Abstract's Contracts Were All Over the Place
Diana Cohen was brought on by Abstract as its first in-house counsel. Abstract is the leading platform for file-based design collaboration, and is used and loved by designers to improve their design workflows at more than 7,000 companies, including Wayfair, Cisco, DocuSign, Microsoft, and Zendesk. Like many companies before they hired a dedicated in-house legal resource to “own” all of their contracts, Abstract’s contracts were stored in disparate systems - some contracts were in Dropbox, Salesforce, DocuSign, and the email inbox of individuals. Not having a centralized contract repository created various challenges for the business, such as:
- No visibility or reporting as to the volume and type of contracts entered into across the business;
- Lack of tracking and alerts for when vendor agreements ended or auto-renewed;
- It was time consuming for legal and the business to find needed agreements; and
- The diligence process to fulfill contract-related requests was slow, painful, and expensive.
Abstract Centralizes Contracts with Lexion
Abstract desired an agile and easy to implement system to be the one-stop shop for all of their contracts. With Lexion, the Abstract Sales team has direct access to NDAs and Order Forms (contracts are accessible directly from Slack, which is one of their favorite features) and the Abstract Finance team uses Lexion as a vendor management tool to track upcoming renewal cancellation deadlines and expirations. Having Lexion serve as Abstract’s centralized smart repository has had a tremendous financial impact (estimated to be ~$230,000)
- Lexion took care of onboarding and extracting the key metadata from all of Abstract’s thousands of existing contracts (estimated savings of $30,000 in contractor fees).
- Averted the need to hire a contract manager (estimated savings of $150,000 in salary, benefits, and taxes).
- Each quarter, Lexion provides automated email reports to various business stakeholders about newly engaged vendors and upcoming vendor expirations and auto-renewals (estimated savings of $50,000 in unwanted vendor expenses).
Without leaving Slack, the rest of the business can search and retrieve contracts stored in Lexion, which has saved Diana several hours per week and allows her to focus on strategic projects (priceless).
“We received immediate value because Lexion was a breeze to implement. In roles before Abstract, I’ve seen other CLM implementations take years or never get done.”
Request a demo today to see how you can stop wasting time and money by centralizing your contract storage with Lexion's intelligent Repository.