Frequently Asked QuestionsAbout Legal Operations
We speak of “legal operation” because the function serves to organize effective business activities. In the US and UK, professionals speak of “Legal Operations”.
Every company has legal operation. Small companies often assign the legal operation to management or to an internal or external employee. Organizations with a considerable company size often have a legal department (staff) department (LD).
International professionals, like us, put the legal function at the service of effectively organizing business activities. The waves of ever new legislation and a more complex society make legal operations necessary for all organizations – regardless of company size.
Legal operations is a dynamic business function in the service of effectively organizing business activities (such as sales, personnel management and purchasing). The function relates to managing partners (customers, employees and suppliers), entering into obligations and acquiring rights; and fulfilling obligations and being able to exercise rights (contract management). See knowledge base, What is legal operations?
There are central management, registration and compliance tasks, and decentralized operational tasks at department or team level.
To effectively organize a corporate legal function, we use the MYOBI Trust Network with the smart contracting application, maintain knowledge bases, awareness and training programs and contract libraries. If desired, a company can call on our support.
On the trust network, a company with an information ecosystem manages its partners (customers, employees and suppliers). Certainty about the reliability of the identity of partners and their representatives is essential for effective business. In addition, we can consider the data in the information ecosystem as a trade secret (also within the meaning of the Trade Secrets Protection Act. MYOBI organizes an electronic signature on the trust network, ensures secure processes and certifies and deposits contracts and other documents for parties. This service is necessary in order to be able to enter into obligations and to make agreements about rights to be acquired. The smart contracting application leverages the trust network and allows the company to effectively organize the corporate legal function. We manage (company-specific) contract portfolios and libraries.
The strength of organizing the corporate legal function using the smart contracting application on the trust network is the coherence of resources aimed at effectively organizing corporate activities. The targeted sharing of knowledge and experiences in the knowledge bases, webinars, awareness and training programs and through professional support provides the preconditions for a successful implementation and expansion of the corporate legal function.
There are alternatives for parts. We can think of a contract set composed by a lawyer or an electronic signature mechanism, such as ‘Docusign’. The tool is central there.
No, we advise and still conduct investigations. It is not necessary for a (potential) customer to use a trust network or smart contracting.
To effectively organize a corporate legal function with business processes, supporting IT and management by employees, we have drawn up the functional specifications for the trust network and the smart contracting application, manage the contract library and take care of knowledge and change management. If desired, companies can call on the commitment of our professionals.
The Contract Board manages the TTP policy of the trust network. We can briefly describe the TTP policy as the rules of the game or the system of agreements for the users of the trust network. Within the framework of the TTP policy, MYOBI manages the trust services. We can think of the mechanism of authenticating the identities of companies and authorized representatives, electronic signature, secure business processes, authentication and depositing of documents.
The Contract Board builds and manages contract portfolios based on the TTP policy; in other words, the rules of the game of the trust network and trust services.
Seeing contract portfolios separately from the TTP policy, i.e. separating them from the rules of the game of the trust network, requires additions to the functionalities that the trust network does not provide.
So in principle yes, we can see the portfolios separately, but the effectiveness for the corporate legal function decreases sharply. Operational and pragmatic, no.