The cost of managing contracts

It’s difficult taking time to focus on the business when you’re so busy in the business. In a bid to save costs, many organisations pulled the management of high-volume commercial contracts in-house, but now teams are under increasing pressure to do more for less and provide additional business value.

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Radiant Law has developed a quick calculator that can help you estimate the potential savings you could make by changing the way your commercial contracts are supported. Estimate how much time and money you could save by closing contracts faster and reducing the in-house legal time supporting high volume contracting.  You can also decide whether to allocate the saved legal time on reducing the need for external law firms or working on other projects that add value to the business.  Change the highlighted cells to see how much you could save and achieve:

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There are other benefits too:

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• Improve business agility, by allowing new projects to be delivered faster
• Improve your customers’ experience of the contracting process and start your commercial relationship on a better footing
• Reduce risk through standardising your contract terms and improving controls over what can change
• Allow your lawyers to work on more challenging and interesting activities, reducing turnover

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There are many ways to speed up contracting and free up your lawyers. You can introduce technology and improve the process or you can use a managed legal service from Radiant Law, which gives you these benefits out of the box with proven results.

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How do you reduce time to close and the time that legal needs to spend supporting day-to-day high-volume contracts?

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