Property technology, better known as Proptech, has become one of the major topics that are discussed in the real estate market with billions of dollars invested towards innovating and enhancing it.

In fact, the first two quarters of 2019 witnessed record-breaking investments of $12.9 billion streamed into proptech advancements.

Meet Jessica. She leads the legal team at a popular real estate firm. Her team is hardworking and dedicated - but she’s noted their performance has been faltering as of late. With heavier workloads, the team clearly wasn’t working as efficiently as they could be.

Each day they’d spend hours drafting complex contracts by hand, tediously copying and pasting clauses and explaining contracts to different parties. There were communication breakdowns due to poor collaboration between colleagues - and even some contract errors. For Jessica, it was evident: the legal team was placing all their energy into drafting legal documents, instead of supporting the real estate firm to really thrive.

Efficiently managing the "contract life cycle" can be a headache for many corporations. That is it is important to have a contract lifecycle management strategy in place.

Signing contracts to regulate the relationships that arise with suppliers and / or customers is something daily in many companies. 

These documents that we call "contracts" are nothing more than putting the parties' wishes in writing and are mostly fulfilled, but some of them may be breached, or at least part of the terms and conditions established by them. 

When that happens, the "contractual risk" that we will define below materializes and involves going to court to compensate the damages that have been caused.

In the world of legal team management, it's important to ensure that the legal professionals working for you are doing their best at all times. This is imperative not just from a profitability standpoint, though your bottom line is, of course, important.

The truth is that well-motivated lawyers, legal assistants, and any other legal professionals do their best, most valuable work, and that makes a real difference in the lives and livelihoods of their clients.

Have you ever taken the time to decipher the legalese of a contract? How about a dozen? Every day lawyers are left trying to complete contracts without a standardised process, which raises the importance of efficient legal contract management.

At Bigle Legal, we see communication as a fundamental tool to make this company move forward. It has been more critical than never in this remote working time. It has been vital to let us all paddle in the same direction.

Hard paper and physical documents are becoming increasingly obsolete in almost all the workspaces that depend on them. Including law firms and legal departments that operate heavily on generating documents and contracts. What is happening is that all these professionals are shifting towards digital documents and digital contracts that are bringing more convenience and accessibility.

As a legal professional, you can agree that reading good books is the best way to stay stay educated about the industry and to be on top of the inevitable changes that happen. As well as keeping abreast on issues emerging in the near and the far future.

Technology is undoubtedly revolutionizing and transforming different sectors and industries, And of course, one of the sectors that do not escape this transformation is the legal sector.

It has become absolutely necessary that all legal professionals are prepared to face these new digital transformation technologies while being able to take full advantage of the benefits of these digital tools.