The ability to guarantee a particular volume of successfully closed deals in any given quarter has always been an inexact science for companies. This is important because growth is a universal metric of success for businesses across all industries. It is also a core business goal that should align different functions within an organisation, with all teams pulling together to attract new customers and retain existing ones. But predicting – and delivering on – those numbers is as much an artform as it is a science.
We all know about the pain of sales forecasting. All sorts of factors can push a contract’s signing into the next reporting period
- A key stakeholder goes on holiday without telling you
- One of the parties faces unexpected business disruption
- A last-minute dispute over a clause
- A competitor trying to muscle in late on
- A change in management or personnel on the buyer’s side
Of course, it goes without saying that the current Covid-19 pandemic is also causing widespread disruption to the signing of contracts. Businesses are checking their liability on existing contracts as much as they are looking to sign new ones (see part two of our blog series for more on issues like Force Majeure).
As a result, legal are being pulled in different directions and resources are being stretched. It is difficult to devote time and energy to finalising new contracts when there is an urgent requirement to check the obligations and risk positions of the organisation’s portfolio of live contracts. And of course the challenge is not just to do both, but to do so in a manner that does not expose the business to any undue risk. Accuracy and precision cannot be overlooked in the need for speed.
Achieving business continuity
However, life and business must go on. And one big advantage that businesses have today is that technology has advanced enormously in relatively recent times. Even just 20 years ago, the country would have seriously struggled to switch to flexible working arrangements in the seamless way that companies have done over the past few months.
This is about a change in culture, but it is also fundamentally about technological enablement. Wifi works, cloud applications work, and documents do not need to be physically signed any longer.
Back in 2000, things really would be grinding to a halt for almost all office-based businesses. Sadly, for industries such as hospitality and travel, the disruption cannot easily be mitigated, and we hope we can find a way of helping these companies and employees at this difficult time.
But outside of these sectors, as it stands now, a vast amount can be achieved remotely. We’re working from home at the moment, for example, but have yet to see an impact on our workforce or what we get done each and every day. This is a trend that is being replicated across many sectors. Some are even wondering if staff will return to the office at all. At the very least, evidence is growing to suggest that legal professionals are very adept at remote working and will not return to the office in pre-Covid numbers.
According to one study, by the end of 2021, 25% to 30% of the workforce will be working from home multiple days a week.
Prior to the Covid-19 lockdown, over 50% of lawyers and law firm staff said that their preference was to work in the office every day, and only 2% wanted to work from home all week.
However, those attitudes have undergone a dramatic volte-face as legal professionals have begun to grasp the reality of working from home.
In a new survey, 75% of respondents now say that in the short term once the pandemic has ended they want to work from home for at least three days a week. Almost 40% said they would not want to step foot in the office at all. Just 7% of respondents wanted to return to the office full-time.
This change in attitude is typified by quotations from respondents. Citing more family time and less hours commuting, remote working is clearly beneficial on a personal level. Importantly, it is also better for the business. One solicitor said: "I've gone from working 50 hours and travelling 10 hours to working 35 hours and my productivity is up 25%."
Remote working is no longer seen as an easy opportunity to skive. Neither does it restrict what can or cannot be done. The pandemic has accelerated a shift to home working and given us good reason to embrace time-saving technologies.
Extracting the full value of technology
The stakes may be a little higher, and pressure is there across management, legal, finance, and sales teams, but maintaining deal velocity at this time is very doable – if teams make the most of existing resources and think about new measures and technologies to smooth the process. One way to do this is by addressing the problems that have always been present, which in turn will suppress issues that occur during times of adversity.
For example, we know that many companies will currently be looking at their contractual position across a vast swathe of operations to understand risks and options and opportunities. Changes are happening by the day right now, and contract review exercises that normally take weeks or months need to be done in hours and days. I encourage anyone in this situation to get in touch and find out how we can help.
At ThoughtRiver we know that our technology can really help provide rapid insight in these stressed situations. In addition, we’re also looking to support the business and legal community in wider ways.
For example, we’re stepping up our research teams so we can provide some contractual insight back to the community. We’re also offering (something I’m very excited about) a ‘Lexible by Zoom’ educational programme for law students and paralegals to help them keep the pace on their careers whilst the world around them has slowed down. The first cohort of over 50 participants joined us back in early April to launch this exciting programme.
Watch this space.
