Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Taming the Data Privacy Chaos in Contract Management
Data privacy regulations are evolving constantly and rapidly. Enterprises and their legal teams spend millions of dollars and countless hours trying to manage compliance. This convoluted process is further complicated by the continuous stream of new rulings emanating from states including California, Virginia, Colorado and others, as well as far greater focus on data privacy from U.S. and international regulatory bodies. This has resulted in fines being imposed more frequently, and in historically high amounts. For example, in Q1 of 2021 alone the EU's General Data Protection Regulation issued fines totaling nearly €1 billion — 20 times greater than the totals for Q1 and Q2 2021 combined.
Legal professionals involved in contract management need to deploy exceptional and valuable skills. Chief among these is advanced — and human — knowledge of local, state, and national contract laws, prowess in negotiation, fluency in written and verbal communication, and great time-management. Yet these skills are challenged by the escalating volume of work caused by regulatory shifts. In some organizations, active contracts can number tens or even hundreds of thousands, yet the wording of any new or adjusted contract document must be scrutinized for compliance with the most up-to-date regulations. With vast volumes of fine print for constant review — an average of three billion words in typical Fortune 500 company contracts — there's more incentive than ever before to find ways to avoid diverting excessive resources to keeping contracts compliant.
Therefore, it is prudent, if not critical, that the legal industry assesses alternative approaches to tackle data privacy and contract compliance issues. One such approach that will be discussed later in the article (the agile approach) details how to pair lighter workflow guidance and assume greater human knowledge for an overall optimized outcome to contract assessment.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
How Secure Is the AI System Your Law Firm Is Using?
In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
COVID-19 and Lease Negotiations: Early Termination Provisions
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
Authentic Communications Today Increase Success for Value-Driven Clients
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.