Legal Business

Law Tech Special: The final throes of the Wild West? Contract management bids to move into the mainstream

Companies with thousands of contracts want to not only store them, but manage and learn from them too. It is not just about in-house legal teams, however, Hamish McNicol reports

The International Association for Contract & Commercial Management, a 55,000-member representative group spanning 177 countries, estimates that the average company loses more than 9% of revenue a year to contract-related issues. More than half of this is due to poor contract quality, its research in 2018 concluded, with other factors including poor contract management and contracting costs.