Ontra, a global specialist in contract automation and intelligence, has released the results of a multinational third-party survey spotlighting the current state of contract negotiation. The survey explored the management of routine 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.
The inaugural annual survey, which polled 1,000 legal and private equity investment professionals of varying seniority around the world, found that 71 per cent of respondents have seen their routine contract work grow in the last six months. To combat the strain of a heavy load of contract work in 2021, 76 per cent of respondents outsourced their routine contracts to a legal technology provider, alternative legal services provider, outside counsel or a combination of the three. Of those respondents, 97 per cent found contract outsourcing effective, ranking having more time for higher-value work and faster reporting as the top benefits.