I love lawyers. Some of my best friends are lawyers. Lawyers are skilled and precise and detail orientated. They approach problems in a unique and value way. But lawyers are not the answer to every problem.
Technology is great too. But as I wrote before, tools are not the only answer. Commercial or Operations people are terrific too. They possess a great perspective rooted in the mechanics and drivers of deals. But again, they are not the only answer to every problem.
Contracts today are sophisticated, multi-dimensional and multidisciplinary documents encapsulating rights and obligations on a multitude of vectors. Contracts are created by operations, delivery, commercial, legal and technology experts. As such, doesn’t it follow that that the management of the contracts should be by a team of professionals who have that sort of experience?
Often time in contract lifecycle management, you will see solutions that are technology heavy or even purely legal. Legal Process Outsourcing is a known item and those processes have great value. However, for the CFO or CPO or GC who has a need to manage a portfolio of contracts, one view is not effective in today’s market.
Think of a contract of as a house. A house has plumbing, electricity, architecture and basic foundation building. If there is a problem with the house, do you always call the electrician regardless of the problem? What would a plumber do with a roof leak? As such, if you want to manage your portfolio of contracts or vendors, you need a team that can handle all problems. Specialists are great as long as the problem is in their specialty.
This is why we attack things as a team. Contract compliance and optimization services should use the collective knowledge and skills of lawyers, technologists, accountants and delivery managers to maximize the value of client contracts. We recommend investing in a tool box as opposed to just buying a screwdriver.