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If you’re at an in-house law department, chances are “do more with less” has been your mantra for the past several years. Luckily, the latest contract lifecycle management software can help. Check out our buyer’s guide, where we explain the ideal use cases for the application of CLM software in daily operations. Then, bask in the admiration of your internal clients (optional).The LegalTech Publishing Buyer's Guides and the products and services listings below are supported by vendor sponsorships.
Conga CLM is an end-to-end contract lifecycle management solution built to automate highly complex contracting processes that span geographies, multiple departments, and both buy and sell side contract. It empowers everyone involved in contracting process, increases contract visibility, and enforces compliance to mitigate risk.
Gatekeeper is a next generation contract & vendor management solution. Our customers gain visibility and control over their contract portfolios with a dynamic central repository and a fully-configurable workflow engine to automate otherwise manual and error-prone processes.
iManage transforms how professionals in legal, accounting and financial services get work done by combining artificial intelligence, security and risk mitigation with market-leading document and email management. iManage automates routine cognitive tasks, provides powerful insights and streamlines how professionals work, while maintaining the highest level of security and governance over critical client and corporate data.
Voted the #1 CLM Momentum Leader 2021 on G2, Outlaw is the end-to-end contract management software loved by legal & business teams. Our intuitive, advanced platform unifies contract generation, workflow automation, in-app collaboration & negotiations, and a smart repository into a single user experience. Whether starting from self-serve templates or 3rd party agreements, thousands of customers rely on Outlaw to accelerate contract turnaround time, illuminate contract metadata and automate their legal workflows.
SpotDraft is the #1 contract lifecycle management (CLM) software for fast-growing companies. Businesses across the globe — OnDeck, Chargebee, Razor Group, Kaleyra, Whatfix, People 2.0, DarwinBox, EndowUS, to name a few — use SpotDraft to manage their contracts efficiently.
Jared talked with Jerry Levine of ContractPodAi about contract lifecycle management.
Jared sits down with Rik Nauta, Will Reynolds, Jerry Levine and Kevin Miller to talk about using contract management software.
Jared spoke with Vishal Sunak of LinkSquares, Colin Levy of Malbek, Daniel Barnes of Gatekeeper, and Shashank Bijapur of SpotDraft, about contract management and the risk management systems, and the best practices for lawyers and law firms.
Jared welcomes Cain Elliott of Filevine.
What is contract lifecycle management?
Commonly referred to as “CLM,” contract lifecycle management is the process of tracking and organizing all contractual elements of a business relationship — from contract negotiation and drafting to post-execution storage and analysis.
For example, CLM may start with a sales negotiation, and then include non-disclosure provisions, and then continue to grow in varied areas throughout the duration of an engagement.
What are the benefits of contract management?
The greater the sophistication of your CLM system, the greater the benefits. Even a basic system of organizing your contracts so your team can easily locate them will save tremendous amounts of time for most lawyers.
Once the contracts are organized, however, strategic approaches can unlock myriad advantages for an organization. These may include better sales efficiency, new capabilities to analyze your existing contracts, and even revenue generation.
What should a contract management plan include?
The immediate steps will vary based on each individual organization’s needs, but they should comprehensively address all aspects of your contracts: These include storage and digitization of existing contracts, template creation, compliance, automation, negotiation tools, and post-execution management and analysis.
What can the best contract management software provide?
The benefits include easily locating your documents, knowing exactly what’s in your documents, reducing exposure to risk, speeding up your sales cycle, and even helping generate revenue — for example, by flagging agreements that have expired so the business can adjust accordingly.
Ultimately, however, the best systems will go much further.
Today’s software can leverage machine learning, blockchain, and metadata to bring about transformative efficiencies in contract-related processes, allowing lawyers to focus on high-level decision-making, while law departments operate with far greater speed and ease.
There’s a term for when attorneys use Latin and other arcane languages to describe legal processes to consumers: “legalese.”
But there’s no similar term for when vendors use technical and other arcane languages to describe their legal software operations to lawyers.
True, this dynamic may seem unfair. But now we have The Legal Tech-to-English Dictionary to help us cope.
Here, we translate contract lifecycle management topics to plain English.
Lawyer 1: Can you locate the Vandelay Industries supplier contract?
Lawyer 2: Let me see . . .
Lawyer 1: That doesn’t sound like a ‘yes.’
Lawyer 2: Well, you know what I always say: ‘I have an amazing filing system. But, my retrieval system sucks!’
Cf. “Ratatouille,” when Remy finds the letter indicating that Linguini is really Gusteau’s son, just in the nick of time — the way it happens in every movie. That ain’t real life. And, if you’re not managing each phase of a contract as it passes through your law firm, don’t expect a Hollywood miracle to save you.
Lawyer 1: The sales team is asking for another contract.
Lawyer 2: At least they’re not Googling shit and trying to go rogue.
Lawyer 1: Truth.
Cf. William Shakespeare … or, perhaps not.
Lawyer 1: We’re about to be audited by corporate!
Lawyer 1: I’m gonna empty my bank account. Can you meet me in Botswana in 36 hours?
Lawyer 2: Relax, we’ve got audit trails available for everything we’ve drafted and managed in our contract lifecycle management software.
Lawyer 1: Did I say Botswana? I meant Bertucci’s. For lunch.
Cf. Because you can only explain away so many mistakes, before ultimately tripping on your rug and being hospitalized with a serious neck injury.
Contractor 1: So, I’m here to collect my fee for installing those wheels on the pharaoh’s chariot last week?
Lawyer 1: (Wipes locust from his forehead) Are you kidding me?
Lawyer 1: Hey, you think this guy’s name is really William Buttlicker?
Lawyer 2: Just go with it. He’s gonna be a party to this deal now.
Cf. Multiparty agreements that require numerous signatories can be managed by a contract lifecycle management tool that can track actions across parties, including for revisions and signature.
Jared Correia is the host of the Non-Eventcast.
In curating the Non-Event, we’re lucky to have some of the best data regarding our audience’s general areas of interest. Our top resource is our marketing partner Bombora: the largest B2B data cooperative, where numerous publishers pool anonymized user data to determine areas of reader interest.
Courtesy of Bombora, we bring you the contract management-related topics of interest to Above the Law readers, based on surging interest in October 2021. (Figures will be updated periodically.)
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