When it comes to improving contracting processes and achieving favorable outcomes, there are two highly recommended resources that offer valuable insights and practical guidance. These resources cater not only to in-house legal teams and contract managers but also to commercial lawyers in law firms who aim to provide maximum value to their clients’ businesses.
The first resource is the book Sign Here: The enterprise guide to closing contracts quickly, written by Alex Hamilton. With years of hands-on experience, Hamilton shares practical advice and a roadmap for improving contracting processes. The book, spanning a concise 141 pages, offers an easy-to-read style and serves as an excellent starting point.
Though the second edition, which will cover GenAI and CLMs, is forthcoming, the current edition is certainly worth exploring. Priced at just $10.87 on Kindle, it provides an immediate starting point, and investing in both versions won’t break the bank.
A noteworthy quote from the book emphasizes the importance of combining legal and technical expertise for successful automation: To automate, you need legal expertise in the subject matter and technical expertise in the system. But the reality is that systems are too complex for you to assume that every lawyer will learn to automate their documents.
Additionally, the book points out the detrimental effect of the billable hour on efficiency and transaction speed in law firms: The billable hour drives up complexity and slows down transactions. Why send a reasonable draft when you can send something one-sided that will inspire an unreasonable response and hence increase the time spent battling back to some middle ground? Why simplify processes if you can’t charge as much? And why use automation that gets rid of billable hours?
An organization that offers an array of resources to enhance contracting processes and achieve better outcomes is World Commerce and Contracting (World CC). Their website provides access to a library of research and free webinars hosted by global experts. The value of World CC’s research is even acknowledged in Sign Here, making it a trusted and reputable resource. According to World CC’s findings in 2017, the average company surveyed spent almost double the amount of a top-quartile company on contract implementation. Even a simple and low-risk contract cost an average of GBP5,000 per party, which was a 40% increase compared to six years prior.
Becoming a member of World CC offers exceptional value for the money. Individual membership costs just US$200 for one year, and longer-term options come with discounts. When compared to the costs of legal education conferences, this is an affordable investment. Individuals can gain access to invaluable resources, contribute to the community, and even attend events. Encouraging law firms to join World CC ensures they receive firsthand insights from contract professionals, enabling them to strive for better outcomes during negotiations.
World CC emphasizes the importance of reducing the frustrations and delays often associated with law firm contract negotiations. Whether you are an established law firm partner seeking to protect and grow your practice or a young professional aspiring to build a successful and distinguished career, membership with World CC can be a step in the right direction.
In conclusion, through resources like Sign Here and the valuable offerings of World Commerce and Contracting, individuals and organizations can enhance their contracting processes and achieve improved outcomes. These resources provide practical guidance, expert insights, and a supportive community for legal professionals looking to make a significant impact in the field of contracts.
