- A software company without in-house capacity needed a cost-effective way to review and negotiate a large volume of customer contracts from its business units.
- They also wanted an experienced partner who could apply contract management best practices.
- The company quickly moved the work from outside counsel to Lumen’s Commercial Contracts group at a quarterly fixed fee which generated significant cost savings.
A national software company with multiple offices was drowning in Non-Disclosure Agreements, Master Service Agreements, Statements of Work and Licensing Agreements. Because the fast growth company lacked in-house capacity, the work was being done by outside counsel. The company wanted a high-quality solution with solid processes and negotiating playbooks, quicker response times, custom reporting and cost certainty.
- Lumen met with the company to understand contract types involved, volume and how the work was currently getting done.
- Next, our Commercial Contracts group recommended important process improvements and developed the negotiating playbook for all contract types.
- In addition, SLA’s, reporting and meeting frequency were mutually agreed upon at the outset.
- Our team quickly absorbed the work to the delight of the in-house legal team and business units.
The Lumen solution allowed the client to keep up with ongoing contracts work without having to expand their in-house capacity. They also gained higher quality, quicker response, better reporting and the cost certainty associated with a quarterly fixed fee.