What's Happening?
Vinaya Ganesan, general counsel for Europe at First Source Solutions, is promoting a 'more for less' strategy in contract management, emphasizing the importance of adding value while managing resources efficiently. Ganesan's approach focuses on streamlining
the contracting process without compromising on quality or protection. By identifying and addressing process inefficiencies, legal teams can focus on high-impact issues rather than being bogged down by low-risk clauses. Ganesan advocates for the use of contract data to pinpoint where delays occur, allowing legal teams to shift from being perceived as bottlenecks to being seen as strategic partners in business outcomes.
Why It's Important?
Ganesan's strategy is significant as it challenges the traditional perception of legal departments as mere gatekeepers. By leveraging data to streamline processes, legal teams can enhance their role as drivers of business performance. This approach not only improves efficiency but also builds credibility and trust within the organization. For businesses, adopting such a strategy can lead to faster contract turnaround times, reduced friction in negotiations, and ultimately, better alignment with business goals. This shift in mindset is crucial for legal teams aiming to be seen as integral to the company's success.
Beyond the Headlines
The 'more for less' strategy also highlights the evolving role of legal teams in the digital age. By embracing data-driven decision-making, legal departments can better align with the broader business strategy, fostering a culture of innovation and continuous improvement. This approach encourages all team members, from paralegals to senior counsel, to contribute to value creation, promoting a more inclusive and proactive legal environment. As businesses increasingly rely on data to drive decisions, legal teams that adapt to this trend will be better positioned to support and influence organizational growth.
