Contract lifecycle management (CLM) software is an essential tool for law firms of all sizes and types. The ability to manage the entire lifecycle of legal contracts — from creation to implementation and beyond — can help your firm cut costs, streamline operations, and better serve clients. In this article, we’ll explore some best practices for using CLM software and explain why it’s so important for today’s law firms.
What is contract lifecycle management software?
Contract lifecycle management software is a software solution that automates the process of managing contracts, helping lawyers and legal professionals streamline their workflow and improve efficiency. CLM software helps you manage contracts and other legal documents from start to finish. This includes things like drafting them, signing them, sending them to clients, keeping track of all correspondence related to each contract throughout its lifespan—the list goes on.
The whole point of CLM is to make it easy for law firms and lawyers to track their entire contract workflow in one place so they can stay focused on what matters: providing superior customer service while saving time doing it.
Why should law firms use contract lifecycle management?
Simply put, CLM helps law firms effectively manage all aspects of their contracts. Here are just a few of the ways it can benefit your firm:
- CLM reduces costs by enabling efficient execution and management of contracts across all channels, including online, offline, and mobile.
- CLM increases efficiency by providing a single platform for managing every stage of a contract lifecycle from proposal through execution to renewal or expiration.
- CLM improves productivity by enabling lawyers to collaborate more easily with colleagues within their firms while ensuring they have access to the latest versions of documents at any time. In addition, it provides real-time visibility into contract status so there are no surprises when deadlines approach or payments are due.
What are the best practices for effective contract lifecycle management?
As the old saying goes, “an ounce of prevention is worth a pound of cure.” For law firms and other organizations that rely on contracts to accomplish their goals and objectives, keeping contracts up-to-date can make all the difference.
You can use CLM software to manage your contracts across all vendors. This ensures that you have access to all legal information in one place. You can also Integrate CLM with other legal tech solutions like document automation software so that lawyers can easily create, edit and sign new documents without having to manually enter data into another system.
Integrating CLM with other legal tech solutions
Integrating CLM with other legal tech solutions can help make your CLM solution more powerful. For example, integrating your CLM system with a document review platform will make it easier to manage both the initial intake process and subsequent stages of the contract lifecycle. By using a workflow management tool, you can automate many of the manual tasks that come up during contract creation and review. And by integrating a legal research tool into your workflow once you’ve completed drafting your agreements, you can ensure that all relevant precedents have been considered before finalizing them.
Contract lifecycle management software is one of the most important legal tech solutions for law firms today. It can help you save time and money by simplifying many aspects of your organization’s workflow. If you haven’t already implemented this technology in your firm, now is the time.