How To Close Deals Faster By Aligning Sales And Legal | AI Lawyer

A common complaint among in-house legal teams is that sales teams provide the correct information during the intake process. When creating new contracts for new or existing clients, there is a direct relationship between the sales and legal teams. And it continues from receipt to deal management, which involves everything from contract creation to review, execution and renewal.

Although sales teams are typically tasked with starting the contract generation process, they are not necessarily good at receiving. It’s tedious, boring, and can get in the way of closing the deal and earning a commission. To further complicate matters for a sales rep, there are often pre-negotiated quibbles that may seem totally innocuous to sales, but are legally significant. These facts may all be omitted together on an application for admission.

To reduce the work required to create new and accurate contracts, some lawyers create custom templates to capture all the information they need. But those ad-hoc solutions often fail when wrong data is entered, the entire process is ignored, or the template is rushed to completion.

An example of a common roadblock can be highlighted by examining the NDA writing and signing process, which is often required to move the business forward. The first question to address is whether there is an NDA with a given client. If so, where is it? If none exist, what is needed to create and sign one? People spend too much time searching for the NDA with a flurry of emails back and forth. Wouldn’t it be nice if this standard document was included in the process and easy to access right from the start?

Admissions challenges also include entering incorrect information, from the use of out-of-date templates to unrevised legal language to repetitive or obviously unnecessary errors or omissions. These issues simply frustrate lawyers tasked with ensuring that each contract brings minimal risk exposure to the business.

In most sales circumstances, both parties will have a champion: a sales rep on one side, a buyer champion (sometimes called a Sales Point of Contact or SPOC) on the other. Both parties will work with their own legal representatives, who will offer comments and red lines. It’s not unusual for this process to happen over and over again, wasting everyone’s time and resources. It’s the sales rep’s responsibility to manage the process, although most don’t like to do this and aren’t particularly good at it. Often, to move the process forward, both parties will engage their own legal representatives in a phone or video conversation, an expensive and time-consuming exercise that often dissolves into a deluge of emails that can introduce errors into the entire process.

Each of these cycles can be its own “mini-income” and can be subject to all the previous problems and frustrations that go along with it.

One solution is to enlist the help of a trading desk software, preferably one that is powered by artificial intelligence (AI) so that you can continue to learn from all the changes and significantly improve the process. For example, Advocat offers a platform that enables collaborative highlighting by centralizing all activity for easy access and use.

The use of software offers simple solutions to these problems that arise during the intake process and deal management. Here are some things that the software can do, generating a significant return on investment for companies employing this evolving technology.

How Trading Desk Software Can Help

  1. Coordination: A virtual trading desk solution allows everyone to see the same information at the same time, avoiding cumbersome and time-consuming chains of communication. This allows for a single source of negotiated documents, eliminating the many different versions of Word documents that users attach to emails and circulate around, getting dirty and out of sync.

  2. Troubleshooting: Dealing desk software provides tools that make it easy for the legal team to show what they’ve done to make it easier to approve changes.

  3. Empowerment: A virtual trading desk empowers everyone involved to take advantage of all the features built into the software, allowing all employees to use the tools to quickly move transactions forward.

Essentially, admissions problems are a symptom of poor incentives, confusion, and a lack of power. Adopting trading desk software can solve these problems by increasing communication, reducing confusion, and overcoming disempowerment. When adopted correctly, dealing desks can not only reduce frustration between sales and legal teams, but can also save a company time and money and increase revenue by allowing deals to close faster.

This is a collaborative effort, which requires the support of all stakeholders involved.

Here are some examples:

  1. Highlighting areas of confusion when marking documents reduces the number of areas that don’t matter and allows for resolution without scaling. This also points directly to the things that really DO matter and require escalation. AI can tell the difference, allowing the legal team to focus on what’s really important.

  2. The AI ​​can unify the sales playbook with security measures established by the legal department. Often everyone has a different view of what the ideal outcome of the contract should be. By aligning those views early in the process, and allowing the software to help, internal processes will be improved.

  3. Trading desks allow for shared and transparent schedules. The sales team may want to close a deal before the end of the quarter or around a buyer’s budget cycle. But the legal department can have a three-month backlog, frustrating the sales team, which may covertly try to avoid the legal process and create contracts on its own. It is imperative that both parties understand each other’s schedule to avoid conflicts or risky actions such as executing unexamined contracts.

Dealing desk software enables employees on all sides of the deal to resolve issues quickly and easily by putting everyone in the same virtual room, both synchronously and asynchronously, to manage their time efficiently.

If you’re on the sales side, don’t let deal management and intake challenges get in the way of closing your next deal. If you’re on the legal side, rest assured that your sales team is working in the most efficient and legally prudent manner. Consider using a virtual trading desk to improve your processes and results.

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