Commercial Contracting: A Look to 2024

During our recent commercial contracting event, our expert panel shared some insightful predictions for 2024. In the coming years, we can expect significant changes in the commercial contracting landscape. Here are some additional thoughts on the top 3 predictions for 2024.

Increase in demand for commercial work

It looks like there's going to be an increase in demand for commercial work, and this trend is here to stay for the next few years. As businesses grow and expand, so does the need for human resources. However, finding qualified professionals to manage contracts effectively can be a challenge. Many law schools do not teach contract management negotiation skills, and there are not too many attorneys out there who can bridge the gap between legal and tech. Therefore, companies need to place greater emphasis on training their legal teams and investing in technology to streamline contract management processes.

Higher adoption of legal tech

Exciting news! There is a growing interest in legal tech that incorporates AI, and this trend is expected to continue into 2023 and beyond. In-house legal teams are already using AI for analysis and basic research, and we can expect to see more companies adopting legal tech to ease the flow of communication between business units and legal. With the adoption and expansion of legal tech, businesses can expect to achieve more efficient, accurate, and cost-effective contract management processes.

More conversations with non-attorneys

Did you know that in-house legal teams are increasingly talking with sales and procurement teams, as opposed to speaking with other legal teams? This shift in communication patterns is a result of companies empowering their procurement or sales teams to participate and lead negotiation calls. In-house legal teams will need to be prepared to have different conversations and talking points with non-attorneys, which will require building relationships and understanding the needs of these teams.

And Lawtrades?

We help legal departments of all sizes hire world-class flexible legal talent via our tech-enabled platform. Whether you're looking to implement new legal tech, overhaul your contract process or simply want support for overflow work, our pool of highly qualified legal professionals can help...and the onboarding process is easy too! 

Want to see more of our content? We've put together a guide to buying legal tech and for all you commercial contracting fans, check out our 5 ways in which commercial lawyers can do more with less. You're welcome!