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Month: October 2020

How to Choose the Right Contract Management Software for You

Reading time: 6 minutes

Written by Alison Wilkinson

Contracts are an essential part of any legal office. If your law practice drafts contracts, conducts due diligence or does compliance work on behalf of your clients, you likely process hundreds, if not thousands, of contracts per year.

If they lack contract management software, many legal offices will instead store their contracts on secured shared drives like Google or Sharepoint. Using a secured shared drive is a step up from storing contracts in filing cabinets, but it’s inefficient. Contracts remain hard to access by multiple people, and it’s cumbersome to assign management and authorship duties.

With inefficiencies and management issues come errors. The International Association for Contract and Commercial Management estimates that the average company loses more than 9 percent of its revenue annually due to contract-related issues. Further, firms can lose up to 40 percent of the value of a given deal due to inefficient contracting, according to an estimate by the professional services firm KPMG.

Contract management software helps eliminate value leaks and inefficiencies by providing centralized, organized access to all your firm’s contracts. The software can give your group the tools it needs to share contracts among coworkers securely, assign and manage assignments, analyze key terms, review contracts quickly and accurately, streamline and process results and keep track of important deadlines. It also frees up time for attorneys to do more strategic, high-value work and allows them to update contracts more regularly.

Staying in the loop about Lupl

Reading time: 5 minutes

Written by Lenon Ong and Elizaveta Shesterneva | Edited by Utsav Rakshit, Ong Chin Ngee and Josh Lee

An introduction to Lupl

In the last decade, the world has seen an explosion of legal technology products. However, hopes that these products would spur a new era of significantly increased productivity for law firms have not panned out. Across legal industries, the adoption of these product leaves much to be desired. 

The problem, as discovered by the founders of Lupl, lies in the digital fragmentation of these legal technology products. 

Enhancing the development of legal technology in the region with new leading initiatives from the Asia-Pacific Legal Innovation and Technology Association

Reading time: 5 minutes

ALITA marks first anniversary

The Asia-Pacific Legal Innovation and Technology Association (ALITA) has marked its first anniversary with a slew of initiatives to further promote the development and implementation of legal tech in the region. These initiatives were announced at the final day of TechLaw.Fest 2020 and include:

  • State of Legal Innovation in Asia-Pacific (SOLIA) Report 2020: The SOLIA Report was first published in 2019 at Stanford University’s Future Law Conference, and then at TechLaw.Fest 2019. Building on these successes, the SOLIA 2020 Report contains several substantive improvements. These include covering new jurisdictions like Brazil, Indonesia and New Zealand, featuring updates from four regional law firms (Clifford Chance, Linklaters, Rajah & Tann and White & Case), and covering the impact that COVID-19 has brought to this sector. Much like a kaleidoscope, the SOLIA 2020 Report was made possible by contributors across APAC, and published in conjunction with the Singapore Management University School of Law, whose academic expertise was instrumental in putting the Report together. The Report may be accessed at https://bit.ly/solia2020.

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