97% of business and legal professionals find contract outsourcing effective.
This multinational third-party survey explores the management of routine legal contracts—like non-disclosure agreements, joinders and engagement letters—and the extent to which businesses are (or aren’t) outsourcing or using technology to automate workflows and find process efficiencies.Key findings include:
- 71% of respondents have seen their routine contract work grow in the last six months.
- 76% of respondents outsourced their routine contracts to a legal technology provider, alternative legal services provider, outside counsel, or a combination of the three.
- 97% found contract outsourcing effective, ranking more time for higher-value work and faster reporting speeds as the top benefits.
- 64% of respondents believe that routine contract work negatively impacts workplace morale.
- Nearly eight in ten respondents plan on increasing their investment in automating or outsourcing contract management processes in 2022, versus only 2% that said their investment will decrease.