HomeLegal TechnologyContract Lifecycle Management: A Guide for Legal Departments Legal Technology Contract Lifecycle Management: A Guide for Legal Departments Thomson Reuters | November 7, 2022 Contract lifecycle management (CLM) is one of the fastest growing legal technology solutions for contract analysis, with more than one in two corporate law departments (55%) currently using a contract management system, and a further 41% planning to invest. This near-unanimous demand supports the rising necessity of technology within the legal landscape. The pandemic sparked a paradigm shift which saw organisations undergo transformational pivots to accommodate a world working remotely. We appeared to find our feet through the pandemic, only to side-step into the current state of economic uncertainty and supply chain challenges. The world has evolved and technology has evolved with it. Everything evolves – even contracts Your organisation can’t do business without contracts and the sometimes-tedious, repetitive process of end-to-end contracts has evolved. Artificial intelligence (AI) technology powers smart automation tools to help you simplify your workflows and deliver more strategic value to the organisation. At a high level, a good contract lifecycle management system can: enable lawyers to get back to lawyering by freeing up legal staff for higher-value, more enjoyable work, allow legal teams to pivot quickly to keep up with changing business needs, open new doors for the legal team to bring unprecedented value to the business. Evolve to a new level of efficiency Thomson Reuters’ Contract Lifecycle Management Guide is an essential read for every legal department that wants to evolve to a new level of efficiency. The guide includes: the key stages of contract lifecycle management, valuable insights for lawyers and legal departments, important points to consider for innovation adoption. Download your complimentary copy of the guide by completing the form on this page. Recommended reading: Learn more about legal department operations in Thomson Reuters’ special report 2022 Legal Department Operations Index. Read about Document automation, another legal technology solution essential to optimise your legal department workflow. References: State of Corporate Law Departments 2022 p19/p15 and 2022 Australia: State of the Legal Market report p20