Og.16191 4547

How to close deals faster by aligning sales and legal | Advocat AI

A common complaint among in-house legal teams is getting sales teams to provide the right information during the onboarding process. When creating new contracts for new or existing customers, there is a direct relationship between sales and legal teams. And this continues from intake through transaction management – ​​which involves everything from contract creation to review to execution to renewal.

Although sales teams are usually tasked with initiating the contract generation process, they are not necessarily good at intake. It is tedious, tedious and can get in the way of closing the deal and earning a commission. To further complicate matters for a sales representative, there are often pre-negotiated subtleties that may seem completely innocuous to sales, but are legally significant. These facts can be omitted all together on an intake request.

To reduce the work required to create new, accurate contracts, some lawyers create custom templates to capture all the information they need. But those ad-hoc solutions often fail as incorrect data is entered, the entire process is ignored or the template is completed in haste.

One example of a common roadblock can be highlighted by examining the non-disclosure agreement (NDA) drafting and signing process, which is often necessary for business to move forward. The first question to address is whether an NDA exists with any given client. If so, where is it? If one doesn’t exist, what will it take to get one created and signed? People spend too much time chasing the NDA with a flurry of back and forth emails. Wouldn’t it be nice if this standard document was included in the process and easily accessible from the start?

Intake challenges also include entering incorrect information – everything from using outdated templates to unreviewed legal language or repetitive or obviously unnecessary errors or omissions. These issues simply frustrate the lawyers tasked with ensuring that each contract carries minimal exposure to risk for the business.

In most sales situations, both sides will have a champion – a sales representative on one side, a buyer champion (sometimes called Sales Point of Contact, or SPOC), on the other. Both sides will work with their own legal representatives, who will provide commentary and red lines. It is not uncommon for this process to happen again and again, wasting everyone’s time and resources. It’s the sales rep’s responsibility to manage the process – even though most don’t enjoy doing it and aren’t particularly good at it. To continue the process, both sides will often engage their own legal representatives in a phone or video call, an expensive and time-consuming exercise that often dissolves into a flood of emails that can introduce errors into the entire process.

Each of these cycles can be its own “mini intake” and can be subject to all the above problems and frustrations that come with it.

One solution is to enlist the help of transaction desk software – preferably one powered by artificial intelligence (AI) so that it can continue to learn from all the changes and significantly improve the process. For example, Advocat offers a platform that enables collaborative redlining by centralizing all activities so that they are easy to access and use.

Using software provides simple solutions to these problems that arise during the intake and transaction management process. Here are some things the software can do, leading to significant returns on investment for companies using this evolving technology.

How transaction desk software can help

  1. Coordination: A virtual transaction desk solution enables everyone to see the same information at the same time, avoiding cumbersome and time-consuming communication chains. This allows for a single source on negotiated documents, eliminating the many different versions of Word documents that users attach to emails and circulate around, getting confused and out of sync.

  2. Overcoming problems: Deal desk software provides tools that make it easy for the legal team to show what they’ve done so it’s easier to approve changes.

  3. Empowerment: A virtual deal desk empowers everyone involved to take advantage of all features embedded in the software, enabling all employees to use the tools to move deals forward quickly.

In essence, intake problems are a symptom of bad incentives, confusion and disempowerment. Adopting transaction desk software can solve these problems by increasing communication, reducing confusion and overcoming disempowerment. When done correctly, transaction banking can not only reduce frustration among and between the sales and legal teams, it can save the company time, money and increase revenue by closing deals faster.

It is a joint effort that requires support from all involved.

Here are some examples:

  1. Highlighting areas of confusion when crossing out documents reduces the number of areas that don’t matter and allows resolution without escalation. It also directly points to things that actually matter and require escalation. AI can tell the difference, allowing the legal team to focus on what’s really important.

  2. AI can unify the sales playbook with guardrails set up by the legal department. Often everyone has a different view of what the ideal contract outcome should be. By aligning those views early in the process – and allowing the software to help – internal processes will be improved.

  3. Deal desks allow shared and transparent timelines. The sales team may want to close a deal before the end of the quarter or around a buyer’s budget cycle. But the legal department may have a three-month backlog of work, frustrating the sales team, who may secretly try to avoid the legal process and create contracts on their own. It is essential for both sides to understand each other’s timeline to avoid conflict or risky actions such as executing non-approved contracts.

Deal desk software empowers employees on all sides of the deal to resolve issues quickly and easily by putting everyone in the same virtual room – both synchronously and asynchronously – to manage their time in an efficient manner.

If you’re on the sell side, don’t let onboarding and deal management challenges get in the way of closing your next deal. If you are on the legal side, be confident that your sales team is operating in the most efficient and legally prudent manner. Consider using a virtual transaction desk to improve your processes and bottom line.

Related Posts