November 23 by Conga

Apttus conducted a month long, global Legal Survey to assess the developing technological trends within Legal departments. The survey consisted of 40 questions and respondents came from small firms, Fortune 1000 companies and a wide spectrum of industries. The goal was to gauge where Legal departments stood amidst today’s current wave of technology. This report explores the top technological trends of 2016, legal department demographics and tool stacks, and the impact changing technology is having on the Contract Management process.

Here is a look at some notable statistics:

1. 39% of legal departments rely on non-lawyers to manage their contracts

2. 35% of law professionals feel contract management is a legal responsibility, while 45% feel it’s a business responsibility, and a final 20% is unsure where it belongs

3. 37% of can turn out a non-disclosure agreement (NDA) in less than a day, and another 50% take a week or longer

4. 65% of legal professionals identified time lost on administrative tasks as their biggest pain point

5. 70% of legal professionals use mobile devices in their daily legal work

6. 29% of law departments use a legal playbook

7. 40% of legal departments have an automated contract management tool

8. An additional 29% are interested in adopting a contract management tool, but aren’t sure where to begin

9. 74% consider vendor name and reputation as important when assessing new technology

10. 26% of legal professionals see analytics as the fastest growing trend, compared to 81% amongst sales professionals, and 50% compared to IT professionals

Want to learn more about our findings?

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