Contract Heroes

If you're heading to CLOC this week, then this episode is tailored just for you! Navin Mahavijiyan joins the podcast to impart invaluable insights based on his experiences at previous CLOC events. During our conversation we discuss strategic approaches to planning your conference attendance, including selecting the most beneficial sessions and arranging pivotal meetings. We explore the art of networking, underscoring the significance of connecting with peers before the event to maximize your opportunities for growth and learning.

(0:00:05) - AI in Legal Practice With DamienExploring AI's role in law with Damien Riel, discussing reducing drudgery and standardizing legal data through SALI Alliance. (0:06:34) - Streamlining Legal Research With SallySALI's legal data standards and AI's use of tags enhance legal research and promote universal understanding in the international legal industry. (0:17:31) - Utilizing AI for Contract ManagementNature's structured tagging systems, Sally tags, are integrated in legal questions for business. AI tools aid in contract management and data-driven approaches enhance accuracy in negotiations. (0:24:26) - AI in Legal SystemsNature's contract analysis with vector space, AI bridging legal systems, and VLex's taxonomies for accurate translation. (0:28:10) - Leveraging AI for Legal EfficiencyAI's impact on the legal industry, including 2023 tech layoffs, reshaping workflows, replacing tasks, and streamlining operations. (0:40:29) - Legal Data and Language ModelsLLMs have a transformative impact on legal research, offering out-of-the-box solutions and reducing the need for extensive human labor. (0:48:06) - Leveraging Technology in Legal IndustryOrganizational buy-in for integrating GPT-3.5 and GPT-4 into legal tech stack, data privacy, evolving skills in legal profession. (0:54:04) - Exploring Future Growth in CLMDamian shares insights on technological advancement and its applications, while Coho guides individuals through the complexities of CLM. 

(0:00:01) - Legal Ops and Tech at NetflixLegal ops at tech companies like Netflix and Spotify, challenges of tech adoption, fostering engagement and learning, and evolution of legal ops. (0:04:49) - Evolution of Legal Technology CareersFrom touring musician to legal ops professional, embracing change and innovation leads to rewarding career growth. (0:17:51) - Boosting User Adoption Through TrainingPivot tables simplify data analysis for legal professionals and humor adds value to educational content for Cisco employees. (0:32:57) - Creative Video Production in Corporate SettingsTV inundation, addressing information gaps, creativity in law, evergreen content, impactful video presentation for Netflix's legal department during COVID. (0:44:23) - Utilizing Visual Aids for LearningNature's power of visual learning through videos for corporate training, using professional voice actors and avoiding content overload. (0:54:22) - Inspiring Conversation on Video SharingNature's innovative experiences can be shared for education and customer engagement, with advice for those inspired.

(0:00:15) - Alternative Legal Service ProvidersMonica Zent shares her journey of pioneering ALSPs, addressing pain points of traditional legal models and fostering understanding through thought leadership. (0:10:05) - Contracting Process Challenges and SolutionsContract management challenges, need for structured process, legal ops role, phased approach, and potential benefits of external support.(0:16:10) - Legal Operations and Change ManagementLegal operations assess and improve contracting processes by interviewing business teams, addressing change management and corporate culture, and considering existing technology.(0:21:04) - Contract Heroes Sponsored by Koho ConsultingContract management, CLM tools, expert guidance, and consulting services are crucial for seamless operations and long-term success. --------- EPISODE CHAPTERS WITH FULL SUMMARIES ---------(0:00:15) - Alternative Legal Service Providers (10 Minutes)This chapter features monica Zent, founder and CEO at ZENT Law, who shares her journey of pioneering one of the first Alternative Legal Service Providers (ALSPs) over 20 years ago. We explore the initial challenges she faced in educating the marketplace and the value proposition of ALSPs. Monica discusses how she addressed the pain points of traditional legal service models by introducing innovative delivery options like subscriptions and dedicated support, well before the terms LegalOps or ALSP were widely recognized. Additionally, we touch upon the surprising early adoption of ALSPs by not only forward-thinking tech companies but also more traditional industries like insurance and utilities, drawn by the potential for cost savings. Monica also sheds light on how thought leadership in legal operations over the past decade has helped in fostering a better understanding of ALSPs and their benefits across various sectors. (0:10:05) - Contracting Process Challenges and Solutions (6 Minutes) This chapter examines the complexities and challenges of contract management within organizations, emphasizing the importance of a structured process and legal operations function. We explore the common issues that companies face, such as prolonged contract cycles, stakeholder mismanagement, and missed opportunities due to inadequate data harnessing. I discuss the necessity of conducting a thorough assessment to identify pain points and bottlenecks and how creating a phased approach for a future state plan can lead to more realistic and achievable outcomes. We also touch upon the critical role of legal ops in driving process changes and cultural buy-in for contracting processes, as well as the potential benefits of leveraging dedicated support from external legal ops professionals. The execution of a well-thought-out plan is underscored as the key to improving contract management and realizing cost savings and efficiency gains. (0:16:10) - Legal Operations and Change Management (5 Minutes) This chapter explores the crucial role of legal operations in assessing and improving contracting processes within a company. We discuss the importance of interviewing business teams outside the legal department, such as sales, procurement, finance, and marketing, to identify gaps and potential areas for automation, like self-service tools for NDAs. Additionally, we touch on the challenges of executing these assessments, emphasizing the significance of change management and the impact on company culture. We consider how to address concerns from staff who might fear for their job security during these evaluations, and the necessity of finding team members who are receptive to change. The conversation also covers the importance of appropriate messaging and understanding corporate culture to successfully implement new strategies. Lastly, we highlight the need to consider existing technology and the specific goals of an organization before proposing new solutions. For those interested in learning more about legal operations and the discussed strategies, we provide information on how to connect with our guest and their company, ZENT. (0:21:04) - Contract Heroes Sponsored by Coho Consulting (0 Minutes) This chapter marks the conclusion of another engaging session where we had the pleasure of exchanging insights with our esteemed guest. We touched upon various aspects of contract management and the nuances that can make or break the effectiveness of these systems within organizations. The importance of finding a Contract Lifecycle Management (CLM) tool that fits an organization's unique needs like a glove was underscored, highlighting that whether dealing with procurement or sales, the right tool can streamline processes and ensure seamless operations. Our discussion reiterated the value of expert guidance in navigating the CLM landscape, emphasizing how consulting services, such as those offered by our sponsor Coho Consulting, can be instrumental in tailoring a CLM solution to an organization's specific requirements for long-term success.

Join Matthew Rinker of DocuSign as we uncover the power of Contract Lifecycle Management (CLM) for seamless collaboration and speedy deal closures. Discover how modern CLM tools eliminate the tedious back-and-forth of contract negotiations and bring transparency to the approval process. Matthew's expertise in legal technology and sales sheds light on the transformative efficiencies of CLM systems, revolutionizing sales outcomes. Explore how CLM integrates with platforms like Salesforce, offering a competitive edge in deal forecasting and closure. Learn about shared investment opportunities in CLM tools, reshaping resource allocation for sales and legal departments. Gain actionable strategies for CLM adoption and user efficiency, including management buy-in and CLM champion identification. Explore the importance of a robust support network for successful CLM implementation, with practical examples of streamlined NDA processes and proactive contract renewal notifications. Don't miss out on unlocking the full potential of CLM for your organization's growth and success.

What We Discuss:[00:22] - Introduction to James Peacock and his background[2:06] - Understanding what the business wants vs. what employees want from in-house innovation and how technology enables change[9:51] - How to get other departments involved in CLM implementation[12:55] - Aligning the goals of commercial and legal teams for better change managementNotable Quotes:[10:48] - “Pick someone that has a 100% view in their mind that this will be successful. They have no problem with it at all. They’re convinced it’s the right technology. And then, pick someone that absolutely hates it. And, by the end of an implementation, if you’ve managed to turn that person that really didn’t like the idea of it into saying, ‘I can see this. I get this. I can see the proof point of this technology,’ you’ve done it!” - James[17:40] - “Trying to join up the organization through all those three. It’s about communication. It’s about understanding the roles and how important those roles are to the future viability of the business. Without sales, there’s no revenue, you could argue. Without legal, there’s no business because if you signed everything that came through your legal front door, there’s a chance you’d be in some hot water.” - JamesUseful Resources & Links:ThoughtRiver WebsiteJames Peacock on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedIn

WHAT WE DISCUSS:[00:22] - Introduction to Laurie Erhlich[00:41] - What is Datadog?[01:42]- Education as a Common Contracting Pain Point[08:43] -The risks and mitigations of contracts[10:02] -Automating contract review[11:18] -Standardizing NDAs and using technology for review[17:58] - The category of contracts for business stakeholders[18:35] - Enabling teams to focus on their preferencesNOTABLE QUOTES:[01:40] “I think it's education. I think it's making sure that everybody actually understands what we're contracting about... this lack of understanding really makes it impossible to close the contract when the parties aren't coming from the same position " - Laurie[05:06] “We have a contracting effort, you on our website and it's actually attached to our standard form contract that explains what our business is so that the procurement or legal person receiving the contract understands in more like not business speak, but in legal procurement speak what it is that they're buying in legalese, exactly.”- Laurie[09:01] “You don't need perfect contracts. Most contract disputes don't happen in court" - Laurie[13:46] “I try not to change things for the organization as a whole. I try to change things for my team in a way that benefits everybody in the organization.” -LaurieUSEFUL RESOURCES & LINKS:Data Dog WebsiteLaurie Erhlich on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedIn

WHAT WE DISCUSS:[00:02] - Introduction to Mark Ross and his role at Deloitte[06:37] - The importance of involving stakeholders for successful contract management technology implementation[10:57] - Readiness and preparation for CLM implementation[14:05] - The value drivers of process efficiencies in contracting[15:32] - Quantifying the savings from risk avoidance in contract complianceNOTABLE QUOTES:[10:58] - “It's crucial that organizations take a moment to actually take stock of the people that they employ, the processes that they leverage today, and legal business services at Deloitte is laser-focused on helping our legal departments focus on those areas and then, of course, enjoy the benefits of that promised land of technological utopia as well.” - MarkUSEFUL RESOURCES & LINKS:Deloitte WebsiteMark Ross on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedIn

WHAT WE DISCUSS:[00:33] - How procurement can improve their relationship with legal[04:50] - The concept of a negotiation playbook[09:40] - The importance of standardizing templates and intake protocols[10:16] - The role of lawyers in template selection and the impact on the procurement process[11:17] - Dynamic template creation[13:26] - Triage and work queue management[20:43] - The importance of a robust contract repository[22:44] - Creating a negotiation playbook[28:57] - The importance of readiness and preparation for CLM implementation[32:08] - Training newer folks on legal terms[34:00] - Collaboration between sourcing and legal departments[37:55] - Challenges with control from general counsel[41:51] - The challenges of implementing Agiloft  in the healthcare industry[42:43] - The importance of getting stakeholders excited and involved in the implementation process[43:43] - Resources for Agiloft implementationNOTABLE QUOTES:[02:50] - “A lot of contract management has been focused on indirect procurement and the buy side. The sell-side has also been a focus. But historically we've noticed that it's actually born from the buy side.” - Prashant[03:43] - “The relationship between procurement and legal sometimes has bordered on adversarial because business drivers for procurement organizations are not just how do I get the best price and consolidate vendors, but it's really about managing categories from a strategic perspective .” - Prashant[08:51] - “Most CLM systems of basic functionality will have the ability to have a playbook in place with a clause library, fallback provisions that you can select a way to tag those particular provisions with different levels of risk or desirability from a company's perspective.” - Prashant [11:36] - “Sometimes intake can drive that dynamic creation of a template using clauses that are ultimate provisions that you can use having a base template and then using alternate provisions based on the intake requirements to create something that's purpose-built for the transaction.” - Prashant[21:00] - “It takes a pretty high degree of maturity as an organization to have a robust single source of truth repository that's high integrity that people rely on.” - Prashant[30:52] “If there's a degree of preparation that involves these kinds of collaborative discussions, it creates a good foundation for trust between the organizations.” - PrashantUSEFUL RESOURCES & LINKS:Agiloft WebsitePrashant Dubey on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedIn

WHAT WE DISCUSS:[00:00:31] - Nikki's journey to becoming CEO of Legaltech Hub[00:02:47] - Notable changes in legal technology and their impact on enterprise legal teams[00:06:56] - The role of AI in contract management[00:13:06] - The inevitability of AI integration in contract products[00:16:15] - Enhancing self-service workflows and integrating AI[00:19:39] - Anticipated technological advancements for organizations investing in AI[00:21:25] - Upcoming events hosted by Legaltech HubNOTABLE QUOTES:[00:03:00] - “We're really moving from the very large systems that do absolutely everything across the contract lifecycle and need to be implemented across all phases of the contract lifecycle to more modular, nimble solutions that are available for teams.” - Nikki[00:06:01] - “I think a CLM platform has to be nimble enough in order to be able to accommodate the different feature configurations or customizations for the particular industry into which it's being implemented.” - Nikki[00:13:54] - “AI doesn't necessarily lend huge efficiency at all stages of the contract lifecycle. It's a ‘nice-to-have’ in a lot of areas rather than a ‘must-have’.” - Nikki[00:18:05] - “You have to have thought out the user journey and have an established interface in order to make it easy to integrate AI and for the user to see the benefit of that.” - NikkiUSEFUL RESOURCES & LINKS:Legaltech Hub WebsiteNikki Shaver on LinkedInThe Contract Heroes Podcaston Apple Podcastson SpotifyThe Contract Heroes Official WebsiteMarc Doucette on LinkedInPepe Toriello on LinkedIn