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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Commercial Law

Date & Time
  • event Date

    Tuesday, March 16, 2021

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00
CLE
ALL

This CLE course will provide counsel with an overview of the process of contract lifecycle management through its various states. The panel will address the need to create a common language, core templates, unified terms, and repeatable, consistent conditions of buyers and suppliers. The program will address the advantages and concerns of contract management systems, regardless of the particular software that counsel has adopted.

Faculty

Mary M. Jummati
Managing Director
Morae Global

Ms. Jummati's role extends to the development and implementation of innovative solutions and services, addressing the unique business challenges faced by clients in the legal industry. She possesses a keen understanding of the specific needs of clients, collaborating with cross-functional teams to design and deliver tailored solutions. Working closely with clients, Ms. Jummati identifies opportunities for process improvement, cost optimization, and efficiency gains within their legal operations. Dedicated to staying at the forefront of industry advancements, she remains abreast of trends, emerging technologies, and regulatory changes, ensuring the firm delivers cutting-edge legal solutions. Ms. Jummati provides expert advice and insights to clients on complex legal matters and industry-specific challenges, solidifying her reputation as a trusted legal advisor.

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Tyler Marion
Miscellaneous

Mr. Marion brings more than 13 years of combined practice and legal operational experience. His primary areas of expertise are contract management, mergers and acquisitions, and legal operational consulting. Mr. Marion has spent the last 9 years developing outsourcing models and managed services for corporate clients.

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Caroline W. Hudson
Partner
Loeb & Loeb LLP

Ms. Hudson focuses her practice on marketing, promotions, and privacy matters, and advises clients on the latest developments in intellectual property law, digital advertising, social media platforms, and mobile devices. She also leverages her knowledge of key legal considerations relevant to the food, beverage, and dietary supplements industries to provide guidance on labeling, claim substantiation questions, and other regulatory issues.

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Description

Contract lifecycle management--the process of establishing a legal department's contract management system, creating procedures for development and negotiation, and maintaining the requirements of an existing contract--allows counsel to reduce costs and time spent on drafting by automating portions of the contract construction.

By creating a common language, core templates, unified terms, and repeatable, consistent conditions, buyers and suppliers can reduce errors and expenses. Most contract management software is designed to provide greater transparency into corporate spending, create greater efficiencies in the contract process, and lower administrative costs.

Contract management can be a time-consuming task, but it can be one of the most lucrative areas for building a practice and generating revenue if properly managed. Counsel should be prepared to evaluate a contract management platform to determine its ability to manage and avoid risk and compliance issues through templates and approval workflows and streamline negotiations via online redlining. The best platforms allow firms and general counsel to manage documents after signing, helping organizations grab opportunities that may otherwise have been missed.

Listen as our authoritative panel provides best practices in contract lifecycle management, as well as establishes the best processes to develop contracts via contract management and later negotiate and maintain audits and renewals of existing agreements.

Outline

  1. Contract preparation
    1. Identify your needs, establish goals, set expectations, and define risk
  2. Draft the contract
  3. Get approval before finalizing the contract
  4. Contract negotiation
  5. Sign the contract
  6. Keep up with amendments and revisions
  7. Manage after the signature
    1. Audits, renewals, and obligations

Benefits

The panel will review these and other important topics:

  • How can a contract lifecycle management system simplify the contract process?
  • Can a contract lifecycle management system assist in managing and avoiding risk and compliance issues?
  • What are best practices to streamline contract negotiations with online redlining?
  • How does a contract lifecycle management system reduce time and costs for counsel?