Category: Company News and Events

Leading Legal Ops Priority: Diversity and Inclusion in Law Firms

Posted on March 8, 2022 by - Business Process Management, Company News and Events, Digital Transformation

Diversity and inclusion (D&I) have taken center stage at corporations in recent years. Making D&I a priority isn’t just the right thing to do. It’s also good business sense. It’s been consistently shown that greater diversity leads to stronger work quality and helps businesses remain competitive.

Nonetheless, the idea of corporate legal departments pushing for diversity among their full-time employees and in their outside law firms is still relatively new. Only 11.5% of GCs at Fortune 1000 companies in 2020 were racial or ethnic minorities, a 2% decrease from the prior year.

Efforts in this area are improving, however. Pursuing D&I initiatives in law firms is one of the top trends for corporate legal operations in 2022. Advancing D&I requires legal ops professionals to look at their internal staff and practices and make an honest assessment of the outside vendors they work with to determine where they can help spur change.

Internal Diversity and Inclusion in Law Firms

Today, many legal departments and law firms are looking to increase headcount by attracting and retaining a diverse talent pool. Legal operations professionals are a crucial part of this movement and are prioritizing diversity and inclusion (D&I) programs as companies start the process of emerging from the pandemic.

Improving D&I involves both process and data, according to Bloomberg’s 2021 Legal Operations Survey. Legal operations staff have discovered three key processes that can help enhance D&I among their ranks: internal diversity training, increasing remote work opportunities and changing recruiting patterns. On the data front, the same survey showed that 71% of legal ops teams plan to track diversity metrics going forward to push D&I even further.

Another frequently overlooked area is the pipeline from law school to law firm promotion structures to in-house legal department employment. Many would argue that disparities in the legal profession begin with law school admissions. Though overall law school admission rates have been down for all groups since 2014, the number of Black and Hispanic applicants has declined more than the number of white applicants in recent years. Focusing on D&I in recruiting can help address these disparities before they worsen.

Focusing D&I Efforts Outside

While the efforts highlighted above will go a long way toward creating a more diverse workplace, what else can legal ops do to promote diversity and inclusion (D&l)?

One crucial action is for legal departments and legal ops professionals to hold their external vendors to the same D&I standards they’ve set for themselves. Chances are, your legal ops team already uses a number of metrics to formally evaluate vendor performance before making vendor hiring decisions, and D&I should be one of those metrics.

The focus on outside vendor D&I should start as early as possible. The RFP process is a great starting point for considering whether your vendors and potential vendors share your commitment to D&I before you’ve brought them on board. Another great way to assess your vendors in the area of D&I is to have them complete the ABA Model Diversity Survey as part of the vetting and hiring process.

A Cultural Shift

Creating a diverse workforce requires efforts on multiple fronts. Legal departments concerned with D&I need to be looking in every corner to find additional opportunities to eliminate disparities. As calls for corporate legal departments to drive D&I are becoming more and more common, in-house lawyers and legal ops professionals need to pay more attention to the diversity of their own internal ranks and the staffing of their outside counsel and other vendors.

Going forward, legal operations professionals will continue prioritizing D&I programs, and in-house legal departments will increasingly be seen as a driver to improve diversity issues in the greater legal industry through outside counsel hiring. Organizations such as the ABA and the Minority Corporate Counsel Association are encouraging corporate legal departments to ensure their teams are reflecting diversity, but the real heavy lifting rests on the shoulders of the lawyers and legal operations departments.

To read more about D&I, as well as the other top trends for legal ops, download “Six Leading Corporate Legal Operations Trends for 2022.”

Eric M. Elfman, Onit’s CEO and Co-Founder, Honored with Lifetime Achievement Award

Posted on March 1, 2022 by - Company News and Events

We’re thrilled to announce that Onit’s CEO and co-founder, Eric M. Elfman, has won a Lifetime Achievement Award from the 2022 Legalweek Leaders in Tech Law Awards. The award recognizes career achievement in developing and adopting legal technologies and legal technology companies.

This award is especially significant, since Onit’s legal operations software subsidiary, SimpleLegal, is also being honored. Its SimpleReview, AI-powered invoice review technology, is a finalist under the category of Legal Ops.

A History of Entrepreneurialism

Eric is a serial entrepreneur passionate about building great software companies. With nearly 21 years of experience in the legal technology industry, he has deep domain experience in the legal electronic invoicing and spend management arenas and helped create industry standards including the Legal Electronic Data Exchange Standard (LEDES) and the Uniform Task Based Management System (UTBMS).

As a teenager, he started his first business venture selling skateboard parts out of his car. After time spent in the Navy, he earned his college degree and an MBA at Rice University and returned to entrepreneurialism. He co-founded Datacert with Eric Smith (currently Onit’s COO and chief security officer), which grew into a leading provider of corporate, legal and IP spend and matter management solutions for Fortune 500 companies. Together, they steered the company to $28 million in revenue growth with more than 200 employees.

The idea for Datacert came from a simple revelation. As he explains:

“Twenty-five years ago, I consulted for a Fortune 10 law department that had no way to pinpoint how much money it spent on legal services. That conversation inspired me to co-found Datacert.”  

Now, the latest company he co-founded, Onit, has grown from a 2011 startup with two employees and $25,000 in revenue to a global organization with 600+ employees and 2,800 corporate legal customers worldwide. The company, co-founded by Eric Elfman, Eric Smith, John Gilman and Jill Black, has rapid revenue growth recognized by awards such as the Deloitte Technology Fast 500, the Inc. 5000 and the Growjo 10K. (You can hear the company’s co-founders discuss the company’s history and evolution here.)

The Lifetime Achievement Award joins others that recognize Eric’s accomplishments, including:

  • The 2002 Ernst & Young Entrepreneur of the Year award for emerging technology
  • The Rice Business Alumni Award in 2019, which recognizes alumni for outstanding achievements in their professional fields and exemplary leadership.
  • Being named by the Houston Business Journal as one of Houston’s Most Admired CEOs in 2021.

For many years, Eric has volunteered across a range of entrepreneurial and community initiatives. He has been a judge for the annual Rice Business Plan competition, spent hours assisting flood victims during and after Hurricane Harvey and volunteered with the Boy Scouts. He also serves on the board of the Make-a-Wish Foundation of the Texas Gulf Coast and Louisiana, a non-profit organization that grants wishes for children with life-threatening illnesses.

The Awards Ceremony

The Legalweek Leaders in Tech Law Awards Ceremony will be held on March 10 at 6 pm ET in New York City. Those interested in attending can find more information here.

Connect with Onit at Legalweek

In addition to the awards ceremony, Legalweek attendees will have several opportunities to connect with Onit and its family of companies during the conference (March 8-11, New York City, Hilton Midtown).

Onit, SimpleLegal, ContractWorks, Bodhala, AXDRAFT and BusyLamp will exhibit on the third floor of the Hilton by the conference’s registration desks and provide demonstrations of their solutions. Visit here if you would like to reserve a demonstration time or join Onit for drinks or dinner.

You can also attend the Emerging Technology session sponsored by Onit, titled “Building Stronger Connections to the Enterprise.” Scheduled for Thursday, March 10, from 1:30 – 2:30 pm ET, panelists from Hearst, Corteva, and MassMutual will share their vision for why it’s imperative for legal to “connect” to the broader enterprise and how they are implementing processes and technology to make these connections. You do not need to register for this event if you have an all-access badge to the show.

See you at Legalweek!

An Update on Our Ukrainian Team and Operations

Posted on February 24, 2022 by - Company News and Events

A message from Eric M. Elfman, Onit’s co-founder and CEO

Today we received the sobering news about Ukraine, which is home to AXDRAFT, a member of our Onit family of companies. It is with a heavy heart that I write this blog post, but I wanted to communicate that our top priority is to protect the welfare of our employees, contractors and their families during this time of need. Their safety and well-being are our focus today and, in the days and weeks to come. All team members in Kyiv have been accounted for and are safe. As conditions unfold, we will continue to assess their ongoing needs.

For our AXDRAFT customers, we have planned diligently to ensure there will be no disruption to your services and support. Going forward, we do not anticipate any operational interruptions for AXDRAFT’s and Onit’s customers, but we will continue to monitor the situation and proactively provide updates to our customers.

Sincerely,
Eric M. Elfman

2021: A Year in Review

Posted on February 22, 2022 by - Company News and Events, Contract Lifecycle Management, Enterprise Legal Management

2021 was a notable year for Onit. We not only celebrated our 10th anniversary, but we also saw accelerated growth and significant accomplishments. These included:

In this blog post, we will run through the highlights of 2021 for Onit and its family of companies.

First, though, we want to thank our customers, employees and partners. We couldn’t have reach these milestones without you. Thank you.

We also invite you to connect with Onit during Legalweek. From demos to cocktails to dinner, we’re offering many ways to celebrate Legalweek and learn more about us. Find out more here.

New Products for Contract Lifecycle Management (CLM)

Onit has continued its tradition of disrupting the CLM market, expanding our reach on a global scale in 2021. Last year we launched new AI technologies for contract management, including Automate NDA, which uses AI to streamline and automate the entire non-disclosure agreement (NDA) process, reducing the time spent on NDAs by 70%. We also introduced Smart Checklists, offered as part of the ReviewAI Microsoft Word Add-In, which turns playbook checks into intelligent, actionable and collaborative tasks.

Last year also saw Onit extending its contract management market reach to midsize and smaller companies. An essential move in this area was Onit’s acquisition of SecureDocs, which closed in 2021 and was announced last month. SecureDocs is a global software company for contract management, virtual deal rooms and electronic signatures. By acquiring SecureDocs, Onit expanded its product portfolio from enterprise-level CLM to include quickly deployable contract management software for new and growing legal operations teams. SecureDocs will integrate with SimpleLegal, Onit’s legal operations technology subsidiary, to empower greater efficiencies, transparency and intelligence for legal operations teams.

With the addition of SecureDocs, Onit now offers its customers technologies for all stages of legal operations – from newly established companies to global enterprises.

Continued Enterprise Legal Management (ELM) Leadership

In 2021, Onit became one of the world’s largest enterprise legal management conglomerates with the acquisition of BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments. The acquisition creates one of the largest global enterprise legal management conglomerates, with more than 600 implementations completed worldwide and $8.3 billion in legal invoices processed by Onit and its subsidiaries SimpleLegal and BusyLamp in 2021. It also augments Onit’s formidable global reach into 140+ countries with European domain expertise and a solution well-equipped for unique considerations such as VAT, the General Data Protection Regulation (GDPR) and regional tax policies.

BusyLamp wasn’t Onit’s only acquisition in the ELM space in 2021. We also acquired Bodhala, a legal spend analytics, benchmarking and market intelligence leader. Bodhala applies machine learning and AI to help companies source outside counsel at competitive and market-driven rates, with proven results for optimizing spend and the procurement of legal services. Onit’s acquisition of Bodhala creates the most complete enterprise legal management solution on the market, allowing corporate legal departments to evolve analytics into actionable intelligence to optimize outside counsel spend.

Our subsidiaries also reached several milestones and earned awards in their own right. You can read about them in our press release.

Looking Ahead

This past year’s accomplishments marked even more significant growth and expansion than Onit saw in 2020, which is no small feat. In 2020, we launched an artificial intelligence-powered business intelligence platform and AI contract review, closed two acquisitions in 30 days (McCarthyFinch and AXDRAFT), established our AI Center of Excellence and achieved a market-leading NPS score – all despite COVID-related complications.

In addition to our successful acquisitions and product launches, Onit grew its global workforce by 30% in 2021. We expect to hire at an even faster pace in the coming year to continue focusing on growth and innovation. If you’re interested in learning more about the positions we’re hiring for, please visit our careers page.

We’ve also already started to bring in the awards this year, being named to the 2022 Vet 100 list and Houston Inno’s first-ever Fire Awards.

You can expect even more great things to come as the year goes on. Whether you’re looking to revolutionize ELM and CLM for your organization or are interested in joining our team, contact Onit today.

Legalweek 2022: Connect with Onit and Its Family of Companies in New York City

Posted on February 15, 2022 by - Company News and Events

After a virtual detour last year, Legalweek is back in business. Legalweek 2022, scheduled for March 9-11 at the Hilton Midtown, welcomes thousands of attorneys, legal operations professionals and tech enthusiasts to New York to explore this year’s theme: “Addressing The Changing Legal Landscape.”

Onit has been a part of Legalweek since our founding 10 years ago, and each year we find a new, fun way to celebrate the show. If you attended in 2020, you might remember our Mardi Gras band that led a parade of attendees to happy hour. We’ll continue the tradition in 2022, and here’s how.

First, visit our Legalweek 2022 booth on the third floor of the Hilton by the conference’s registration. This year, we have an even larger presence to accommodate the entire Onit family of companies that includes SimpleLegal, ContractWorks, Bodhala, AXDRAFT and Busylamp.

Drop by to see demos of Onit products that include enterprise legal management, contract lifecycle management and our workflow and artificial intelligence platforms. You can also pick up fun giveaways (no spoilers!) and learn more about all the Onit companies.

Second, join us on Wednesday, March 9, at the Renaissance Hotel for a joint happy hour with PwC. Sip delicious libations, nibble on small bites and catch up with all the movers and shakers in legal technology. Sign up here.

Third, let’s break bread together. Onit and Consilio are hosting an exclusive dinner for in-house counsel and legal operations professionals on Thursday, March 10. Expect great food, even better conversations and a floor-to-ceiling view of lively Times Square as a backdrop. Let us know to reserve your seat by visiting here.

Finally, after you take in Legalweek 2022 keynotes from celebrity anchors Don Lemon of CNN and Dan Abrams of ABC News, make time to go to another must-attend session. On Thursday, March 10 (1:30-2:30 pm ET), Hearst, Corteva and MassMutual panelists will share their vision for why legal must connect to the broader enterprise and how they are implementing processes and technology to make these connections. Titled “Building Stronger Connections to the Enterprise,” the session is open to everyone with an all-access badge to the show.

See a complete list of all of our Legalweek 2022 activities here.

Onit’s AI for eBilling Review Takes Home an Innovation Award

Posted on February 8, 2022 by - Company News and Events, Contract Lifecycle Management, Enterprise Legal Management

We’re excited to announce that Onit has won a prestigious Business Intelligence Group (BIG) 2022 Innovation Award for our AI-enabled eBilling validation and processing technology, InvoiceAI. The awards program recognizes organizations, products and people bringing new ideas to life in innovative ways.

InvoiceAI debuted to customers in May of 2021 and then launched publicly four months later in September. It works with Onit’s enterprise legal management solution and traditional billing rules to conduct a first-pass review of outside counsel and vendor ebills submitted to corporate legal departments. Since AI and machine learning power it, it understands context, learns and can identify additional potentially noncompliant charges on top of what billing rules have already found.

This is the next evolution of eBilling review. Traditional billing rules rely on set parameters to identify invoices containing noncompliant line items, such as a specific word or series of words. Suppose a law firm or legal vendor uses billing descriptions that are similar but differ from what is outlined in the billing rules. In that case, an invoice may be automatically approved for payment.

How InvoiceAI Addresses eBilling Review Challenges

The review of a high number of invoices and their collective dollar total have challenged large corporate legal departments for decades. They’re often pressed to accomplish more in less time with fewer resources and lack the bandwidth to chase corrections or parse a large number of warnings. And they’re faced with invoice issues that include vague or insufficient details, block billing, improper coding of invoices and work being done by the wrong staff class. All of these issues are difficult for traditional billing rules to uncover and sort.

InvoiceAI finds issues such as administrative tasks and improper billing for time during travel and then integrates these findings with ELM and existing rules engines for a more intelligent eBilling review that continuously learns. As a result:

  • Attorneys can quickly review invoices
  • Legal operations can identify noncompliant billing guidelines and harvest early savings
  • General counsel can gain greater visibility into law firm performance and legal spend metrics.

As one customer commented:

“Now, our invoice review team doesn’t have to feel like the bad guy. The machine catches these issues (and does it better) so that we can focus on the relationships and let the system drive the needed action.”

Historical and Real-Time eBilling Review – Results

Before its public launch, InvoiceAI combed through the eBilling from 2020 for a set of Fortune 500 customers. It identified an average of six figures of savings in travel-related billed time and expenses submitted to the customers during the onset of COVID-19 when travel was severely restricted. These were invoices previously sent through traditional billing rules, meaning these savings surpassed what had already been found.

InvoiceAI yields positive results for real-time invoice review as well. When it is used with ELM and billing rules, some Onit customers have found up to 20% in savings.

Continuing AI Excellence

InvoiceAI is one of the latest AI innovations Onit has introduced since the founding of its AI Center of Excellence in 2020. Since then, we have released four other AI offerings in addition to InvoiceAI:

  • Precedent, an AI platform that automates and improves both legal and business processes for corporate legal departments, law firms, contract professionals and procurement teams.
  • ReviewAI, which quickly drafts, reviews, redlines and edits all types of contracts.
  • ExtractAI, AI which extracts and obtains usable data from executed, legacy and third-party paper contracts.
  • Automate NDA, an easy-to-implement, best practice AI solution that helps you manage and automate the end-to-end non-disclosure agreement process.

How to Learn More About InvoiceAI

Interested in learning more about InvoiceAI and how it helps eBilling? Start here or request a demonstration.  You can also learn more about AI and corporate legal with these blog posts:

Onit Acquires SecureDocs, Extending Contract Management to New and Rapidly Growing Corporate Legal Departments

Posted on January 11, 2022 by - Company News and Events, Contract Lifecycle Management

SecureDocs - ContractWorks - ReadySignA little over two years ago, Onit launched its contract lifecycle management (CLM) solution, helping Fortune 500 companies streamline the complex processes of buy-side, sell-side and corporate contract administration. The solution quickly gained popularity with enterprises who found that they could shorten sales cycles, speed up revenue generation, improve risk mitigation and strengthen collaboration across departments.

Since the launch, Onit has continued on the path of innovation by introducing new CLM products, including:

  • ReviewAI, technology that uses AI to review and redline contracts in two minutes or less, resulting in a productivity increase of up to 52%.
  • Smart Checklists, which creates checklists made up of concrete, task-based actions that are generated from your company playbook.
  • ExtractAI, software that obtains usable data from executed, legacy and third-party paper contracts and turns it into actionable information.
  • Automate NDA, which removes manual work from high-volume and often low-value NDAs, resulting in faster agreement execution and a significant reduction in end-to-end processing time.

The Next Phase of CLM Expansion

Now, we’re excited to announce that we have expanded our CLM market reach with the acquisition of SecureDocs. SecureDocs augments Onit’s portfolio with a contract management solution ideally suited for companies that have new or rapidly scaling corporate legal departments.

SecureDocs, based in Santa Barbara, California, is a software company specializing in contract management software that can be set up in minutes (ContractWorks), a data room that streamlines the entire deal process (SecureDocs), and secure, legally binding electronic signatures (ReadySign). Its solutions have helped customers effectively manage more than 13 million contracts and documents across 96 countries.

Many midsize companies rely on spreadsheets, phone calls and emails to manage legal obligations. While these tools are readily available, they limit transparency and efficiency when it comes to contract management. ContractWorks from SecureDocs dramatically increases contract visibility, minimizes risk and ensures customers don’t miss renewal dates. Since it can be set up in minutes, it provides an effective and easy-to-deploy solution with a fast time-to-value.

SecureDocs and SimpleLegal

SecureDocs will integrate with SimpleLegal, Onit’s legal operations management software subsidiary.The companies share a similar approach to building simple, intuitive software. Together, they will provide solutions to streamline operations and offer greater efficiency for scaling legal departments.

As with all of Onit’s acquisitions, we are investing in SecureDocs, its employees and its products. We are excited to welcome the entire SecureDocs team to Onit and will continue to develop all of the company’s products.

Onit’s Growth and Expanded Market Reach

SecureDocs joins Onit at a time of exponential growth. In addition to SecureDocs, Onit has acquired four other companies in the past 15 months, including:

  • BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments.
  • Bodhala, a legal spend analytics, benchmarking, and market intelligence company.
  • AXDRAFT, a document automation provider.
  • McCarthyFinch, a legal AI innovator.

These acquisitions follow Onit’s first acquisition, SimpleLegal, which closed in May 2019.

To learn more about our acquisitions and products, customers are invited to reach out to their account managers or customer success managers.

What NOT To Do In 2022: Legal Tech Trends To Ignore in the New Year

Posted on December 21, 2021 by - Artificial Intelligence, Company News and Events

As workloads and the need to contain costs increase, corporate legal departments continue to turn to legal technology – so much so that Gartner predicts legal technology budgets will increase threefold by 2025.

Technology innovation, especially in artificial intelligence (AI), has fundamentally transformed the way legal professionals do business and how organizations run their legal function. While it’s easy to get caught up in the hype of legal technology, it’s important to keep perspective. Not all legal industry tech trends are ones that should be followed.

How can you sort the helpful trends from the hype?

Three experts from Buying Legal, Consilio and Onit recently gathered to discuss just that. Together, they explored the current state of legal tech and AI, how corporate legal departments should function as we enter the new year and which current legal trends are better to avoid.

Read on to learn which legal tech trends you might want to pass on as we enter 2022.

The Current Pulse of Corporate Legal

As we get ready to wrap up 2021, it’s a good time to take stock of where we currently stand when it comes to legal tech and corporate legal operations.

While some have posited that AI has become over-hyped, our expert panel explains that that’s not entirely the case. Instead, AI tends to be misunderstood, with different people frequently meaning different things when they say AI. This can lead to misunderstandings and even disappointment when it comes to implementing AI.

The top legal areas where AI is currently seeing some of the most significant traction are invoice review, contract review and risk monitoring. Nonetheless, companies still take different approaches to overall legal tech implementation, ranging from all-in-one platforms to best-in-class point solutions to enterprise applications.

Regardless of how you’ve implemented AI and other legal technologies up till now, however, it’s important to remember going forward that legal no longer stands alone. To succeed, you need to involve your department in overall enterprise discussions and initiatives regarding technology.

Legal Tech Trends to Avoid in 2022

While interest in legal tech will only continue to grow in the coming year, not all legal technology trends should be followed. The webinar outlines several emerging trends to avoid in the new year, including:

  • DON’T jump on every new technology that comes out – New AI and other legal tech tools are coming out constantly. It can be tempting to buy the shiny object but think about what you’re trying to accomplish with technology before you buy.
  • DON’T make the mistake of thinking that huge AI systems will solve all your problems – When AI first came out, it made a massive splash with powerful tools like Watson. In reality, the AI you use at your organization will exist on a smaller scale and be targeted at solving discrete problems.
  • DON’T rush to widespread AI implementation – Consider the strategic places where AI will be most helpful and practical (for example, NDA automation). This approach gives you time to understand the technology and the value in a much quicker time frame.
  • DON’T think that all your data needs to be kept local – With the introduction of the GDPR and the proliferation of privacy regulations, there’s been a trend toward scaring people into thinking they need to keep all their data in-country for compliance reasons. In reality, this is just a backward path back to in-house servers when there are other ways to achieve compliance.
  • DON’T let cost concerns keep you from the technology you need – Yes, nearly all organizations are increasingly looking to cut costs. You shouldn’t, however, allow that trend keep you from innovating. Instead, you can justify to the business why an investment in technology now will pay off in the long run.

To hear more about the current state of legal tech, including which trends you should be adopting and which to avoid, you can listen to the entire webinar.

Contact Onit today to learn more about how our solutions can help you transform the way you do business in the new year.

How Digital Transformation and a Contract System Future-Proof Surges in Contract Activity   

Posted on November 23, 2021 by - Business Process Management, Company News and Events

Creating a contract system that handles legal work is challenging, as the ebbs and flows of legal work can be highly unpredictable. Inevitably, you’ll face periods where you see sudden surges of contract activity, whether due to regulatory changes, significant deals or something else. Are you prepared to handle the waves of work when they arise?

Four experts gathered to discuss just this challenge recently during a World Commerce and Contracting event. They included Marcelo Peviani, Senior Director of Global Legal Services at VMware, Jean Yang, Vice President of the Onit AI Center of Excellence and Matt DenOuden, Senior Vice President of Global Sales at Onit. Together, they discussed how companies can best prepare for sudden workload surges by planning ahead and implementing a contract system and technologies.

Starting at Base Camp for Your Digital Transformation

When it comes to digital transformation and preparing for work surges, the panel likened the journey to climbing a mountain. You can think of your preparation stage as the base camp for your climb, while a full technology implementation is the summit.

They advised legal professionals to start by building a technology roadmap that considers the value you want the corporate legal department to deliver to the business and where you want to be in a year or two. Regardless of whether or not you have a specific current need or if you see yourself implementing a contract lifecycle management software in the future, it’s critical to start the conversation today.

Too many companies try to implement legal contract AI and other technologies as a reaction to events that happen. Unfortunately, though, this is rarely successful. Implementation takes time and digital transformation doesn’t happen overnight. You need time for experimentation and getting your champions on board before you can roll your contract system out across the enterprise. Even if you’re not looking to roll out right away, you want to start setting the posture for an easy transition to automation as soon as possible and start engaging your stakeholders now.

The base camp for your digital journey is where your climb is organized. Your team members should all meet and you should start building a culture of success. When you’re implementing digital transformation from scratch, you need to start by standardizing processes and technology across all your players. Determine your goals and the pain points you want to relieve, and then map out the roles that will be responsible for or involved in getting your company there.

Future-Proofing Surges with a Contract System

In terms of addressing future contract surges, you should consider the types of contracts that are integral to your business and the contract system infrastructure, processes and resources that support and drive that kind of contractual work. Legal departments are increasingly playing a pivotal role in company governance and setting standards for the transactions the company engages in. The planning stage for your digital transformation is your opportunity to translate those standards into playbooks and actual processes that will be implemented across the organization.

Once you know your goals, you can choose the contract system and technologies that will help you meet them. These solutions will play a key role in delivering contract and other legal services to the business, either via self-service or with document automation tools. It’s essential to build that into the company mindset at the outset.

Scale the Peak with Steady Progress

Much like climbing a mountain, digital transformation involves steady progress. You should constantly be evaluating whether what you’re doing is working, if you should continue with your current solutions or if you should recalibrate your contract system to achieve different results. Any technology rollout should involve a process of experimentation. Your first try won’t be perfect, but it’ll set you on the road to creating a better contract system.

That’s why the first implementation is always the hardest. Once you’ve created a culture that’s open to digital change, you can start finding more opportunities to drive value for the business. You’ll also be in a better position to know how to weather the storms on your way up the mountain.

For more valuable insights for handling contract surges and contract systems, as well as making digital transformation a success (including examples from VMware’s own transformation journey), you can listen to the entire webinar here.

If you’d like to learn about how Onit can help your company’s digital transformation, schedule a demonstration of our contract lifecycle management or enterprise legal management today.

Introducing A New Source for the Latest Developments in Legal Ops, AI and Ideation

Posted on November 18, 2021 by - Artificial Intelligence, Company News and Events

Corporate legal departments and the enterprises they serve are increasingly on a mission to adopt best practices and transform them into smarter workflows, better processes and operational efficiencies.

Legal operations professionals are crucial in creating this digital transformation, something reflected in a recent CLOC survey. It outlined top-ranked priorities for legal operations, including automating legal processes, implementing new technologies and right sourcing legal work.

Over the past several months, experts and pioneers in digital transformation and legal technology have gathered to discuss some of the biggest challenges and opportunities for general counsel, in-house counsel and law departments. Their insight, covering areas such as NDA challenges and constructing world-class legal operations, is now available as podcasts on this LinkedIn page.

Some of the podcast highlights include:

  • How to Alleviate the NDA Strain – Nick Whitehouse, GM for Onit’s AI Center of Excellence, talks about how technology, AI and automation, including Automate NDA from Onit, is transforming the NDA process. Nick has extensive experience in leading digital transformation at large organizations, and he knows how important a quick win is to making those transformations successful.
  • How to Build World-Class Legal Operations – Brad Rogers, Onit’s SVP of Strategy and Growth, shares his insights into what goes into the creation of industry-leading legal ops. While budget is an important factor to how fast you can move on technology, it’s important to remember that you need to tailor the speed of your transformation to the human capacity for change.
  • What Lawyers Really Want from Contract AI – Are legal and contract AI technologies giving lawyers what they truly need? Lawyer Jean Yang, Vice President of the Onit AI Center of Excellence, discusses this question and practical uses of technology in law.
  • CLM ROI: Is It Hype or Really Happening? – Contract lifecycle management (CLM) is yet another popular topic in legal tech today. Matt DenOuden, Onit’s Senior Vice President of Global Sales, discusses how to get past the hype to CLM payoff and the ultimate ROI opportunity.

You can listen to all these podcasts and more here.

The Onit Advantage

Onit is home to some of the best minds in legal technology. Our executives created this industry and ground-breaking technology including enterprise legal management more than 20 years ago – all while working hand-in-hand with corporate legal departments to make it easier to handle the business of law.

To learn more about how Onit is revolutionizing legal operations, contact Onit today.