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
