On March 11th, 2020, COVID-19 (coronavirus) was declared a pandemic by the World Health Organization. Although the case fatality rate of COVID-19 (3.4 percent) is not as high as that of SARS in 2003 (9.6 percent) at the moment, it has spread significantly quicker – and with far greater impact. If the latest predictions hold true, the outbreak will continue its course to at least late May or mid-June 2020.
All told, estimates of the impact of this virus on the global economy vary. But the numbers are staggering:
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We sincerely hope that COVID-19 will be relatively brief and that the virus will be ultimately contained. Richard Tromans, founder of Artificial Lawyer, recently stated, “if the scientific advice that has been given so far is correct, then we are looking at a ‘short sharp shock,” rather than the epic and long-term crash of 2008/2009.”
But let’s face it, the legal industry can benefit immensely from contingency planning and preparedness today. Whether they are now working from home (WFH) in the U.K., mainland Europe, or the U.S., legal teams need to think deeply about their contract management processes. This is especially true if your contracts and related documents aren’t at your teams’ fingertips.
What is certain is that those that have already planned ahead – when it comes to contract management systems (CMS) – are likely to emerge from this event in a stronger position than ever before. They are ready to face the next shock, too. As for the 62 percent of house legal teams currently lacking such a solution, according to ContractPodAi’s own research, the coronavirus crisis will be challenging, indeed.
The most crucial point, however, is to stop procrastinating. Right now. If you’re a general counsel, head of procurement, or other senior executive responsible for the legal team, learn more about the importance of:
Download our whitepaper today. Find out how ContractPodAi can help you with your legal digital transformation – and contingency planning for COVID-19 and other crises.
Using the best AI Technology from IBM Watson, our platform breaks down traditional barriers around documents to give you seamless and limitless functionality out of the box.