Contract Lifecycle Management: A Guide for Legal Departments

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