Contract design is the process of aligning your contracting processes with your business goals and needs.
As a legal ops professional, it is your responsibility to do just that: align legal with the wider business and drive value from the legal department. This is impossible to do if your enterprise business still utilizes traditional contracting, which is antithetical to our fast-paced, transactional society.
According to SpringCM, many enterprise businesses still use spreadsheets, shared drives, or email to manage their contracts. Seventy-four percent of respondents say that human error often or very often impacts their contracting process. Most report that their biggest problems are tracking, approvals, workflow, e-signature, and storing contracts.
Contract design is not about the words on the paper, or things like margin size, font type, and paragraph length. At least, not in the way we mean it. Effective contract design improves workflow, optimizes cross-departmental processes, streamlines legal agreements, and improves your ability to offer technology and process support to the wider business.
Learn how your business can start to redesign contracts that align with the needs of your business, rather than the other way around. Step one: think about contracts as an experience.