How common is it for Legal Counsel to be responsible for managing contract negotiation from start to finish (and escalating various business points, etc. - essentially being the only person who reads the document) vs. having a business partner read the document and bringing Legal in to comment only on legal-specific terms?

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Depends on your company, but for mine it is standard. The business teams often blindly forward contracts and ask for review. Typically, my approach is to redline legal terms and point out via comment w/in document (clearly stating “internal eyes only”) or in the body of an email when sending back. Business folks that know what’s coming typically now make their business terms redlines prior to sending, or let me know via email and I make the redlines.

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Likewise.

Feel like the former is more common. The latter for me only happens when it’s a mostly non-legal document with terms that are in a grey area. Most of the business partners don’t have time to parse through it and just send it through and leave it for legal to evaluate.

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Both of these are standard practices at my company. It really comes down to how sensitive and large a contract is. Larger, higher legal risk contracts are mostly negotiated by legal whereas smaller, more standard agreements are handled mostly by business. Very mundane, everyday agreements have completely templatized legal terms so there’s zero touch with legal.

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I’m outside counsel - but in my position I have literally never seen this done any way other than lawyer doing all review and flagging business points for business people to provide feedback before turning the draft. Except when we have a term sheet, which is a glorious and all too rare occurrence.

To your second option, I’ve never seen a business owner act as contract manager and wrangle eels for you, especially in a small shop. A T&C negotiation is entirely legal’s responsibility.

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