A survery conducted by Huron Legal showed that 57% of legal professionals worries about contract management practices within their organization. The survey was conducted in San Francisco and half of the respondents indicated that their organization managed over a 1000 actives contracts at any time.
While this does not mean that all these companies have bad contract management practices, it does show that the key challenges involved in contract management are still relevant. Another interesting conclusion is that three quarters of all respondents indicated that they do not store contracts electronically.
Huron finally concluded that a lot of organizations leave money on the table by not reviewing their contract terms periodically.