketplace and the value proposition of ALSPs. Monica discusses how she addressed the pain points of traditional legal service models by introducing innovative delivery options like subscriptions and dedicated support, well before the terms LegalOps or ALSP were widely recognized. Additionally, we touch upon the surprising early adoption of ALSPs by not only forward-thinking tech companies but also more traditional industries like insurance and utilities, drawn by the potential for cost savings. Monica also sheds light on how thought leadership in legal operations over the past decade has helped in fostering a better understanding of ALSPs and their benefits across various sectors.
(0:10:05) - Contracting Process Challenges and Solutions (6 Minutes)
This chapter examines the complexities and challenges of contract management within organizations, emphasizing the importance of a structured process and legal operations function. We explore the common issues that companies face, such as prolonged contract cycles, stakeholder mismanagement, and missed opportunities due to inadequate data harnessing. I discuss the necessity of conducting a thorough assessment to identify pain points and bottlenecks and how creating a phased approach for a future state plan can lead to more realistic and achievable outcomes. We also touch upon the critical role of legal ops in driving process changes and cultural buy-in for contracting processes, as well as the potential benefits of leveraging dedicated support from external legal ops professionals. The execution of a well-thought-out plan is underscored as the key to improving contract management and realizing cost savings and efficiency gains.
(0:16:10) - Legal Operations and Change Management (5 Minutes)
This chapter explores the crucial role of legal operations in assessing and improving contracting processes within a company. We discuss the importance of interviewing business teams outside the legal department, such as sales, procurement, finance, and marketing, to identify gaps and potential areas for automation, like self-service tools for NDAs. Additionally, we touch on the challenges of executing these assessments, emphasizing the significance of change management and the impact on company culture. We consider how to address concerns from staff who might fear for their job security during these evaluations, and the necessity of finding team members who are receptive to change. The conversation also covers the importance of appropriate messaging and understanding corporate culture to successfully implement new strategies. Lastly, we highlight the need to consider existing technology and the specific goals of an organization before proposing new solutions. For those interested in learning more about legal operations and the discussed strategies, we provide information on how to connect with our guest and their company, ZENT.
(0:21:04) - Contract Heroes Sponsored by Coho Consulting (0 Minutes)
This chapter marks the conclusion of another engaging session where we had the pleasure of exchanging insights with our esteemed guest. We touched upon various aspects of contract management and the nuances that can make or break the effectiveness of these systems within organizations. The importance of finding a Contract Lifecycle Management (CLM) tool that fits an organization's unique needs like a glove was underscored, highlighting that whether dealing with procurement or sales, the right tool can streamline processes and ensure seamless operations. Our discussion reiterated the value of expert guidance in navigating the CLM landscape, emphasizing how consulting services, such as those offered by our sponsor Coho Consulting, can be instrumental in tailoring a CLM solution to an organization's specific requirements for long-term success.
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Join Matthew Rinker of DocuSign as we uncover the power of Contract Lifecycle Management (CLM) for seamless collaboration and speedy deal closures. Discover how modern CLM tools eliminate the tedious back-and-forth of contract negotiations and bring transparency to the approval process. Matthew's expertise in legal technology and sales sheds light on the transformative efficiencies of CLM systems, revolutionizing sales outcomes. Explore how CLM integrates with platforms like Salesforce, offering a competitive edge in deal forecasting and closure. Learn about shared investment opportunities in CLM tools, reshaping resource allocation for sales and legal departments. Gain actionable strategies for CLM adoption and user efficiency, including management buy-in and CLM champion identification. Explore the importance of a robust support network for successful CLM implementation, with practical examples of streamlined NDA processes and proactive contract renewal notifications. Don't miss out on unlocking the full potential of CLM for your organization's growth and success.
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What We Discuss:
[00:22] - Introduction to James Peacock and his background[2:06] - Understanding what the business wants vs. what employees want from in-house innovation and how technology enables change[9:51] - How to get other departments involved in CLM implementation[12:55] - Aligning the goals of commercial and legal teams for better change managementNotable Quotes:[10:48] - âPick someone that has a 100% view in their mind that this will be successful. They have no problem with it at all. Theyâre convinced itâs the right technology. And then, pick someone that absolutely hates it. And, by the end of an implementation, if youâve managed to turn that person that really didnât like the idea of it into saying, âI can see this. I get this. I can see the proof point of this technology,â youâve done it!â - James[17:40] - âTrying to join up the organization through all those three. Itâs about communication. Itâs about understanding the roles and how important those roles are to the future viability of the business. Without sales, thereâs no revenue, you could argue. Without legal, thereâs no business because if you signed everything that came through your legal front door, thereâs a chance youâd be in some hot water.â - JamesUseful Resources & Links:ThoughtRiver WebsiteJames Peacock on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedIn -
WHAT WE DISCUSS:[00:22] - Introduction to Laurie Erhlich[00:41] - What is Datadog?[01:42]- Education as a Common Contracting Pain Point[08:43] -The risks and mitigations of contracts[10:02] -Automating contract review[11:18] -Standardizing NDAs and using technology for review[17:58] - The category of contracts for business stakeholders[18:35] - Enabling teams to focus on their preferencesNOTABLE QUOTES:[01:40] âI think it's education. I think it's making sure that everybody actually understands what we're contracting about... this lack of understanding really makes it impossible to close the contract when the parties aren't coming from the same position " - Laurie[05:06] âWe have a contracting effort, you on our website and it's actually attached to our standard form contract that explains what our business is so that the procurement or legal person receiving the contract understands in more like not business speak, but in legal procurement speak what it is that they're buying in legalese, exactly.â- Laurie[09:01] âYou don't need perfect contracts. Most contract disputes don't happen in court" - Laurie[13:46] âI try not to change things for the organization as a whole. I try to change things for my team in a way that benefits everybody in the organization.â -LaurieUSEFUL RESOURCES & LINKS:Data Dog WebsiteLaurie Erhlich on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedIn
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WHAT WE DISCUSS:[00:02] - Introduction to Mark Ross and his role at Deloitte[06:37] - The importance of involving stakeholders for successful contract management technology implementation[10:57] - Readiness and preparation for CLM implementation[14:05] - The value drivers of process efficiencies in contracting[15:32] - Quantifying the savings from risk avoidance in contract complianceNOTABLE QUOTES:[10:58] - âIt's crucial that organizations take a moment to actually take stock of the people that they employ, the processes that they leverage today, and legal business services at Deloitte is laser-focused on helping our legal departments focus on those areas and then, of course, enjoy the benefits of that promised land of technological utopia as well.â - MarkUSEFUL RESOURCES & LINKS:Deloitte WebsiteMark Ross on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedIn
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WHAT WE DISCUSS:
[00:33] - How procurement can improve their relationship with legal[04:50] - The concept of a negotiation playbook[09:40] - The importance of standardizing templates and intake protocols[10:16] - The role of lawyers in template selection and the impact on the procurement process[11:17] - Dynamic template creation[13:26] - Triage and work queue management[20:43] - The importance of a robust contract repository[22:44] - Creating a negotiation playbook[28:57] - The importance of readiness and preparation for CLM implementation[32:08] - Training newer folks on legal terms[34:00] - Collaboration between sourcing and legal departments[37:55] - Challenges with control from general counsel[41:51] - The challenges of implementing Agiloft in the healthcare industry[42:43] - The importance of getting stakeholders excited and involved in the implementation process[43:43] - Resources for Agiloft implementationNOTABLE QUOTES:[02:50] - âA lot of contract management has been focused on indirect procurement and the buy side. The sell-side has also been a focus. But historically we've noticed that it's actually born from the buy side.â - Prashant[03:43] - âThe relationship between procurement and legal sometimes has bordered on adversarial because business drivers for procurement organizations are not just how do I get the best price and consolidate vendors, but it's really about managing categories from a strategic perspective .â - Prashant[08:51] - âMost CLM systems of basic functionality will have the ability to have a playbook in place with a clause library, fallback provisions that you can select a way to tag those particular provisions with different levels of risk or desirability from a company's perspective.â - Prashant [11:36] - âSometimes intake can drive that dynamic creation of a template using clauses that are ultimate provisions that you can use having a base template and then using alternate provisions based on the intake requirements to create something that's purpose-built for the transaction.â - Prashant[21:00] - âIt takes a pretty high degree of maturity as an organization to have a robust single source of truth repository that's high integrity that people rely on.â - Prashant[30:52] âIf there's a degree of preparation that involves these kinds of collaborative discussions, it creates a good foundation for trust between the organizations.â - PrashantUSEFUL RESOURCES & LINKS:Agiloft WebsitePrashant Dubey on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedIn -
WHAT WE DISCUSS:[00:00:31] - Nikki's journey to becoming CEO of Legaltech Hub[00:02:47] - Notable changes in legal technology and their impact on enterprise legal teams[00:06:56] - The role of AI in contract management[00:13:06] - The inevitability of AI integration in contract products[00:16:15] - Enhancing self-service workflows and integrating AI[00:19:39] - Anticipated technological advancements for organizations investing in AI[00:21:25] - Upcoming events hosted by Legaltech HubNOTABLE QUOTES:[00:03:00] - âWe're really moving from the very large systems that do absolutely everything across the contract lifecycle and need to be implemented across all phases of the contract lifecycle to more modular, nimble solutions that are available for teams.â - Nikki[00:06:01] - âI think a CLM platform has to be nimble enough in order to be able to accommodate the different feature configurations or customizations for the particular industry into which it's being implemented.â - Nikki[00:13:54] - âAI doesn't necessarily lend huge efficiency at all stages of the contract lifecycle. It's a ânice-to-haveâ in a lot of areas rather than a âmust-haveâ.â - Nikki[00:18:05] - âYou have to have thought out the user journey and have an established interface in order to make it easy to integrate AI and for the user to see the benefit of that.â - NikkiUSEFUL RESOURCES & LINKS:Legaltech Hub WebsiteNikki Shaver on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedIn
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WHAT WE DISCUSS:[00:00:40] - Introduction to Alistair and his company SYKE[00:01:15] - The birth of a contracting Solution[00:02:32] - Reducing contract cycle time[00:11:53] - The importance of investment and implementation[00:13:09] - The potential pitfalls of underestimating implementation efforts[00:19:33] - Benefits of a centralized contract repository[00:22:37] - The value of engaging a reputable consulting firm[00:25:00] - Reputation and changes in the market[00:30:34] - The transformative impact of AI in the legal sector[00:34:35] - Disruption in legal advisory services[00:35:56] - The role of AI in migrating and extracting legacy dataNOTABLE QUOTES:[00:03:44] - âWe managed to reduce the average contract cycle time down from over 50 days to five and a half days, and it was really impactful, had a big commercial benefit, and I kind of just fell in love with it really.â - Alistair[00:07:17] - âI saw just the power of how, you know, for a few simple questions, you could put together a robust contract.â - Alistair[00:21:30] - âWe don't want to be associated with failed projects and products. Reputation is hugely important.â- Alistair [00:30:34] - âIt's moving super fast and I am incredibly excited about what we're going to be able to achieve in short order through this new technology.â- Alistair[00:35:42] - âI really do, I don't think it will be long before the answers are as good as the lawyers or better, and that's going to be hugely disruptive to the legal market.â - AlistairUSEFUL RESOURCES & LINKS:SYKE WebsiteAlistair Maiden on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyMarc Doucette on LinkedInPepe Toriello on LinkedIn
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In this episode of the Contract Heroes Podcast, we are delighted to have three distinguished guests with us - Mary O'Carroll, Chief Community Officer at Ironclad and former Google Director Legal Ops and CLOC President; Laura Frederick, founder of How to Contract and ContractsCon, and a Lawyer; and Debbie Hoffman, previously Managing Associate General Counsel at Western Union, and currently a board director and executive leader with expertise in fintech, real estate, mortgage lending, and blockchain.
During our conversation, we discuss contract management implementations and finding a successful system with Mary. We emphasize the importance of taking a phased approach and starting small with pilot projects. Our discussion also covers the decision of whether to start with the legal department or procurement contracts, the role of consultants in the pre-implementation process, and effectively monitoring and managing contracts for compliance and value maximization. Laura joins as an expert in negotiating contracts, discussing the concerns of commercial lawyers and the trend of over-contracting. The episode concludes with Debbie sharing her experience with implementing a new tool at Western Union and the challenges faced.
WHAT WE DISCUSS:[01:15] - The importance of phased approaches for successful implementations[03:06] - Starting with legal or procurement in implementing contract management solutions[03:22] The importance of finding the right starting point for implementing contract management solutions[04:53] - The role of consultants in the pre-implementation process and the need for well-defined processes[05:38] - Recommendations for organizations to ensure effective monitoring and management of their contracts[06:56] - AI and its impact on contract management[08:44] - Laura Frederick's recent event and her work as the founder of âHow to Contractâ[09:51] - Commercial lawyersâ frequently asked questions regarding CLM[11:01] - Strategies to reverse the over-contracting trend[11:35] - The importance of training for effective contract negotiation skills[13:34] - Automation of contract negotiations and the need for human decision-making in complex contracts[19:43] - Debbieâs background and involvement in CLM implementation while at Western Union[20:52] - The CLM vendor selection process[22:07] - Debbieâs challenges with the current tool[25:08] - The importance of building playbooks and understanding client needs NOTABLE QUOTES:[00:01:19] - âThe idea of getting all your stakeholders aligned at the same time and trying to roll out one solution and saying, hey, this is going to be good for everyone is honestly a bit unrealistic. You're never going to have everyone on the same page.â - Mary [00:01:44] - âChange management is hard. This is something that affects so many parts of the company. So, instead of trying, I think to get everyone aligned and to spend a year doing stakeholder alignment, the requirements gathering change management process is to just start small.â - Mary[00:16:24] - âIf you can, train the people who are doing the contracts and negotiate them on those real risks, not the academic risk, but what is this company with these products and services? What do we really worry about then that's going to be such an important step towards enablement and getting to shorter contracts?â - LauraUSEFUL RESOURCES & LINKS:Ironclad WebsiteMary O'Carroll on LinkedInLaura Frederick on LinkedInHow to Contract WebsiteContracts Con WebsiteDebbie Hoffman on LinkedInWestern Union WebsiteThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedInPepe Toriello on Twitter -
During our conversation, Roma shares her journey from law school to becoming a contracts manager and eventually a general counsel. She explains how she started her own contracts tech company, CrushContracts, and developed tools like the Global NDA, ICE, and Zoey to address contract management pain points. Roma emphasizes the importance of solving problems and adapting to changing times. We also discuss the challenges of getting buy-in from team members and ensuring adoption of contract management tools.
WHAT WE DISCUSS:
[00:19] - Introduction to Roma Khan, CEO of CrushContracts [00:52] - Roma's background and journey to becoming the âcontracts queenâ[02:57] - The main issues Roma faced as a general counsel and recommendations for contract management[06:32] - Overview of the tools developed by CrushContracts, including Global NDA, ICE, and Zoey[09:14] - Challenges in contract management[10:13] - Approach to contract management: understanding the purpose of contracts as business documents [16:14] - Importance of organizing contracts[17:05] How to optimize workflow processes and conduct an internal audit for legacy contracts[19:05] - Getting buy-in from team members and utilizing existing resources for project implementation[21:12] Challenges of adoption and change management when implementing new technology[24:45] Recommendations for addressing adoption and change management challenges in CLM implementationNOTABLE QUOTES:[00:03:44] - âI built a global registry called Global NDA where we sat down with several other attorneys and created a universally acceptable mutual NDA, and it's online now and people can just opt in and start talking to the active members.â - Roma[00:11:11] - âA lot of times legal departments will create instruction manuals that look like novels. They look like law school briefs. There are too many bullet points, and it's like everything I can add to it, I will add. I work the other way around. I look at it as the most simplest user in the company and if they have to execute this contract, I want them to understand the process, I want them to understand the risk, and I want them to negotiate most of this on their own. So they come to legal for the last thing, for this final approval.â - Roma[00:10:34] - âMy overall process and ideology and contracts comes from the core belief that contracts are not legal documents. They are business documents. They have to be lawful and legally and legally binding. But with anything, you can start any business, and it has to be for a lawful purpose.â - RomaUSEFUL RESOURCES & LINKS:CrushContracts WebsiteRoma Khan on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedInPepe Toriello on Twitter -
During our conversation, we gain valuable insights into Intel's journey of successfully implementing a contract management tool. We emphasize the importance of clean and organized data as the foundation for effective contract management. We delve into the significance of data-driven decision-making and involving attorneys in the process. The team from Intel highlights the importance of metadata and prioritizing active contracts. They also give us insights into some of the challenges they faced during implementation and the importance of data cleanliness and integrity. We also touch on scoping the project, engaging internal teams, and involving end users in the design process. Finally, we discuss the flexibility and challenges of the chosen CLM solution by the Intel team, as well as the future phases and the potential of AI in contract management.
WHAT WE DISCUSS:[00:14] - Intelâs journey of implementing a contract management tool[03:16] - Establishing a solid foundation for contract management through data-driven approach[07:13] - Analyzing and prioritizing data during the foundation stage[08:49] - Data integration and prioritization of contracts in a system implementation.[10:41] - Importing legacy documents and mistakes in implementation[12:07] - Building the contract repository and data cleaning[16:41] -Scooping process and the importance of prioritizing features and functionalities based on business value and user population [24:14] -The role of a dedicated project manager and their experience with legal technologies during CLM implementation[26:07] How processes were established and whether diagrams were created during the foundation stage[27:49] Handling change requests during CLM implementation[32:43] - Importance of conservative resource planning and transparent communication in business operations[34:45] - Prioritizing and future phases in consulting, including authoring and AI for contracts[35:36] - Excitement about the future phase of AI in contract management.[37:20] - Integration with company's data domainsNOTABLE QUOTES:[00:01:44] - âHaving a firm foundation of understanding what our data is and making a data centric mindset approach towards how we solve our challenges when it comes to contracts is of utmost importance.â - Donovan[00:04:00] - âData is going to be king in terms of understanding how we can then make a business decision. At the end of the day, the data should produce the ability to make a decision in regard to where you are taking your business and the approach you're going to take with it.â - Donovan [00:15:51] - âYou need to maintain the data and make sure your data continues to be clean, through the years. And so that's why when you are doing this repository design implementation, take into consideration the business rules. Ideally, you should have those also implemented into the system validation.â - Kuan[00:19:22] - âOur first implementation failed largely because we didn't partner with our IT organization like we did with our second implementation. And so, that was the chief reason why we failed. We, as a legal department and legal operations department, felt we could do it on our own without bringing in a big intel IT organization.â - GeraldUSEFUL RESOURCES & LINKS:Intel WebsiteKuan Yu Liu on LinkedInDonovan Bell on LinkedInGerald Wright on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedInPepe Toriello on Twitter - Mehr anzeigen
