Our client, a stock exchange, wanted to streamline the contracting process for their trade matching, validation and reconciliation SaaS product. The key need was to shorten the time it was taking the team to close contracts and hence realise revenue sooner. Working closely with the head of sales, we refined the client’s standard agreement, reducing it from 15 to 7 pages and limiting the pricing options that could be used to only those that are approved (out of the many that were found to be being offered by the sales team). We then automated the contract creation, so that the sales team could create tailored versions using a simple online form in less than five minutes, without the need for legal review.
The contracts can now be sent out by the sales team directly. When a mark-up comes back it is sent to Radiant Law and we do a further mark-up based on pre-agreed positions. To support this process we built, and continue to maintain, a playbook that tracks every issue that we see in negotiations with standard responses and fall back positions. If any issues remain open after the initial round of mark-ups, we support the client in negotiations with senior level support, allowing negotiations to typically be closed in one or two short calls. Data is then extracted from the contract for ongoing contract management. Through measurement and on-going process improvement, contracts are now being closed in days rather than weeks.
Since starting the project, we have helped our client close over a hundred contracts and counting.
We charge for this service on a flat monthly retainer, irrespective of actual contract volumes, allowing the client to budget for its full legal requirements for the year.