Another Successful Client Story in the United Arab Emirates
Recognizing the evolving role of corporate counsel, particularly in the field of contract management, and based on its constant efforts to meet the global technological developments, the EZW in-house Corporate Legal Team strived to adopt a contract management software solution, for improved and effective contract control, in accordance with the company’s strategic plan. The main challenge was to allow its lawyers to manage their time more efficiently, while meeting the increased responsibilities and demands, and to enhance the delivery of legal services to the business.
EZW is also involved in major financing and M&A transactions, and is always taking part in comprehensive due diligence processes. As a result, the Legal Department faces intense pressure in terms of the requirement for quick turnaround of contracts and for easy retrieval of specific contractual documentation in an efficient and timely manner.
The ideal tool needed, on the one hand, facilitate the management of EZW’s contracts and on the other hand and increase the efficiency, productivity and collaborative work of our team members.
The search for a product was launched at the end of 2012. EZW explored several software publishers offering contract management solutions. In 2014, the Legal Department chose Legal Suite’s contract management module and obtained full support from the management team who provided a specific budget for the project, making EZW the first legal department in the UAE to implement Legal Suite’s solutions.
The project was implemented in the middle of 2014. Following several phases of exchanges with EZW and a study of the specific needs of the Legal Department, Legal Suite proceeded with the implementation of the solution. Legal Suite then organized training sessions for the legal department and administrators. The user-intuitive interface of the application as well as the independence gained following the training has led to the enrichment of over 200 different corporate contracts, thus allowing EZW to take immediate advantage of the benefits of the application.
“Legal Suite emerged as a clear winner for the Legal Department. In addition to being in line with our expectations with the management of our contracts, the system is scalable and user-friendly. Moreover, the application provides personalized access codes for each user” explained Nayeem Hussain, IT Manager at Economic Zones World.
The benefits of the solution were quickly experienced within the Legal Department.
First, during the recent acquisition of EZW by DP World Limited, Legal Suite’s software served as a central database which played an integral part in identifying all necessary information and documentation in connection with the company’s transactions and agreements and categorizing such information as necessary (whether by value, type, sector, parties etc.).
“It allowed easy retrieval of all relevant documentation in an efficient and timely manner, saving the company unnecessary costs and allowing the lawyers involved in the transaction to utilize their time more effectively. We were also able to save the costs associated with an additional internal or external resource,” explained Reem Tariq Abdullah Corporate General Counsel at Economic Zones World.
More generally, Legal Suite’s contract management module allows real-time visibility of all contracts: “traceability of exchanges and workflows, automated triggers on commitments, deadlines, milestones, and major phases and progress monitoring of signed contracts, are tangible benefits which are in line with our development plan and our financial and legal risks management policies.” Adds Reem Tariq Abdullah.
The solution also optimizes archiving while keeping track of versions of contracts, including all related amendments, communications and workflows. It increases the efficiency, productivity and collaborative work between the Legal Department and the organization. “We no longer have to rely on the memory and availability of lawyers in relation to what others in the legal department have done, whether we had in the past entered into a similar agreement, or in relation to where the latest draft of the contract is. It will also facilitate the integration of new staff members within the Legal department,” she says.
“We believe that innovation lies not only in the software itself, but in overcoming the resistance which accompanied introducing and applying new methods. Legal Suite’s Enterprise Management Solution has no doubt enhanced the legal services provided to the business and brought visibility into the work of the legal department,” concludes Reem Tariq Abdullah.