Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Business man and business women walk among large screens displaying information. These screens forming a labyrinth.Most large legal departments handle hundreds to thousands (or even tens of thousands) of contracts each year, ranging from non-disclosure agreements and service contracts to employment agreements and leases. Each contract must be reviewed and edited before it can be executed, which is labor-intensive manual work—in other words, expensive and inefficient. Traditionally, lawyers go through the process of carefully reviewing relevant clauses and then passing documents back and forth electronically until both parties agree on the terms.

In addition to this historically inefficient process is the elephant in the room: In many cases, attorneys are essentially doing the same work—over and over. In fact, Global 2000 organizations spend $35 billion annually on high-volume contract review, $26 billion of which is spent on reviewing and marking up contract language that is semantically similar enough that most edits can be automated. Furthermore, an estimated $7 billion is spent on verbatim work on pre-execution contract negotiation—exact work that has already been done on similar contracts. In addition to this massive waste, the work is repetitive and tiring, which means the potential for error or oversight is high. While other phases of the contract lifecycle management (CLM) process have recently become more efficient with the application of advanced technologies, pre-execution contract review has largely been overlooked.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]


WIPL.UK 2021Event

Women, Influence & Power in Law UK (WIPL.UK) offers an opportunity for unprecedented exchange with senior female in-house lawyers.

Get More Information

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.