It’s no secret that lawyers can be control freaks, but one area that seems to consistently slip through their fingers is contract management. If you feel as though you lack control of contract management processes in your business you are not alone. Whether it’s due to a lack of planning or information overload, many legal departments struggle to gain visibility over contracting. As a result, inefficiencies translate into delayed decision-making, misunderstanding of peoples’ responsibilities, and missed opportunities to improve performance.
Many General Counsels find themselves inundated with administrative tasks, thereby taking them away from assuming a more proactive role in the business. All too familiar with this predicament, Hein Bijl – General Counsel of CitizenM – was glad to see the back of spreadsheets and manual processes when the company adopted a smart legal repository for managing all their legal information. As a global chain of boutique hotels with a global footprint, CitizenM has multiple entities across multiple jurisdictions, making the amount of legal work to manage impossible without an efficient process. Here’s how they are making the most of Legisway and haven’t looked back.
In the most basic sense, going paperless means we use software to create documents, we send them via email instead of printing and mailing, and we store them in digital format instead of in filing cabinets. Replacing paper with technology saves us time and money, making us more efficient and effective. While the advantages of a paperless, digital office are hard to ignore, some legal teams are slow to change simply because they don’t know where to start.
Corporate legal departments once viewed technology as an obstacle that only made their day-to-day operations more difficult. Today, they’re realizing that it can help them to work efficiently and gain a competitive edge. One of the main barriers to adopting technology is the legal department’s need for signatures. This has led them to resort to paper processes. The dependency on paper processes results in time wasted chasing signatures and spending valuable resources on paper. Meanwhile, the rest of the organization is left wondering why it takes so long for legal to answer their enquiries.
Despite the fact that the first EU e-signature Directive has been in place since 1999, the adoption of e-signatures has been slow across all industries. Many organizations prefer to stick with paper processes because they still believe that a handwritten signature on a piece of paper is more valid. According to a study by Association for Information and Image Management (AIIM) on how organizations are moving away from paper processes, more than 50% of respondents reported they print out documents for the purpose of adding a signature. However, changes in e-signature technology and regulation indicate it’s time to take a look at the technology.