How a Legal Team Reduced Contracting Time to Close by 85%+ in Five Months

Introduction

In corporate legal departments, administrative tasks often overshadow substantive work. An experienced in-house lawyer, with decades of experience spanning both corporate and firm roles, discovered a way to streamline these mundane tasks and focus on strategic legal work. When she joined one of the top legal firms in 2022 as a consultant, she faced a constant stream of ad hoc requests from across the 100-person business and a deluge of agreements awaiting review and approval. Vital documents, such as sales contracts and employment paperwork, were exchanged haphazardly between teams with no standard processes.

Problem

The VP of Finance, who oversaw both legal and finance functions, had experienced similar contracting chaos and knew that a reactive approach to contract management would hinder the firm’s growth. “A business is essentially the sum of its contracts. Having a well-organized repository with direct data access is crucial for departments like finance to fully understand the situation,” he stated. The lack of a centralized, organized system for managing contracts was creating inefficiencies and potential risks.

Solution

Determined to impose order, she turned to innovative legal technology, leveraging MSB Docs, an esignature and document workflow solution that the firm had recently acquired. The VP of Finance was an easy sell to get buy-in to start actively rolling it out, having recognized its transformative impact at a previous company. Together, they redesigned their contracting process by embracing MSB Docs’ esignature and document workflow solution. They started with the firm’s frequently used NDAs, uploading a standard template that enabled parties to self-serve and auto-generate routine contracts without legal’s involvement. This approach was expanded to other agreement types, including procurement forms, independent contractor agreements, and modular employment agreements.

Result

“We saw a huge shift – the majority of NDAs moved to using our template with no review needed,” she said. “It reduced time spent by 85% for the sales cycle.” The benefits extended beyond NDAs to sales contracts, amendments, and renewals. Quick launch procurement forms provided context for approving stakeholders, and MSB Docs’ Rules functionality automated variability, allowing business units to self-serve pre-approved terms. This transformation reduced low-value busywork and elevated the legal team to a strategic partner role. The solution streamlined processes without increasing headcount, accelerating routine contracting and allowing higher-value advisory work to take precedence.

Key Takeaways

• Centralizing contract data and automating routine agreements optimize the entire contract lifecycle.
• Leveraging technology can significantly reduce time spent on administrative tasks, freeing up legal teams for strategic work.
• A unified system provides a complete picture of contract data, essential for functions like finance.
• Implementing efficient workflows reduces the need for back-and-forth and ensures transparency.
• Embracing legal technology can future-proof operations and maintain readiness for rapid action.

Testimonial

“I don’t think I’ll work for another company without using a system like MSB Docs because it fundamentally changes how legal operates. There shouldn’t be a fear of technology because it elevates the team to provide substantive expertise,” she said. The VP emphasized, “To achieve success and agility, readiness for action at any given time is key. To facilitate this, it’s imperative to have an intuitive system in place that effortlessly manages a comprehensive view of your contract data, eliminating unnecessary tasks.” This shift in approach is something both in-house teams and law firms should consider adopting.