As legal professionals, we are all too familiar with the time-consuming and often complex task of reviewing contracts. At Lander & Rogers, we continually seek ways to improve efficiency and reduce risks. That’s why we turned to Lext Playbooks, a tool that streamlines the contract review process and empowers in-house counsel to manage risk more effectively than ever before.
The challenge: Managing contract volume and risk
Peppy Mitchell, former Chief Risk Officer and General Counsel at Lander & Rogers, shared the challenges of managing a high volume of contracts. With over 350 supply agreements and numerous client contracts outside of standard terms, the review process was becoming overwhelming.
"Contracts are often lengthy, sometimes 30 pages of fine print, and reviewing each one takes hours. With hundreds of contracts to review and limited resources, the process could be more efficient, requiring the team to better prioritise risks," says Peppy.
Balancing efficiency with thoroughness was a critical pain point, especially when negotiating contracts with varying levels of bargaining power. The need to monitor contract risks long after they’ve been signed made managing portfolios without a clear, centralised process a logistical challenge.
The solution: Incorporating Lext Playbooks
Lext, a startup that graduated from Lander & Rogers’ 2024 LawTech Hub, provided a sophisticated yet user-friendly solution. The platform enabled Lander & Rogers to automate and streamline the contract review process, significantly reducing the time required to assess contracts.
Lext does not create or update the playbook itself. Instead, Peppy and her team developed the playbook, embedding their legal expertise and the firm's best practices into the system. Lext then reviews contracts by applying this pre-established playbook to ensure that each contract is assessed against the guidelines created by Peppy and her team. The AI-powered tool flags potential risks based on the established framework, providing valuable insights.
One of the platform's standout features, according to Peppy, is its ability to monitor and reassess older contracts for emerging risks.
"Contracts that were green at the time they were signed may now pose significant risks as regulations change or best practices evolve," explains Peppy. "Lext Playbooks ensures we don’t overlook these old agreements, helping us stay ahead of potential issues."
The payoff: What we gained from implementing Lext Playbooks
The time savings from Lext Playbooks are significant. "What used to take three to four hours per contract now takes only about 30 minutes," says Peppy. This dramatic reduction allows the team to manage a larger volume of contracts while freeing up time for more strategic, high-level legal work.
By automating the review process, Peppy and her team are no longer burdened by the manual task of sifting through contracts. Lext quickly identifies areas of concern, enabling prompt decisions on whether a contract requires renegotiation or escalation. With time savings of 75-80% per contract, Lext has empowered the team to operate more efficiently, proactively manage risks, and prevent costly oversights.
Why this matters for clients: Simpler, safer contract management
The benefits of Lext Playbooks extend far beyond Lander & Rogers. "Clients managing large portfolios of contracts, particularly those in sectors with complex risk profiles, can significantly reduce risk and make better-informed decisions with Lext," says Peppy. For industries dealing with high volumes of contracts or those that require detailed risk assessments, Lext is a game-changer. By automating risk assessments and ensuring compliance with evolving best practices, clients can streamline workflows and stay ahead of potential pitfalls.
"From a client perspective, Lext Playbooks offers invaluable support. It helps in-house teams proactively manage their contract portfolios and ensures nothing falls through the cracks," Peppy adds.
Why Lext belongs in every in-house team's toolkit
Lext Playbooks is a powerful tool for any in-house legal team looking to enhance their contract management processes. It automates the review process, flags risks in real time, and provides valuable insights into contract portfolios—allowing teams to focus on higher-level strategic decisions and negotiations.
Peppy’s advice to other legal teams is simple: "Don’t hesitate to try it. If you’re feeling overwhelmed by the volume and complexity of contracts, Lext can help alleviate that burden."
For in-house counsel and clients alike, Lext Playbooks offers the potential to transform contract management, improving efficiency, reducing risk, and saving valuable time and resources.
For more information about Lext Playbooks, reach out to a member of the iHub.
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