Contract Data That Moves The Needle For Legal

One of the things that I found most value about this year's survey is they ask two questions about contract data. The first of which is what is it that you're collecting? Provided inventory of all of the all of the things that can be collected around CLM. But more importantly, they asked, what do legal department ops professionals find most valuable and effective? And the survey points to three things. The first of which is contract value. Well, that makes a lot of sense. The general counsel in the legal department wanted to describe the value that they are driving and supporting revenue generating activities is one. Makes total sense to to take track to track contract value. The second that was most valuable was turnaround times. And too often, legal departments are thought as the department of slow, the department of no. But if they are able to track times and actually track where those hiccups or those slowdowns are happening, they can either identify the root cause of those and make corrections, change processes, to shorten that time. Because especially in this market, accelerating speed to contract is so important. And then the third KPI that they were tracking was deviation from standard terms, and that is no surprise. Legal department is is a protector. They are there to help mitigate risk. And so understanding where there are deviations from standard language or deviations from language that is meant to protect the company is critical to the legal department.