How Much Time is Bad Contract Management Software Costing You?

By Samantha Wargo

time spent on contract management

In an economy rocked by COVID-19, now might seem the worst possible time to seek funding for specialized contract automation software for your in-house legal team. In point of fact, given how every department -- legal included -- is being asked to do more with less, now is the most critical time to invest in efficient contract automation. The data that proves this principle is found in LinkSquares' newest eBook: "The Current State of Contract Management".

It's a tale as old as time: There's no money in the budget for specialized contract drafting software, so your in-house legal team will just have to make do with the same Microsoft Word license as everyone else. There's also no money in the budget for specialized contract analysis software, so you'll have to jury-rig some tracking sheets using the same Microsoft Excel licenses as every other department.

After all, the in-house legal team is just an overhead cost. There's no return on investment for spending money on specialized contract automation solutions, right?

Wrong. 

LinkSquares surveyed over 100 companies of all sizes across a range of industries to determine how much time they spent drafting, executing, storing, and analyzing their legal agreements. The results of that survey are summarized in "The Current State of Contract Management", and that data is staggering.

Many companies waste the equivalent of a full time employee to inefficiencies in their contract drafting process -- a process that is almost always built around Microsoft Word, rather than specialized contract software. A shocking percentage of contracts are still wet-signed, likely because many organizations and industries have failed to adequately embrace e-signature tools. Almost no one has solved the issue of legal staff storing contracts across multiple systems in multiple formats, which leads to difficulties in locating and monitoring vital agreements.

All these self-imposed inefficiencies suggest that investing in modern contract automation tools can save time, which saves money, which presents a return on investment for these contract software tools. 

If you're ready to benchmark your business against typical legal practices in your industry -- and identify opportunities to lower your legal overhead without sacrificing contract productivity -- download "The Current State of Contract Management" now.

And if you're ready to test-drive the best contract automation solution on the market -- one which employs cutting-edge artificial intelligence to streamline and simplify both contract drafting and contract analysis -- then contact LinkSquares today.

download report on the current state of contract management

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