Creating a legal strategy is very similar to creating a business plan. You’re just putting an emphasis on fitting legal into your overall business strategy. Even so, you need to have a strategy for different aspects of legal too, depending on your needs and the type of business you have.
In this episode, I take a look at a particular legal sub-strategy: developing your contract strategy. While the idea of having this kind of strategy may seem advanced, it really isn’t. I discuss what it is and who needs one, the areas for consideration of what to include in one, and how a contract strategy affects your business.
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In this episode:
[01:29] – Danielle quickly recaps episode seven: the steps you need to follow when creating a legal strategy for your business.
[03:26] – Before diving into what a contract strategy is, Danielle discusses who needs one for their business.
[03:52] – What’s a contract strategy? It’s fairly straightforward, and Danielle explains what it should cover.
[04:38] – Here’s what to consider when it comes to the types of agreements you enter, for now and in the future.
[05:52] – Consider the tone of the agreement as well. Do you need something formal or with plain language?
[07:44] – What provisions do you insist on having in your contracts? And conversely, what types of provisions are off-limits for you?
[09:01] – When deciding on your contract provisions, take this important aspect of your business into consideration as well.
[09:50] – How will you handle the actual contract creation process?
[10:47] – Involving an attorney may depend on your comfort level and capacity as a business owner to deal with contract creation.
[12:46] – What tools will you use to implement and manage your contract strategy?
[13:48] – Danielle briefly talks about how having a contract strategy in place can impact your business.
[15:00] – What happens if a client resists following your contract strategy? You can build potential responses to resistance into the process.
[16:17] – Danielle ends the episode with action steps you can take today.