In-House Legal Tip: The Clause Bank - unleash its power

High-performance in-house legal departments utilize “Clause Banks” to drive contracting function efficiency and enhanced compliance outcomes. 

A Clause Bank centralizes authorised and standardized legal provisions and definitions, thereby saving time and increasing the standards of your contract drafting. 

In particular, they ensure consistency, reduce the risk of errors and ambiguities, and free up the lawyers’ capacity to focus on any "bespoke lawyering”. 

Circa 70% of every commercial contract is the same – e.g. your definition of “Applicable Law” should remain consistent across your entire template library. 

So, at a minimum, you should have a Clause Bank that covers that 70% by addressing your contracts’ “B.I.L.D” provisions i.e.: 

• Boilerplate
• Interpretation
• Legal risk allocation 
• Definitions.

A word on future-proofing your Clause Bank: regardless of your legal department’s current use of technology, your Clause Bank should (and can easily be) constructed such that its contents are in an “automatable format”. This will save you a huge amount of time and effort when you eventually come to implementing more “high-tech” solutions into your legal dept.

If you do not currently have your own Clause Bank, simply download one from: GLS Essential BILD Clause Bank

READY TO TRANSFORM YOUR LEGAL TEAM?

Please check out the GLS solutions and know-how resources listed on the right side of this page – they might assist your legal team with the issues explored in this Blog. 

Of course, if you would like discuss your transformation needs – please book a 30 minute FREE CONSULT WITH GLS 

In the interim, here are 7 resources and tools that may assist you as you transform the performance capabilities of your legal team:

1. GLS's Ultimate Guide to Legal Operations: download this HERE, and read it thoroughly and regularly. It is a wonderful transformation companion

2. GLS Transformation Boot Camp: for our free and hugely successful, 10 week long, email-based boot camp on how to effectively transform your legal team you can SIGN UP HERE

3. GLS Knowledge Centre: click HERE to access lots of informative and instructive white papers, blogs and training resources etc. - all focused on helping to improve your legal team's performance

4. GLS Legal Operations Community: join the GLS Legal Operations Community and collaborate with other in-house leaders as they seek to tackle many of the same performance issues that you face, click here to JOIN NOW

5. Visit GLS Connect: visit the GLS CONNECT PAGE and select the information you would like to receive from the GLS Legal Operations Community

6. GLS Legal Team Transformation Plans: mitigate the risks of transformation failure by taking a GLS TRANSFORMATION SUPPORT PLAN 

7. Register: GLS Legal Operations Centre: REGISTER HERE to access the GLS Legal Operations Centre for free and to receive more than US$20,000 worth of legal team performance resources

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