NEX - The Contract Negotiation 3.0 Podcast Akorda

In this episode, NEX host Kingsley Martin and Tim Cummins discuss:
The most important legal technology changes that will happen in the next decadeThe benefits of contract lifecycle management technology platform tools and how to make the most of data-driven contracting methodsHow the European Commission (EC) is thinking about new ways to measure EC economic activity as a contract ecosystem

 
“Ten years from now, I think we will absolutely have seen a massive increase in the standardization of contract terms. We are moving toward a world of greater clarity, of intelligibility, and we start to understand the performance and outcome impacts of our terms and conditions.” -Tim Cummins


 
About Guest Tim Cummins, President,  IACCM
Tim Cummins is President of the International Association for Contract & Commercial Management and leads the Association's extensive research programs and interactions with universities and business schools. Prior to IACCM, Tim's business career included executive roles at IBM including a period on the Chairman's staff, leading studies on the impacts of globalization and the re-engineering of IBM's global contracting processes. His earlier career involved the banking, automotive and aerospace industries, initially in Corporate Finance and later in commercial and business development. He led negotiations up to $1.5 billion in value and his work has taken him to over 40 countries. Tim's writing is extensively published and he has acted in an advisory capacity to government bodies in countries that include the US, UK, Australia, Canada, and Japan, as well as regular briefings to senior managers at many of the world's largest companies.

 
About Host Kingsley Martin, Chief Contract Scientist, Akorda
Kingsley Martin is Chief Contract Scientist and Co-founder of Akorda.  In this role, he guides the development of Akorda’s AI software by creating data-driven methodologies that form the basis of contract science. Kingsley regularly consults with law firms, large corporations, and governments to optimize their contacting processing. Kingsley is also the founder of KMStandards and contractstandards.com. Kingsley served as CIO at AmLaw 100 firms and held strategic planning roles at Thomson Reuters. Kingsley holds law degrees from Oxford University and Harvard Law School. 

Contract Negotiation 3.0: Legal’s Next AI Frontier with Guest Derek Schueren - CEO, Akorda
Derek Schueren, CEO and Co-founder at Akorda shares his insights about using technology, and specifically AI, to help corporate counsel and corporate sales leaders negotiate contracts faster and with lower risk. Prior to Akorda, Derek was the Co-founder of Recommind, a big data analytics company where he worked with global 2000 clients, global law firms and technology partners in the areas of eDiscovery and information access.
In this episode, NEX host Kingsley Martin and Derek Schueren discuss:
The contract negotiation “time-lag” and resulting deal risk that inspired Derek to get into the market again with a new legal and sales technology platform solution after his last company’s exit.The “sell-side”, and “buy-side” benefits of automating contract negotiation.The productivity benefits of capturing contract negotiation data for legal and sales teams.The “hype” around what artificial intelligence can do, and how a focused product strategy to automate the most important use cases is the key to getting the most out of legal AI today.A case study of a Fortune 500 tech company using contract negotiation technology to automate their sales contract negotiation process.“We're still using 18th and 19th century tools to negotiate contracts in the 21st century. I think that actually having data at hand to drive our negotiation decisions will be critical to future success in this industry .” -Kingsley Martin
Guest Derek Schueren is CEO and Co-founder at Akorda. Previously, he was Co-founder at Recommind, a big data analytics company where he worked with Global 2000 clients, global law firms, and technology partners in the areas of eDiscovery and Information Access. He is also an active investor and advisor to various start-ups with a focus on enterprise software and artificial intelligence. Derek holds a BS in Molecular Biology from Brown University and a Masters from the University of Oregon.
NEX Host Kingsley Martin is Chief Contract Scientist, and Co-founder at Akorda, where he guides the development of the company’s AI software by creating data-driven methodologies that form the basis of contract science. Kingsley regularly consults with law firms, large corporations, and governments to optimize their contacting processing. Kingsley is also the founder of KMStandards and contractstandards.com. Kingsley served as CIO at AmLaw 100 firms and held strategic planning roles at Thomson Reuters. Kingsley holds law degrees from Oxford University and Harvard Law School.
 
SHOW TRANSCRIPT
KINGSLEY MARTIN: Welcome to NEX, The Contract Negotiations 3.0 Podcast. My name is Kingsley Martin and I am the Chief Contract Scientist at Akorda and your host. The NEX podcast is for corporate counsel and corporate sales leaders who need to learn all about the latest contract negotiation technology. This podcast will feature leaders from legal technology, sales and general business functions and we will discuss the best practices, challenges and opportunities of modern contracting.
My guest today is Derek Scheuren, CEO and Co-founder of Akorda, where his mission is to transform how businesses contract. Prior to Akorda, he was the Co-founder of Recommind, a big data analytics company where he worked with global 2000 clients, global law firms and technology partners in the areas of eDiscovery and information access. He is also an active investor and advisor to various startups with a focus on enterprise software and artificial intelligence. Derek, welcome to the NEX podcast!
DEREK SCHUEREN: Kingsley, it's great to be here. Thanks so much.
KINGSLEY MARTIN: We usually like to start our show with a fun fact about our guests. Please tell us something surprising about you.
DEREK SCHUEREN: Surprising! Well, a lot of people don't know I'm half Peruvian. My mother was born in Arequipa and so I've spent a lot of time in Peru. Actually, I made a pact