Surviving and Thriving During Contract Review Scenarios

Welcome back to our exploration of legal review audits and diligence best practices. Last week, we explored strategies to navigate the wild world of legal reviews. Today, we’ll discuss how to survive and thrive in contract review scenarios.

The technology industry moves fast, but legal departments are often expected to move even faster. In addition to fielding one-off requests, legal professionals like you are also responsible for proactively anticipating the organization's needs. So how do you handle one-off requests, develop an overall strategy, and streamline contract review processes?

Understanding common contract review scenarios will help you answer these questions. Here are three techniques that will help you adhere to contract management best practices:

#1: Executive and Board Requests

All requests are important, but the ones from your established internal clients are paramount. These can include board members and other C-level positions. Many of these requests require searching for specific clauses through old contracts. Without a CLM solution, you may be in trouble.

#2: Insurance and Financial Audits

Common audits like insurance and financial-related items require a big ask from legal departments. During an audit, contracts must be meticulously kept, and specific, hard-to-find details may be requested. Having a single source of truth for your contracts makes your agreements searchable is the key to success.

#3: Investor Due Diligence

Acquiring investors can be a long process, but it’s a crucial part of financially stabilizing your company. Legal teams need to be prepared for any kind of request from a potential investor, including:

• The types of contracts you’ve signed this year
• Your different customer portfolios
• How many types of agreements you’ve signed
• The financial outcome of those agreements

Searching for this information becomes difficult to scale as a company grows. One of the best tools to remain efficient is a searchable contract repository.

Developing CLM best practices within your organization is no small feat. Manually searching through contracts depletes your resources and is only a temporary solution. An automated CLM platform like LinkSquares helps save time, money, and energy from your strapped legal team. 

Next week, we’ll conclude this series with a deep dive into the boxes you need to check before signing a contract. If you want to learn more about CLM best practices for your organization, schedule a demo today.