Legal Managed Services

A recent survey of 1,000 contracting professionals revealed an array of challenges facing contracting teams. One in three large organizations are planning to reduce contracting costs by 30% or more, but as many as 70% struggle to implement effective contracting policies. Also more than 50% of business development professionals report that contracting processes – or lack of them – have cost them business. In response, 92% of organizations are transforming the way contracting is handled and 70% have a formal contracting technology strategy, yet 99% still don’t have the data and technology needed to optimize their contracting processes. This highlights a large gap between strategy and effective execution.

Legal Managed Services contracting teams work with legal departments, procurement and other stakeholders to define and execute a tailored and technology-driven approach to contracting initiatives of all sizes. These include discrete projects, ongoing business-as-usual contracting needs and function-wide transformation efforts. In doing so, EY contracting teams help deploy the best mix of processes, technology and people to strike the required balance between business enablement, cost savings, transparency and effective risk management.  

The potential impact:

• 40% reduction in contracting costs
• 60% reduction in contract cycle times
• Access to real-time contract insights
• 20-40% reduction in contract value leakage

Examples where clients have used the services:

• Procurement and supply chain contracting
• M&A deal preparation
• Regulatory driven contract remediation in relation to Interbank Offered Rates (IBOR) transition, General Data Protection Regulation (GDPR), Initial Margin and Brexit
• Outsourced facilitation of markets documentation, such as International Swaps and Derivatives Association Master Agreements, Global Master Repurchase Agreements and Global Master Securities Lending Agreements