For an attorney or a law firm, the volumes of contracts that they have to deal with daily are unfathomable.
Every day lawyers are under the pressure of concluding arrangements which raises the vitality of efficient legal management of contracts.
Contract management, or as you may know it contract administration, refers to the process and procedures that law firms implement to manage the execution, negotiation, modification, performance, and termination of contracts.
In today’s digital economy, clients of law firms and attorneys expect rapid and better service concerning documents and agreements. Fortunately, outsourcing saves the day every time!
Contract management as our core competence
Among other legal outsourcing services we deal with, managing legal contracts is one of our core competencies.
We understand that the process of managing the flow of agreements is an essential task for attorneys and law firms. This is why we develop proper vision and strategies that aim at delivering expected value and potential optimizations.
We do so by focusing on managing the primary stages in the contract life cycle which are:
Administration,
Drafting,
Review,
Approval,
Execution,
Performance, and
Expiration.
At Bolster Legal Services, contract professionals make use of standardized contract management practices, so that you can trust us for achieving your goals and optimizing your firm’s productivity.
From theory to practice: Our best strategies
Under our legal outsourcing services, managing contracts for firms and attorneys happens via the incorporation of innovative legal technology solutions. This promotes a better experience throughout the contract life cycle.
Here are a few practices that help us master the contract administration process:
1.Using contract templates
For efficient contract management, we highly believe in using contract templates which also cuts down the cost of administrative overhead.
For instance, we create a template only once. Rather than having to edit dozens of documents individually, it can then be amended as and when required.
We also believe in using common language that your contract professionals can agree to.
2. Building standardized contract negotiation process
From non-disclosure agreements to license agreements, different types of contracts need to be frequently negotiated in a law firm as and when required.
This is where our standard contract templates are used to identify and mitigate risks associated with non-standard provisions.
We also use a contract negotiation playbook that edits contracts automatically to improve the contract review process. This procedure helps us frame your contract negotiation strategies and procedures in the negotiation phase of the contract life cycle.
3. Measuring contract approval time
We understand how essential it is for law firms and attorneys to get contracts approved faster. This is why we keep contract approval time as low as possible to get your agreements off the ground soonest.
The faster we get your contract approved, the sooner your client could receive the expected service. Consequently, we feel accomplished having elevated your client experience.
Getting a contract approved early also helps ensure that attorneys and law firms don’t have to waste time checking back and forth with the clients over any changes.
4. Compliance management of administrative tasks
We incorporate multiple cross-checks of compliance regulations throughout the contract life cycle to ensure that attorneys and law firms are not exposed to any legal risks.
Understandably, any error in compliance requirements has a devastating effect on your business. Therefore, we focus on a detailed management strategy that also comes in the form of cost-effectiveness.
In the end, it matters!
Legal contracts form the foundation of every relationship with business partners, services and third-party vendors. But, the pile of contracts can be burdensome for lawyers and law firms.
Consequently, contract management allows law firms and attorneys to lessen the burden and focus on higher-level priorities.
We encourage you to get in touch with Bolster Legal Services for more assistance in this matter.