The challenge:
Our fast-growing technology client needed urgent help with their customer contracts and negotiations. Contracts were taking way too long to complete which was slowing their revenues.
Why LegalEdge?
The client valued our experience in creating both practical contracts and strong and scaleable contracting processes.
What we did:
First we dug deep to find out what the root cause of the problems were. We found that:
- badly drafted contract templates were causing endless customer negotiations
- ineffective or unwieldy terms often ended up being agreed out of frustration
- sales teams were trying to negotiate complex legal issues without knowing enough about potential risks
- a single over-burdened director was the sales team’s only support
- there was no consistent approach to risk management and contract negotiation
Armed with this knowledge, we:
- developed a streamlined and simplified customer contract template that protected the business and its assets
- rolled out the template across all its offices using a consistent approach
- worked with local counsel only when local language/law variations were needed to keep things affordable and simple
- trained sales teams on the contract terms, negotiation techniques and a new contracting process
- supported all contract negotiations going forward, making sure legal risk and commercial requirements were effectively managed
The results:
Negotiations were instantly simplified and deals completed far more quickly and effectively.
The sales team’s confidence and morale were given a big boost as they had access to all the support they needed for negotiations.
The risk of disputes was slashed and legal spend dramatically reduced. Directors were freed up from managing contract negotiations and disputes to focus on growing the business.
