Event Summary: Contract Management & Legal Ops: Unleash Your Revenue Hero

In today’s dynamic business environment, effective contract management and legal operations (Legal Ops) are pivotal in maximizing revenue and mitigating risks. On Wednesday 29th May (2024) we hosted our “Contract Management & Legal Ops: Unleash Your Revenue Hero” event at The Space Between. This event explored cutting-edge strategies and tools to enhance these critical business functions. Here’s a recap of the highlights and key takeaways from this insightful gathering.

Setting the Stage

The event kicked off with an opening address by our VP of Marketing and People Ops, Caroline Kelly, who set the stage for the afternoon and introduced our first host Chris Murnane (Legal Solutions Director at Johnson Hana) who teed up our opening panel discussion which included Saverio Ligi (Dropbox), Maire Barr (Kellanova) and Broc Cocoman (Stripe). Chris lead the conversion on how to enhance your current workflows with clear playbooks, efficient policies, and defined decision-making guidelines.

Our second panel discussion was orchestrated by Michael Doran (VP Legal Ops and Managed Legal Services at Johnson Hana) and focused on how tools like Contract Lifecycle Management systems and other specialised services can significantly enhance efficiency and fuel future growth. Accompanied by guest speakers Jonny Jessop (Summize) and Sarah Irwin (Founder of ITGC) made for a deep discussion on how they have grown and implemented these system in their roles.

As the event wrapped up, everyone enjoyed some great food and drinks. It was wonderful to see attendees dive deeper into the day’s topics, share their experiences, and make new connections in a relaxed atmosphere in The Space Between. The mix of insightful sessions and friendly discussion left everyone buzzing with new ideas and a sense of community. We can’t wait to keep these important conversations going and see the exciting progress in contract management and legal operations.

Sessions Key Takeaways

Nobody is Perfect When It Comes to Contracting
Our panellists emphasized that all organizations face challenges with contracting processes. It’s important to acknowledge these difficulties and continually strive for improvement, rather than aiming for unattainable perfection.

Contracting Foundations Are Key to Tech Implementation, Including AI
A robust foundation in contracting processes is crucial for the successful implementation of new technologies, including AI. Clear playbooks, efficient policies, and defined decision-making guidelines lay the groundwork for integrating innovative solutions smoothly. Process, process, process. 

Revenue Hero = Strategic Partnership Within the Business
Legal teams can become strategic partners, transforming the perception of legal from a cost centre to a revenue-generating part of the business. Achieving this requires balancing risk management with facilitating growth, making legal operations a crucial component in driving business success.

Strong Stakeholder Collaboration
Building strong relationships and fostering open communication with internal stakeholders (sales, procurement, etc.) is crucial.  This collaboration ensures all parties are aligned with contract objectives, minimises delays, and empowers legal teams to deliver better value to the organization.

Preparing for Innovation
Plan how AI is going to fit into your legal environment, where you will use it (e.g. labour saving such as meeting documentation) and where you will draw a line/balance with human oversight. Apply the same discipline to preparing the ground work as you would to other tech. Create a list of priorities, aim for quick wins and communicate your successes internally.

Want to discuss Contracting and Legal Ops further?