5 Must-Have Legal Ops Workflows, Part 2: Self-Service NDAs

Mitratech Holdings, Inc
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Here’s a compelling fact about digitizing Legal Ops workflows:  When automated, 44% of executed self-service NDAs are now completed within an hour.

The challenge for any corporate legal department?  How different teams and stakeholders are constantly requesting non-company paper NDAs to be reviewed and go through cycles with prospective clients, vendors, and firms.

 

The length of time this takes, and the bottlenecks and delays it creates, has given rise to a number of very pointed questions:

  • Why do NDAs take weeks or even months?
  • Why do we negotiate the same items everyone pushes back on?
  • Does the legal team really need to actively participate in an NDA that relies on templated information?

There’s nothing more frustrating for leadership than deals that could have gone faster – or even worse – deals that fell through on account of lag time.

With self-service NDAs, this risk (among others!) can be greatly mitigated.

Why automate NDAs?

For starters, there’s the sheer number of disadvantages that manual, paper-driven NDA processes present:

  • The tedium of manual repetition causes errors.
  • The volume of NDAs in even a mid-sized company can be overwhelming to track and costly to process manually.
  • They’re too slow, especially if it’s a sales or support opportunity where quick turnaround matters.
  • There are often unsanctioned templates in use across the organization (or even the same department).
  • NDAs are often not created, signed, submitted or routed properly.
  • There’s poor instruction to the submitting party on how to fill out and file the NDA.
  • Employees often don’t know how and when to use NDAs or manage that process.
  • Legal staff has little or no visibility or control over any in-progress workflow.
  • Tracking signatures and approvals is difficult.
  • Erroneous routing means the same NDA can see conflicting review by multiple attorneys/gatekeepers.
  • There’s no visibility as to whether or not an existing NDA is already in place.

The final advantage? The low, low costs of self-service NDAs

Plus, let’s not forget the sheer cost of manual NDA processes.  In one case study, the pioneering legal digital transformation consultants at Keesal Propulsion Labs found:

One company estimates a savings of $135K a year after automating and streamlining their NDA process. Of the NDAs distributed for signatures, 85% are now signed, up from 50% originally.

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