{"id":25801,"date":"2023-04-12T09:27:33","date_gmt":"2023-04-12T13:27:33","guid":{"rendered":"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/company-news\/3-out-of-4-in-house-counsel-dissatisfied-with-existing-contract-workflow-technology-per-alm-bloomberg-law-survey\/"},"modified":"2024-01-10T20:57:11","modified_gmt":"2024-01-10T20:57:11","slug":"3-out-of-4-in-house-counsel-dissatisfied-with-existing-contract-workflow-technology-per-alm-bloomberg-law-survey","status":"publish","type":[],"link":"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/company-news\/3-out-of-4-in-house-counsel-dissatisfied-with-existing-contract-workflow-technology-per-alm-bloomberg-law-survey\/","title":{"rendered":"3 out of 4 In-House Counsel Dissatisfied With Existing Contract Workflow Technology Per ALM\/Bloomberg Law Survey"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor='row-6adc41d7787d5'] {\n\t\t\t\tbackground-image: url(https:\/\/assets.bbhub.io\/bna\/sites\/18\/2023\/12\/article-header-1.webp);\n\t\t\t  }<\/style>\n    <section class=\"bbg-row bg--has-media       bg--eeeeee text--white bbg-row--full-bg-bleed\" data-anchor='row-6adc41d7787d5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8 bbg-column--offset-2\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/company-news\/\" rel=\"category tag\">\n                    Company News\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">3 out of 4 In-House Counsel Dissatisfied With Existing Contract Workflow Technology Per ALM\/Bloomberg Law Survey<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6adc41d7819ed'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8 bbg-column--offset-2\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">April 12, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6adc41d78341c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8 bbg-column--offset-2\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>ARLINGTON, VA (April 12, 2023)<\/strong> \u2014 A recent survey conducted by ALM and Bloomberg Law found that only one in four in-house counsel reported that their current contract workflow technology met their needs. The survey also found that contracts-related tasks represent at least half of the daily work of more than four in ten (43 percent) corporate counsel.<\/p>\n<p>ALM and Bloomberg Law conducted the survey of corporate counsel in late 2022 for insights into how legal departments use technology in their contracts-related work and where the use of better technology can help improve workflows. Key findings from the more than 100 respondents, of which a majority (62 percent) serve in senior legal positions, include:<\/p>\n<ul>\n<li>More than two-thirds (71 percent) indicate that they manage a high volume of contracts.<\/li>\n<li>A majority of respondents (62 percent) indicate that drafting, editing, negotiating constitutes at least half of their contract work.<\/li>\n<li>More than half (55 percent) indicate having no single platform or use general document systems for contracts management.<\/li>\n<li>In addition to budget, top concerns about adopting a new contract management technology include time and resources required to onboard and implement (42 percent) and ease of use (42 percent).<\/li>\n<\/ul>\n<p>\u201cThere\u2019s no disputing that contract workflow tools are essential to corporate counsel, and the survey\u2019s findings indicate that the current products on the market do not meet their needs,\u201d said Joe Breda, President, Bloomberg Law. \u201cIt\u2019s clear that there\u2019s a need for a solution designed for in-house counsel &#8211; one that\u2019s easy to implement and use and solves their most pressing workflow challenges. We\u2019ve been hard at work on developing this technology and we\u2019re excited to soon be releasing it.\u201d<\/p>\n<p>\u201cWe\u2019ve evaluated a number of contract management and workflow tools over the years and most of the solutions we\u2019ve seen in the market are not tailored to meet the needs of corporate legal departments, specifically when it comes to addressing the most time consuming and labor-intensive parts of our legal workflows \u2013 drafting, reviewing, and negotiating agreements,\u201d said John Prindiville, Senior Corporate Counsel, VetCor. \u201cThe findings of this survey are in line with our experiences trying to identify a contract management solution that is both easy-to-use and implement and tailored to meet the needs of attorneys.\u201d<\/p>\n<p><em>Click to expand.<\/em><\/p>\n<h5><em><a href=\"https:\/\/assets.bbhub.io\/bna\/sites\/18\/2023\/04\/BLAW_2023-ALM-Survey-Infographic.webp\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-22641 size-full\" src=\"https:\/\/assets.bbhub.io\/bna\/sites\/18\/2023\/04\/BLAW_2023-ALM-Survey-Infographic.webp\" alt=\"\" width=\"2550\" height=\"5498\" srcset=\"https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/04\/BLAW_2023-ALM-Survey-Infographic.webp 2550w, https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/04\/BLAW_2023-ALM-Survey-Infographic.webp 139w, https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/04\/BLAW_2023-ALM-Survey-Infographic.webp 475w, https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/04\/BLAW_2023-ALM-Survey-Infographic.webp 768w, https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/04\/BLAW_2023-ALM-Survey-Infographic.webp 712w, https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/04\/BLAW_2023-ALM-Survey-Infographic.webp 950w\" sizes=\"auto, (max-width: 2550px) 100vw, 2550px\" \/><\/a><br \/>\nALM\/Bloomberg Law Contract Management Technology Survey.<\/em><\/h5>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6adc41d7861e0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8 bbg-column--offset-2\"\n    style=\"\"\n    >\n    <hr class=\"bbg-separator bbg-separator-2\" style=\"height:2px;\" \/>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact bbg-row--full-bg-bleed\" data-anchor='row-6adc41d787ebc'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8 bbg-column--offset-2\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>About Bloomberg Law<br \/>\n<\/strong>Bloomberg Law combines the latest in legal technology with workflow tools, comprehensive primary and secondary sources, trusted news, expert analysis, and business intelligence. Bloomberg Law\u2019s deep expertise and commitment to innovation provide a competitive edge to help improve attorney productivity and efficiency. For more information, visit <a href=\"https:\/\/pro.bloomberglaw.com\/\">Bloomberg Law<\/a>.<\/p>\n<p><strong>Media Contact<\/strong><br \/>\nIf you are a member of the media, <a href=\"mailto:bjohnson@bloombergindustry.com\">send us an email<\/a> and we will be in touch with you shortly.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ALM and Bloomberg Law conducted a recent survey that found that only one in four in-house counsel reported that their current contract workflow technology met their needs. The survey also found that contracts-related tasks represent at least half of the daily work of more than four in ten (43 percent) corporate counsel.<\/p>\n","protected":false},"author":85,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-press.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"","footnotes":""},"categories":[93],"tags":[91],"event_category":[],"series":[],"class_list":["post-25801","post","type-post","status-publish","format-standard","hentry","category-company-news","tag-company-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 out of 4 In-House Counsel Dissatisfied With Existing Contract Workflow Technology Per ALM\/Bloomberg Law Survey - Bloomberg Law<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/company-news\/3-out-of-4-in-house-counsel-dissatisfied-with-existing-contract-workflow-technology-per-alm-bloomberg-law-survey\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 out of 4 In-House Counsel Dissatisfied With Existing Contract Workflow Technology Per ALM\/Bloomberg Law Survey - Bloomberg Law\" \/>\n<meta property=\"og:description\" content=\"ALM and Bloomberg Law conducted a recent survey that found that only one in four in-house counsel reported that their current contract workflow technology met their needs. 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