Tech GCs Share Key Insights on Contract Management in 2019

In 2019, Juro surveyed 150 tech general counsel (GCs) to understand their contract management practices and pain points. The survey aimed to identify key trends and insights that could help tech companies improve their contract management processes. In this article, we'll dive into the key findings from the survey and explore what they mean for tech GCs.

The survey found that 71% of tech GCs believe that contract management is a critical function for their company, yet only 44% have a dedicated contract management team. This suggests that many tech companies are still struggling to manage their contracts effectively.

One of the biggest challenges facing tech GCs is the sheer volume of contracts they need to manage. The survey found that the average tech company receives over 100 contracts per month, with some companies receiving over 1,000 contracts per month. This volume of contracts can make it difficult for GCs to keep track of key terms, obligations, and deadlines.

Another key finding from the survey is that 62% of tech GCs believe that contract management is a high-risk area for their company. This suggests that many tech GCs are concerned about the potential consequences of poor contract management, such as breaches of contract, disputes, and reputational damage.

So, what can tech GCs do to improve their contract management practices? The survey found that 71% of tech GCs believe that technology can help them manage their contracts more effectively. This suggests that many tech GCs are looking for solutions that can help them streamline their contract management processes and reduce the risk of errors and omissions.

In conclusion, the 2019 Tech GC Survey provides valuable insights into the contract management practices and pain points of tech GCs. By understanding these key findings, tech GCs can identify areas for improvement and implement strategies to enhance their contract management processes.