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With a phenomenal upward trend over the last decade, the contractmanagement industry has evolved into a critical business-shaping legal function. Global enterprises needed to craft new contract structures to match the rapid and dynamic nature of the businesses. CAGR, reaching USD 6.5
In an effort to clarify for industry and alleviate some of the stress associated with these activities, last week the FDA issued a draft guidance aimed at providing recommendations on how to handle inspections under FDA’s Bioresearch Monitoring (BIMO) program. 11-12 of the guidance for a list of these resources).
Rick Ralston, CEO of Contract Logix, observes the digital transformation that companies have been experiencing, as well as how the lack of support from in-house legal departments on these digital transformation strategies is affecting CLOs and GCs. Because contracts define and are foundational to your business relationships.
Here are this week’s 10 most recent additions: ContractWorks , “the fast and affordable way to sign, store, monitor, and report on your contracts from anywhere.” ” Wolters Kluwer Passport , “legal spend, matter management, and insurance claims defense applications connect every part of your legal ecosystem.”
Document Automation Creating templates for frequently used documents, such as contracts, pleadings, and correspondence, can significantly reduce the time junior attorneys spend on repetitive drafting tasks. These templates can be customized with client-specific information, minimizing the risk of errors and inconsistencies.
The 2019 State of -Discovery Report produced by FTI Consulting and Exterro estimates that the amount of datamanaged by law firm and law department IT staff has increased five-fold in just the last 5 years. Quite simply, AI/ML technology is the best tool we have in our toolbox in order to stay afloat in the sea of data.
He was spurred into taking action after his GC returned from a conference with news of an AI tool that could negotiate contracts. Because contract negotiation represents a fair portion of my job, alarm bells started to ring,” he says. “I Do you require help creating a first draft?
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