Benefits of Outsourcing Legal Contract Management
Legal contracts and agreements form the basis for business relationships with clients, third-party vendors, business partners, and service providers. Managing legal contracts throughout their lifecycle, rather than simply executing them and filing them away, can help ensure contractual obligations and deadlines are fully met. However, managing contracts can be labor-intensive and time-consuming for legal departments. Outsourcing the legal contract management process is a cost-effective way to create efficiencies and allow internal legal teams to focus on higher-level priorities. It also assists corporate legal departments with:
- Avoiding oversights. Outsourcing contract management can help companies ensure they stay on top of contractual deadlines, contract renewals, reporting requirements, and other obligations.
- Drafting and negotiation. For firms with a high volume of agreements, outsourcing may be a way to ease the burdens of drafting and negotiating common contract terms. Outsourced legal service providers are adept at reviewing voluminous agreements and can identify contract provisions that don’t adhere to their clients’ standards.
- Standard clauses and templates. For common contract types, outsourcing the contract management process also allows contracts to be drafted using standard contract provisions and templates, making implementing or amending contracts easier.
- Contract abstraction. Creating abstracts and summaries, extracting key deadlines and dates, important terms, and other relevant data can result in significant resource savings throughout the contract lifecycle.
- Organized records. Creating a contract database and management system helps legal departments access their contracts and legal agreements quickly, without having to locate and pull contract files.
- Foreign language contracts. In today’s global business environment, organizations often encounter contracts and agreements written in languages other than English. Working with a legal outsourcing partner that has expert translators allows organizations to get reliable, accurate translation, interpretation, and abstraction services for foreign language legal documents and contracts.
Baer Reed offers legal contract management and other services to corporate legal departments. To learn more, call us at 888-433-1990, or contact us online today.
- On June 28, 2018
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