Leverage LPO's: Services vs. Technology

In today’s highly automated workplace, there seems to be an app or software solution for just about any task imaginable, and contract management has certainly been swept up in this technology tornado. But does the simple loading of contracts into a document management solution solve your problem, or should you first consider utilizing a Legal Process Outsourcing (LPO) company to conduct an extensive audit and abstract of your current contracts? Here are three points:

  • Garbage In – Garbage Out. Even if your business is fortunate enough to purchase a customized software solution for your business needs (which let’s face it, most organizations just don’t have that as a line item in their budget), you still need to extract all of the information from the contracts and input that into your system. It requires focus and dedicated resources to ensure it is accurate and reliable. Who is going to do this? Your sales team? In-house counsel? Outside counsel? Any of these options can be costly, time consuming, and may not be solely focused on this one task.
  • Resource Scarcity, Most small and midsize businesses don't have the luxury of a contract management department. Maybe you have a small in-house legal staff, a general counsel, or maybe you outsource contract management to outside counsel. Finding, abstracting, and managing all your business contracts would be a major distraction and very time-consuming for these high value resources.
  • Keep that Momentum Going. So you’ve got your system up and running, and you have your reports set up. That’s great! But now who’s going to keep everything current when new contracts are signed? And what about audits? Or due diligence reporting for M&A events? These are all necessary to ensure that the investment you made in improving your contracts wasn’t wasted and that the time you invested continues to pay off down the road.

If these concerns ring all too familiar to you, then Agile Legal Services may be the solution you need. Agile is a tenured team of attorneys, paralegals, contract administrators, and legal support professionals with a minimum of 10 years experience handling contracts. From finding and abstracting to the ongoing management of your contracts, Agile provides a full-service contract management solution.

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