18th June 2020
18th June 2020
By Charles Dimov, VP of Marketing at ContractPodAi
There is no doubt that the current state of the world under lockdown and quarantine has affected everyone in one way or another. The COVID-19 (coronavirus) crisis has caused businesses to shut down and millions to lose their jobs. What's more, no one knows when things will go back to normal - if ever. Is social distancing and working from home (WFH) the “new normal?” How have businesses around the world adapted to the pandemic and to working remotely.
Let’s take a look at how the current situation has changed the way people work, specifically in the legal industry.
A recent Gartner survey revealed that post-COVID-19, a colossal 74 percent of CFOs expect to move previously office-bound employees to remote working locations permanently. Before the pandemic touched down, there was concern that employees would be less productive and communicative, and that this would have a big effect on companies. But as people transitioned into this new way of working, it seemed as if they worked remotely from the very start. After just a couple of months, most employees had their respective WFH routines down pat.
One thing that has greatly increased during this time of crisis is the use of technology. People WFH rely on stable Wi-Fi connections, a working laptop, and video calls with other colleagues. But the problem arises when an employee needs a physical document that only one other colleague has. What's more, they may have left it in their desk drawer back at the office. In the legal industry, this is a huge issue, especially when it comes to contracts and related documents. So, those working in courts or meeting with clients regularly must begin to embrace other remote technologies.
One solution is a contract management system (CMS), which keeps all of your contracts in one repository and eliminates the challenges of looking for a physical document. These systems provide electronic versions of agreements to those that need to review them. They make the everyday contracting process more easy and effective, as a result. Now, isn't this the best time for such a legal digital transformation?
With the uncertainty around when things will go back to 'normal,' the legal industry must adjust to these times and find new ways of working in the long term. Moving forward, legal teams' embrace of technologies like contract management solutions will go a long way toward business continuity and risk avoidance.
Interestingly, only 30 percent of companies - interviewed for the Gartner survey mentioned above - said that they felt prepared for remote working. In fact, as many as 70 percent of respondents reported that they were completely new to it. During this period, 23 percent said that they experienced more phishing attacks - with 10 percent reporting an increase in coronavirus-themed scams. A
Still, all of this remote work will propel legal into the digital age, reshaping individual legal teams and affecting the industry as a whole. Along with new contract management solutions, there will be opportunities to develop new skills and continue with digital transformation journeys. What's more inspiring and motivating than that?
Sure, adopting and implementing new technologies - while dealing with a pandemic - can be pretty overwhelming. But our team at ContractPodAi can aid your legal digital transformation.
Our end-to-end contract lifecycle management (CLM) system makes working remotely significantly easier. It places all of your contracts and documents in one online repository, which is accessible to everyone in the company, at any time.
But don't just take our word for it. To better understand how we can help you, read about the positive experience with ContractPodAi from one of our clients.
ContractPodAi empowers your team to assemble, send, sign and approve all kinds of contracts – from NDAs to sales contracts – anywhere, anytime and using any device.
Automated contact & document assembly
Highly configurable approval workflows
Central collaboration & negotiation
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