In this piece from the Kira Systems blog, David Curle, Legal Content and Research Lead at Kira, discusses a series of reports arising from a research collaboration between EY and Harvard Law School's Center of the Legal Profession focused on the changing needs of large companies and the challenges faced by legal departments in meeting those demands. The research focuses on CEO priorities and works backwards to zero in on contracts and the contracting process as the source of both angst and opportunity for corporate law departments. "[T]he data shows a clear shift in the way organizations are viewing contracts -- a shift from a process orientation that emphasizes costs and efficiency, to a data-centric view of contracts, that treats contracts as a resource and asset that can be used to generate insights and value, and drive new business," Curle writes.
Drawing on a separate EY study, the "CEO Imperative Study," four key priorities emerge that are highly relevant to GCs and their organizations -- all of them with implications for contract management: transforming risk management; re-evaluating the law department cost structure; digitizing processes; and enabling business growth.
One of the implications from the research discussed in these studies is that "law firms need to go beyond chasing the next deal, become more strategically embedded in their clients’ contract digitization processes, and get comfortable with partnering across this new ecosystem where that work will be carried out."
Read more at "EY/Harvard Law CLP Study: Contracts at the Center of CEO Priorities."
Published May 9, 2022.
