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Skip to main content CONTINUE TO SITE ➞ DON’T MISS TOMORROW’S LEGAL INDUSTRY NEWS Let Legal Dive’s free newsletter keep you informed, straight from your inbox. By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. * Deep Dive * Opinion * Library * Press Releases * Topics Sign up * Search * Sign up Search * Contracts * Hiring/Talent * Legal Operations * Legal Technology * Litigation * Outside Counsel * Compliance * Data Privacy * Emerging Issues An article from CATCHING CONTRACT PRICE INCREASES BEFORE THEY OCCUR By sifting through even low-dollar agreements and negotiating with vendors, GCs are saving their organizations an average of 9% of annual revenue. Published Sept. 6, 2022 Robert Freedman Lead Editor * * * * * Businesswoman making notes looking at a laptop computer at office. jacoblund via Getty Images Listen to the article 3 min This audio is auto-generated. Please let us know if you have feedback. General counsel have a chance to save their company money as inflation pinches by mitigating price increases before contracts renew at higher amounts, Evisort co-founder and CEO Jerry Ting said. The tactic works best if you have a cushion of time, because if you wait until the last week before the contract expires, you lose your leverage, he said. “If you’re capturing it late … and you don’t want to do the renewal, they’ll turn the system off and you’ll face a business continuity issue,” Ting told Legal Dive. “But if you find that renewal at the beginning of the quarter, when you’re doing quarterly planning, you can use your leverage to say you’re not renewing unless we get rid of this term. That puts a lot of leverage back in the hands of GCs.” Access now➔ Trendline MAKING LEGAL TECH AN ORGANIZATIONAL VALUE DRIVER The right technology, implemented the right way, is key for legal leaders. Access now➔ Trendline MAKING LEGAL TECH AN ORGANIZATIONAL VALUE DRIVER The right technology, implemented the right way, is key for legal leaders. BIG SAVINGS A McKinsey analysis found that companies save an average of 9% of annual revenue by renegotiating contract pricing. That comes to about $2.5 trillion in savings for the Fortune 500. Ting says his contract management company is working with a Fortune 100 company that’s been paying contract increases by default because it can’t go through its contracts quickly, early and cost-effectively enough because it’s still using lawyers to go through each contract manually. “They’re just signing the renewals because they have no choice,” he said. Many contracts have automatic annual price escalation clauses built into them, like a 2% or 5% increase each year or an inflation-adjusted increase, like CPI-plus 3%. For general counsel, the goal is to go through all contracts so you can pick out the ones that don’t have that kind of automatic escalation. That way you can reach out to the vendor and open the renegotiation process. Ting touted his company’s CLM software as a tool that can help by sorting contracts by the type of pricing increase and other indicators like that. “We can pull these data points out of contracts automatically, without needing humans,” he said. “When does it expire? Is there an automatic renewal? Is there a price escalation clause or a rebate clause or an early-pay discount?” Ting said he did this kind of work manually when he worked in a law firm. “ I was charging $400, $500 dollars an hour,” he said. He would look through a 300-page document and summarize the key terms for stakeholders in a cover memo. “Wouldn’t that be much easier to do with technology instead of having to pay a lawyer?” Access now➔ Trendline MAKING LEGAL TECH AN ORGANIZATIONAL VALUE DRIVER The right technology, implemented the right way, is key for legal leaders. Keep up with the story. Subscribe to the Legal Dive free daily newsletter Email: * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. SMALL-SCALE CONTRACTS For companies that are going through contracts manually, it’s not uncommon to limit the searches to those with the biggest dollar amounts, like anything over $100,000. For the rest, the contracts are left to renew automatically at whatever price increase because the manpower isn’t there to go through them all. “They just assume that as a cost of doing business,” Ting said. By taking the automated approach, he said, general counsel can go through all of their contracts, no matter how small the dollar amount, to find those that can be renegotiated. “That’s where the GC becomes strategic,” he said. “By having data analytics, GCs can impact the bottom line.” RECOMMENDED READING * The power of CLM integrations for legal teams By Lyle Moran • Sept. 2, 2022 * Using CLM technology to manage risk and strengthen compliance By Lyle Moran • Aug. 1, 2022 * Contract turnaround times have decreased sharply since 2020, report says By Lyle Moran • June 28, 2022 * post * share * tweet * print * email Filed Under: Legal Technology LEGAL DIVE NEWS DELIVERED TO YOUR INBOX Get the free daily newsletter read by industry experts Email: * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. EDITORS’ PICKS * FatCamera via Getty Images DON’T RUSH ETHICS IN GENERATIVE AI ADOPTION PLANS Even when leaders feel the pressure to adopt generative AI quickly, ethical frameworks and use case policies should guide their plans. By Lindsey Wilkinson • Sept. 12, 2023 * chombosan via Getty Images GENERATIVE AI PROVIDES SIGNIFICANT BOOST TO KNOWLEDGE WORKERS, STUDY FINDS Access to emerging AI resulted in higher-quality work and was particularly helpful for workers categorized as bottom-half-skill performers, a Harvard Business School study found. By Lyle Moran • Sept. 18, 2023 Access now➔ Trendline MAKING LEGAL TECH AN ORGANIZATIONAL VALUE DRIVER The right technology, implemented the right way, is key for legal leaders. GET THE FREE NEWSLETTER Subscribe to Legal Dive for top news, trends & analysis Email: * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. MOST POPULAR 1. Lawsuits show GCs must understand the privacy risk of pixels 2. Trump lawyers didn’t forget to check a box on jury trial, Judge Engoron says 3. Ex-Trump CFO lied under oath, Forbes says 4. Corporate Transparency Act could impact some large companies LIBRARY RESOURCES * Playbook Building a Strategy for Using Generative AI in Legal Departments Custom content for LexisNexis * Trendline Making legal tech an organizational value driver Supported by ContractPodAi * Playbook How to Increase Productivity and Automate Workflows Custom content for Slack View all WHAT WE’RE READING * Corporate Counsel ‘Read the Tea Leaves’: How Companies Can Steer Clear of Huge Penalties in Brutal Regulatory Climate * Bloomberg Law For $44 Billion, Musk Got Twitter—and a Host of Legal Problems * Law360 Jury Hits Cloudera With $240M Verdict In Coding Patent Case View all INDUSTRY INTEL * Cybersecurity and Data Privacy 101 for In-House Legal Teams Webinar - on demand • Provided by LinkSquares LEGAL DIVE NEWS DELIVERED TO YOUR INBOX Get the free daily newsletter read by industry experts Email: * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. COMPANY ANNOUNCEMENTS View all | Post a press release Want to share a company announcement with your peers? Share your announcement ➔ Editors’ picks * FatCamera via Getty Images DON’T RUSH ETHICS IN GENERATIVE AI ADOPTION PLANS Even when leaders feel the pressure to adopt generative AI quickly, ethical frameworks and use case policies should guide their plans. By Lindsey Wilkinson • Sept. 12, 2023 * chombosan via Getty Images GENERATIVE AI PROVIDES SIGNIFICANT BOOST TO KNOWLEDGE WORKERS, STUDY FINDS Access to emerging AI resulted in higher-quality work and was particularly helpful for workers categorized as bottom-half-skill performers, a Harvard Business School study found. By Lyle Moran • Sept. 18, 2023 Latest in Legal Technology * 3 ways to test your AI’s effectiveness By Jitendra Gupta * Come together: Four ways Legal can help demolish data silos By Daniel Bonner * Balancing privacy concerns with internal investigations By Robert Freedman * How National Life Group’s IT reliance helped make CLM a success By Robert Freedman -------------------------------------------------------------------------------- * * * * EXPLORE * About * Editorial Team * Contact Us * Newsletter * Article Reprints * Press Releases * What We’re Reading REACH OUR AUDIENCE * Advertising * Post a press release * Submit an opinion piece -------------------------------------------------------------------------------- image/svg+xml Industry Dive is an Informa business © 2023 Industry Dive. All rights reserved. | View our other publications | Privacy policy | Terms of use | Take down policy. 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