Manual contract processes cause delays at scaleups looking to close deals fast, and create friction between teams at large enterprises if there's no visibility or standardization.
But contracts are the lifeblood of any business, and an essential component for growth. So how can in-house legal teams improve their workflow and ensure their contract process is robust and scalable? Where should legal start, and how can they keep track?
We launched the contract healthcheck today, to help legal assess the health of their contract process and identify points of improvement. It's a free, interactive tool that covers all bases in end-to-end contract collaboration - helping in-house legal teams perfect their templates, workflow efficiency, contract management, and beyond.
So who can use the contract healthcheck? In-house legal teams looking to improve their contract process face a daunting task; whether it's the first lawyer at a high-growth tech company, or the hundredth lawyer joining a well-established corporation. That's why the contract healthcheck provides a complete overview on what a healthy contract process should look like at a startup, scaleup, and enterprise business.
Startups have a strong focus on commercial growth, and usually don't have an established legal function in place. Their contract workflow consists of existing systems in their tech stack. As the company continues to grow, multiple systems can become a problem, slowing the business down and making it difficult to keep track of contract data. Plus, with no set process in place and commercial teams freestyling terms, the business is open to risk. Getting ahead of the problem can save future lawyers a ton of time and effort, and our contract healthcheck has all the points to help small businesses get started.
The fast-paced nature of scaleups means that you'll have funding rounds on the horizon - and it's important to have your contracts in order. Any legal team at a scaleup will face the challenge of balancing low-value legal admin with high-value project work - our contract healthcheck can help lawyers at scaleups identify the steps needed to enable the wider business. Being able to self-serve on contracts and rest assured that the end-to-end process is robust and scalable will take a load off legal's plate, helping the team focus on the tasks that really matter.
Change can be challenging at an enterprise - if manual contract workflows have existed in the business since its early stages, chances are, anything that disrupts the workflow will be difficult to adopt. Businesses tend to live in Microsoft Word, so it's hardly surprising that your contracts exist in Word too. And with so many employees distributing contracts, legal can feel frustrated at the lack of visibility. Luckily, our healthcheck offers a comprehensive checklist for all the steps you can take to improve that process - minimizing disruption to the wider business and maximizing value to legal. Everyone wins.