The Evisort Blog

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The total number of COVID-19 cases in the US recently shot past 9 million. The country is recording its highest daily totals of new cases more than seven months after the White House declared a state of emergency. Employers navigating the pandemic are leaving no stone unturned as they attempt to weather present losses and prepare for the future. A pressing question for everyone is how insurance coverage comes into play. Do policies designed to protect the business from disasters apply in a pandemic? With the hospitality industry hit especially hard, will insurance companies protect businesses against financial losses…
We couldn’t be more excited to welcome aboard our new Product Manager Fred Smalkin. Fred comes to us from DLA Piper, where he led infrastructure for the firm’s US IT team. At Evisort, he’ll work with the data science team on evolving the platform’s AI capabilities so that it can answer customers’ substantive questions about their contracts.  Welcome, Fred!  Thank you! You know, I haven’t even finished onboarding and I’m already beyond impressed with the quality of the team. Some of the smartest people I’ve ever met, without a doubt. Great to be part of a top notch team.…
While the COVID-19 pandemic has put pressures on every industry, financial institutions have had the double burden of juggling their own uncertainties as well as those of their customers. Financial institutions play a key role in economic recovery. Yet the volume of work associated with government relief packages and low interest loans is overwhelming, particularly for those institutions that rely on in-person or manual workflows.  At the start of COVID-19, many financial institutions still relied on loan processes that were paper-heavy: the contract itself may be digitized, but much of the information was still gathered and reviewed on paper. Loan…
Welcome to another recap of what you missed on the Evisort podcast! Meeting of the Minds is back with more real stories from leaders driving innovation in the legal industry. The delightful Sarah Feingold and JP Son grace for episodes three and four, respectively. Our guests both explore what it really means to be a lawyer and the unique career intersections — such as computer science, business, and art — that fall within the identity. You’ll also hear about Sarah’s production Legal Madness, which turns anonymous corporate tech counsel horror stories into monologues performed by professional actors. Who says lawyers…
As healthcare organizations optimize for value-based care and respond to changing compliance requirements, the interest in contract lifecycle management (CLM) has grown. Although a great deal of attention is being paid to payer contracts, there are many benefits to improving contracting in the healthcare supply chain. It only takes one missed auto-renewal date for most organizations to realize that creating efficiency in the supply chain hinges on improving contracting best practices.  The COVID-19 pandemic has driven an increased focus on the resiliency of the healthcare supply chain, with 66.7% of healthcare organizations re-evaluating existing contract terms and conditions, according to…
A few years ago we started noticing a trend among our new customers. In their first weeks of using Evisort, we’d field six or seven calls from the client asking about how to expand the product. They had questions about integrating the platform into different workstreams, training hundreds of new clauses, and introducing it to different departments. We’ve always invested heavily in customer success, so naturally we wanted to help those early users improve their digital contracting function. After all, if our customers don’t implement best practices, they won’t realize the full potential benefits of our solution.  The Evisort team…
Have you met the minds yet?  Yes, we’re talking about the Evisort podcast Meeting of the Minds with host Alex Su! This mini-series features real stories from the front lines of the legal industry. We started the project to inspire and connect the legal ecosystem with stories of personal journeys, career challenges and innovation. We talk about making the move in-house from BigLaw. We talk about diversity and inclusion. In the first episode, we even talk about beer.  We’re honored to host so many amazing guests thus far. If you missed episodes one and two, we’re joined by world traveler…
If the enterprise sales cycle was a football field, we’d bet that almost every fumble between legal and sales happens at the 10-yard line. Sales wants to close as fast as possible. Legal knows that rushing a deal invites compliance risk and clerical errors.  When there’s tension between these teams, the final stretch of a deal gets littered with bottlenecks and difficult tradeoffs. Although this happens in every sector, it might be especially true for enterprise tech. In-house legal has to work extra hard to maintain compliance within changing privacy regulations. Sales teams at enterprise tech companies face long deal…
Paradigm shift in data privacy It’s been more than two years since the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) went into effect, ushering in a scramble to understand the new laws and the obligations they entail for businesses around the world that sell to or collect data from customers in the E.U. and California, respectively. Beyond the legal minimum of technical compliance, there is also the business consideration of customer relations. The CCPA may not protect individuals who are not residents of California, for example, but how will your customers in…
In our daily lives, we’ve become very accustomed to the power of skipping. You can decide to skip a workout if you think you deserve a cheat day. You can sign up for a free panel or webinar and never show up with little to no repercussions. You can absolutely skip pre-roll YouTube ads.  This hard-fought freedom to skip does not exist in the world of contract negotiation. You can’t afford to cut any corners in contracting, especially when it comes to pre-signature. And yet—skipping abounds. Many legal teams working remotely over the last seven months have been smacked over…
Global banking layoffs are on track to be the worst in half a decade. Surprisingly, it’s not necessarily because of the usual culprits (COVID and the recession). The industry has been tightening its belt for a while now.  About half a million banking jobs have been cut since 2014. Banks are citing a need to reduce expenses so they can comply with stricter regulations and invest in digitization. For instance, last year Deutsche Bank cut 18,000 jobs to invest $15.4B into automating back office operations. HSBC cut 35,000 jobs and moved $20B in assets to a blockchain custody platform in…
In 2019, if you had told a legal operations manager they’d be carrying their organization through a pandemic, global recession, civil unrest, volatile politics and devastating natural disasters, you wouldn’t have been surprised if they quit on the spot.  We know now that legal operations professionals are not a luxury. Legal ops departments comprise incredibly smart and resourceful people—people who jumped into action at the beginning of the recession, taking stock and battening down the hatches. The good news is, this quick thinking helped them weather the initial shock, and now legal operations teams are looking to “get back to…
Every business today has an office or storefront with some type of commercial lease. There are many important clauses within these contracts and tracking them manually runs the risk of losing money and important information. There are almost 350,000 businesses in the commercial lease industry generating almost over 500 billion dollars according to IBISWorld. Regardless if you are a landlord or tenant, you don’t want to get stuck missing or owing more money. To mitigate any risk, ensure that your commercial lease agreements include, or omit the following provisions.  1. Assignment  Assignments in a commercial lease give the lessee the…
A Statement of Work (SOW) is a written agreement that includes detailed specifications of a project or service contract. An SOW is usually found as the following document after a Master Service Agreement. This document functions as the guideline for a single project to be fulfilled by a party and to reduce the chance for miscommunication.  When drafting the statement of work the key is to be as specific as possible for each task and written in language and terminology relevant to the particular industry. This will eliminate the possibility for misinterpretation. The following provisions and tips should be included…
We continue our series on drafting advice diving into the considerations and best practices for Master Service Agreements (MSAs). Before we dive into the details it’s important to understand the purpose of an MSA. An MSA is a contractual agreement made between two or more parties where both parties agree to certain terms and conditions which govern future transactions. It is also an anchor document that will allow for the creation of a set of following documents to better understand the work that needs to be performed. What should a Master Service Agreement include? As a governing document, the MSA…
We continue our series on drafting advice diving into the considerations and best practices for MSAs.  Before we dive into the details it’s important to understand the purpose of an MSA. An MSA is a contractual agreement made between two or more parties where both parties agree to certain terms and conditions which govern future transactions. It is also an anchor document that will allow for the creation of a set of following documents to better understand the work that needs to be performed. As a governing document, the MSA should provide guide subsequent documents such as a Statement of…