{"id":13118,"date":"2020-02-06T14:36:02","date_gmt":"2020-02-06T19:36:02","guid":{"rendered":"https:\/\/gutenberg-atl.staging.breakingmedia.com\/legal-innovation-center\/?p=13118"},"modified":"2020-02-06T14:36:02","modified_gmt":"2020-02-06T19:36:02","slug":"legal-pros-learn-best-practices-for-choosing-the-right-contracting-system","status":"publish","type":"post","link":"https:\/\/abovethelaw.com\/legal-innovation-center\/2020\/02\/06\/legal-pros-learn-best-practices-for-choosing-the-right-contracting-system\/","title":{"rendered":"Legal Pros Learn Best Practices for Choosing the Right Contracting System"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Choosing the right contracting system is one of the most critical technology purchases a legal department will make. To provide a clearer picture on the process, last December, <\/span><a href=\"https:\/\/zentlawgroup.com\/\"><span style=\"font-weight: 400\">ZentLaw<\/span><\/a><span style=\"font-weight: 400\">, <\/span><a href=\"https:\/\/uplevelops.com\/\"><span style=\"font-weight: 400\">UpLevel Ops<\/span><\/a><span style=\"font-weight: 400\">, <\/span><a href=\"https:\/\/www.wkelmsolutions.com\/\"><span style=\"font-weight: 400\">Wolters Kluwer ELM Solutions<\/span><\/a><span style=\"font-weight: 400\"> and <\/span><a href=\"https:\/\/gutenberg-atl.staging.breakingmedia.com\/legal-innovation-center\/\"><span style=\"font-weight: 400\">Evolve the Law<\/span><\/a><span style=\"font-weight: 400\"> hosted the \u201cIn-house Contracting System Selection and Implementation\u201d roundtable, which covered how to pick, roll out, and gain internal adoption for a contracting system in a legal department.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">I had the pleasure of leading this discussion along with <\/span><a href=\"http:\/\/bit.ly\/2Msh5jr\"><span style=\"font-weight: 400\">Stephanie Corey<\/span><\/a><span style=\"font-weight: 400\">, Co-founder of UpLevel Ops, featuring our panelists Sangeetha Raghunathan, General Counsel and Chief Compliance Officer at Earnin, and Tal Samet, Director and Assistant General Counsel at Marvell Semiconductor.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The conversation and interaction with attendees was spirited and heavy on best practices. Here\u2019s a sampling of the key takeaways:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Start with determining which types of contracts you\u2019ll capture \u2013 all types or certain types, and make sure that your contracting systems for all contracts for the company are the same or speak to one another.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">For system selection, build a Business Requirements Document (BRD), which helps define selection criteria, and get content and buy-in from key stakeholders on what the BRD contains. Demo different products and document stakeholders\u2019 feedback from each one to narrow down your decision.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Avoid a home-brewed solution, and consider cloud-based, sophisticated yet easy-to-use Contract Lifecycle Management (CLM) systems that have features that can be implemented or used quickly, have self-service capabilities and solid support, and provide the ability to retrieve data if needed. Many systems include powerful AI capabilities, which can be leveraged to reduce time and churn in contracting.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Look for CLM solutions that are easy to implement and do not require significant time or cost on your part to do so. For lean legal departments, signing shorter term contracts will allow you to grow with the solution over time or make a change if needed.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Adoption of the CLM and understanding how to use it is key to ensuring you achieve ROI. Do this by communicating with relevant department team leaders on how their teams should use the CLM, provide training or information in your organization to do this and ensure people know the solution exists.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Reevaluate CLM use each year to ensure you are getting what you need out of it. Provide feedback to the CLM solution on additional features or functionality you would find useful.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The third roundtable (date TBD) will focus on<\/span><span style=\"font-weight: 400\"> the execution phase, technology implementation and evaluation.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"summary\">\u2018Contracting System Selection\u2019 roundtable was the second of three \u2018Contracting in Legal Departments\u2019 events.<\/p>\n","protected":false},"author":88988,"featured_media":12674,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[481,3],"tags":[5918,1798,3054,2173],"class_list":["post-13118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-contracts","category-events","tag-contracting","tag-events","tag-monica-zent","tag-stephanie-corey"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - 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