‘Moneyballing’: Driving Legal Forward With Contract Analytics

‘Moneyballing’: Driving Legal Forward With Contract Analytics
by Derek Karpel

It was simply one of the largest shows on the legal landscape.

Earlier this month, Legalweek 2020 attracted more than 8,000 busy legal professionals – and more than 300 speakers from 36 countries to New York City. For big-firm lawyers and attorneys in the office of general counsel, as well as chief information officers and IT directors, the event was both exciting and educational. They were all shown the very latest in legal technology, such as eDiscovery and contract lifecycle management (CLM), etc.

During Legalweek 2020 – “Driving Legal Forward,” I was thrilled to moderate a discussion around CLM, entitled “Moneyballing With a Killer Contract Analytics Department.”

I was joined by Scott Milner, a partner at Morgan Lewis, who advises companies in the areas of electronic discovery and information governance processes; Daryl Shetterly, a director at Orrick Analytics, who focuses on bringing innovation and business processes to law practices; Dina Traugot, group general counsel and chief contracts counsel at Travelers, who is focused on data and contract-related analytics as part of the organization’s Innovation Evangelists group; and Eric Falkenberry, a partner at DLA Piper, who specializes in the assessment and transfer of litigation risk through data mining, litigation analytics, and predictive modeling.

Getting the Most Out of Contract Analytics

Today, the average company has 20,000 to 40,000 active contracts. And anywhere between five percent and 40 percent of a given deal’s value can be lost because of inefficient contracting, making contract management software a necessity for legal teams. Among other important aspects of contract analytics and CLM, panelists and I discussed how to get the most out of contract analytics departments by identifying and leveraging core KPIs. We also explained how to elevate legal’s status from risk managers all the way up to business growth partners.

If you didn’t have an opportunity to attend this Legalweek 2020 session by ContractPodAi, you can watch the video below:

 

 

Also, make sure to ask us for a demo, which shows you how a solid CLM can assist your business. And take five minutes to complete our Digital Transformation Scorecard, which helps general counsels see exactly where they stand in their digital transformation journey.

Author:
Derek Karpel

 Derek Karpel
 

Request a demo

Contact us today for your personalised demo.