|Corporate Legal Exchange Launches Policy Generator Tool to Reduce General Counsel Time-Spend|
ARLINGTON, Va.--(BUSINESS WIRE)--May 27, 2008--The Corporate Legal Exchange - a Corporate Executive Board (NASDAQ: EXBD) program for general counsel at midsized companies - recently launched a suite of online policy generators designed to minimize time spent on corporate policy creation. Developed by examining specific policies and contracts in use at more than 1,000 companies, the online policy generators reduce time spent drafting policies by up to 80 percent.
"General counsel of midsized companies are often resource constrained," noted Michael Williams, director of research, for the Corporate Legal Exchange. "By providing a way to quickly and easily build custom policies, the policy generators give critical time back to general counsel so they can focus on strategic priorities."
General counsel at midsized firms hold a variety of roles but are given few in-house counsel to support their workload. Results from a recent Corporate Legal Exchange member survey found 71 percent of general counsel have four or fewer direct reports, and 50 percent spend more than half of their time creating policies. The policy generators address these challenges by serving as an additional resource that allows general counsel to edit rather than draft.
Covering a range of topics including electronic communications, the FCPA, and whistleblower policies, every policy generator contains eight to 16 sections, which each represent a clause commonly found in related policies. Within each section, users can view and choose from a cross-sample of clauses found in policies used by Corporate Legal Exchange member companies. Once the user has selected the appropriate clauses for their policy, a customizable document is generated.
Of the Records Management Policy Generator, one general counsel at a midsized insurance company, said, "When I am under pressure, I can rely on this tool built from actual corporate legal department policies. Even when I use a wide variety of clauses, the generated policies take little time to create and still read cohesively."
About the Corporate Legal Exchange: The Corporate Legal Exchange (CLEx) is a membership serving more than 300 general counsel and their teams at companies with less than $1 billion in annual revenue. Members access best practice research, interactive benchmarking tools, webinars, online peer groups, and leverage timesaving tools and templates through www.corporatelegalexchange.com
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