Client Type: Company Operating In A Highly Regulated Industry
Client Overview
Our client, a well-established company operating in a highly regulated industry, found themselves grappling with intricate and cumbersome risk and compliance procedures. Managing a vast array of litigation matters and contracts, they faced systemic inefficiencies that threatened their compliance and risk management performance.
The Problem
The challenges were two-fold, revolving around inefficient matter management and unorganised agreements, which, resulted in missed contract renewals and missed business opportunities.
1. Inefficient Matter Management: The legal team's workflows were tangled and untracked. Different team members were running their matters in different ways which made operational reporting complex and incomplete.
Add to this that multiple business users were briefing external counsel without including the central legal team, which meant legal matters were at various stages, and without proper oversight, miscommunication and cost over runs ran rampant.
Crucial documents and information relating to legal matters were scattered across multiple platforms, leading to confusion, delays, and inefficiency. The lack of transparency in matter status across the team resulted in a chaotic work environment.
2. Unorganised Agreements and Missed Deadlines: With a history of contracts stretching back to 1990, the client's contracts were dispursed through the organisation and managed at a departmental level.
The lack of a centralized storage system caused documents to go missing, leading to overlooked responsibilities, missed deadlines, and missed chances to reassess or terminate unnecessary contracts.
The Solution: Contract Corridor
The introduction of our Contract Corridor solution resulted in a remarkable transformative shift in the client's legal operations:
1. Streamlining Matter Workflows: Contract Corridor offered the capability to meticulously track various stages of litigation matters. This end-to-end visibility allowed the client to manage legal processes more effectively, reducing miscommunication and bottlenecks. With easy access to documents and vital information, legal procedures were streamlined, enhancing collaboration and efficiency within the team.
2. Comprehensive Contract Management: Beyond matter management, Contract Corridor provided a robust repository to store all contracts, even those dating back decades. This one-stop solution offered immediate access to salient contract information, fostering better control and decision-making.
Automated system alerts for contract obligations ensured that no deadlines were missed, enabling seamless contract compliance.
The Results
The transformation achieved by implementing Contract Corridor was remarkable:
- Enhanced Legal Processes: The coordination of legal matters became more fluid and transparent. The client's legal team could work in unison, with clear insights into each matter's status, thus speeding up processes, reducing confusion and enhancing collaboration.
- Improved Contract Compliance: With all contracts centrally stored and having automated reminders, our client found themselves empowered to meet their contractual obligations with ease. The risk of legal complications from missed renewals or overlooked terms were virtually eradicated.
One of the client's legal team leaders expressed their satisfaction, by stating:
"Contract Corridor has truly revolutionised the way we manage both our litigation matters and contracts. Working in one system that manages both your legal matters and your contracts enables us to be the strategic enablers we need to be for the business.
The clarity, efficiency, and peace of mind it's brought to our operations are unmatched. We now navigate our legal landscape with renewed confidence and efficiency, knowing that every detail is managed meticulously."
Conclusion
Our Contract Corridor solution, with its dual focus on matter management and contract lifecycle management (CLM), emerged as a comprehensive remedy for the client's multifaceted challenges. By tailoring our solution to the unique needs of the client's complex compliance and risk operations, we were able to transform chaos into a streamlined, well-oiled machine.
This underscores Contract Corridor's adaptability and illustrates its effectiveness in addressing complex legal challenges. It stands as a testament to how an innovative solution can bring about tangible improvements in legal efficiency, compliance, and overall organisational performance.
Why wait?
Start training your AI co-pilot today. Book a demo of Contract Corridor to unlock the power of contract lifecycle management for your business.
Test Contract Corridor with your own contracts to see how you can save time, reduce risk, and accelerate deals and meet every legal obligation.
