Contract Management can be difficult – even for large businesses.
For two reasons in particular –
1. Contracts are inherently complex documents that must include the input and approval of many different teams in the business – sales, legal, financial and even the leadership team. More hands = more risk of mistakes and more delays.
2. Most businesses have to deal with a huge number of contracts. In 2018, the average number of contracts managed by a Fortune 1000 company was 20,000 – 40,000. This requires a huge amount of time and effort for the legal team.
Because of the complexity and volume, most in-house legal practitioners and business leaders find doing it all by hand inefficient and unworkable.
In fact, 83% of businesses said they are dissatisfied with their current contracting procedures.
This creates a huge opportunity for in-house legal practitioners to add value to the business by investing in a CLM Software.